Market Weekend Update »» Short Term By: Tony Caldaro | May 18, 2019
As mentioned, we’re now counting Minute v of Minor 1 as an ending diagonal. Since Minor 1 topped, Minor 2 has declined 5.2% which is sufficient to satisfy Minor wave degree correction. Looks like last Friday’s rally turned out to be just another b wave of the ongoing correction from Minor 1 top. From Monday’s low at 2801, we can count 3 small waves up, 2853>2815>2892, followed by choppy price action on Friday. This has been the largest rally since Minor 2 began, but it fell short of clearing the 61.8% retracement level at 2896. More price action is needed before feeling confident Minor 3 is underway. If 2853 is overlapped before further upside, then the rally remains corrective and suggests Minor 2 may still be unfolding.
Short term support is at the 2858 and 2835 pivots. Resistance is at 2884 and 2929 pivots. The SPX 60-minute chart is approaching oversold territory with the daily chart neutral after hitting its most oversold reading this year on Monday.
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