Market Weekend Update - Short Term By: Tony Caldaro | November 24, 2018
The SPX hourly chart is the same count we are carrying on the DOW and NDX. Here the first decline to SPX 2604 is only Minor A of Int. A. The rally to SPX 2815 is Minor B. And Minor C of Intermediate wave A is currently underway. This count would suggest that Intermediate wave B will be an uptrend. And then a new downtrend for Int. C will end the bear market. It will be interesting to see how it all unfolds.
We don’t have much to add to the short term pattern. Three waves down to SPX 2604, three waves up to SPX 2815, and now three waves down to 2631 so far. Next logical support level appears to be around SPX 2554. Short term support is at the 2632 and 2594 pivots, with resistance at the 2656 and 2731 pivots. Short term momentum ended the week with a positive divergence. Best to your trading!
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