Market Weekend Update »» Short Term By: Tony Caldaro | June 8, 2019
As mentioned, Minor 2 most likely completed at 2729. We have Minute a at 2801 and Minute b at 2892. Minute a and Minute c completed with similar size and structure, which resulted in a fairly symmetrical three pattern. As you can see from the 60min chart, the pivots have done well, with Minor 1, Minute a, Minute b and Minor 2 all having turning points within those ranges. From 2729, the SPX rallied to 2885 without any meaningful pullback. After such a sizeable move, it would not be unexpected to get a significant pullback in the near term. So far, our short term tracking can count only one wave up to 2885, so we’ll need more price action to assess this rally further.
Short term support is at the 2858 and 2835 pivots. Resistance is at the 2884 and 2929 pivots. Short term RSI got extremely overbought at the high, then pulled back within the neutral zone by the close.
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