Best of the Week
Most Popular
1. Next Financial Crisis Is Already Here! John Lewis 99% Profits CRASH - Retail Sector Collapse - Nadeem_Walayat
2.Why Is Apple Giving This Tiny Stock A $900 Million Opportunity? - James Burgess
3.Gold Price Trend Analysis - - Nadeem_Walayatt
4.The Beginning of the End of the Dollar - Richard_Mills
5.Stock Market Trend Forecast Update - - Nadeem_Walayat
6.Hindenburg Omen & Consumer Confidence: More Signs of Stock Market Trouble in 2019 - Troy_Bombardia
7.Precious Metals Sector: It’s 2013 All Over Again - P_Radomski_CFA
8.Central Banks Have Gone Rogue, Putting Us All at Risk - Ellen_Brown
9.Gold Stocks Forced Capitulation - Zeal_LLC
10.The Post Bubble Market Contraction Thesis Receives Validation - Plunger
Last 7 days
Stock Market Buy the Dip is Dead - 20th Nov 18
Deep State Mad World - 20th Nov 18
Commodities - What Do You Need To Know? - 20th Nov 18
Precious Metals Moving In Unison For A Massive Price Advance - 20th Nov 18
Handicapping the Precious Metals Through Year-End - 20th Nov 18
Betting Markets Confirm Theresa May Safe From Tory Leadership Challenge this Week - 20th Nov 18
Rail Chaos Transpennine Express Cancels Services to Manchester Airport Whilst on the Train! - 20th Nov 18
The Giants Are Coming...Giants of The Internet! - 20th Nov 18
Gold & Silver Corrective Rally is Almost Over - 19th Nov 18
Stock Market Going Sideways - Which Direction is Next? - 19th Nov 18
Technical Analysis Points to DOW 30k Next Target - 19th Nov 18
Stock Market Consolidating in a Downtrend  - 19th Nov 18
Next Tory Leader, Prime Minister Forecast and Betting Market Odds - 18th Nov 18
The Fed's Misleading Money Supply Measures - 17th Nov 18
Stock Market Outlook: Why the Economy is Bullish for Stocks Going into 2019 - 17th Nov 18
NO DEAL HARD BrExit Tory Chaos, Theresa May Leadership Challenge - 17th Nov 18
Gold vs Several Key Investments - 17th Nov 18
GDX Gold Mining Stocks Q3 18 Fundamentals - 17th Nov 18
Is Gold Under or Overpriced? - 17th Nov 18
Active Managers are Bearish on Stocks. A Bullish Contrarian Sign - 16th Nov 18
Will The Fed Sacrifice Retirement Portfolio Values For The "Common Good"? - 16th Nov 18
BrExit War - Tory Party About to Replace Theresa May for NO DEAL BrExit - 16th Nov 18
Aspire Global Makes Significant Financial Strides - 16th Nov 18
Gold Oil and Commodities …Back to the Future ? - 16th Nov 18
Will Oil Price Crash Lead to “Contagion” for the U.S. Stock Market? - 15th Nov 18
How NOT to Be Among the MANY Stock Investors Fooled by This Market Myth - 15th Nov 18
Tory BrExit Chaos Cripples UK Economy, Wrecks Housing Market Confidence - 15th Nov 18
Stocks Could End 2018 With A Dramatic Rally - 15th Nov 18
What Could Be the Last Nail in This Stock Bull Markets Coffin - 15th Nov 18
Defensive Stock Sectors Outperforming, Just Like During the Dot-com Bubble - 15th Nov 18
Buying Your First Home? Here’s How to Save Money - 15th Nov 18
US Economy Ten Points or Ten Miles to ‘Bridge Out’? - 14th Nov 18
US Stocks: Whither from Here? - 14th Nov 18
Know exactly when to Enter&Exit trades using this... - 14th Nov 18
Understanding the Benefits of Keeping a Trading Journal - 14th Nov 18
S&P 500 Below 2,800 Again, New Downtrend or Just Correction? - 13th Nov 18
Warning: Precious Metals’ Gold and Silver Prices are about to Collapse! - 13th Nov 18
Why the End of the Longest Crude Oil Bull Market Since 2008? - 13th Nov 18
Stock Market Counter-trend Rally Reaches .618 Retracement - 13th Nov 18
How to Create the Best Website Content and Generate Organic Traffic - 13th Nov 18
Why the Stock Market Will Pullback, Rally, and Roll Into a Bear Market - 13th Nov 18
Stock Markets Around the World are Crashing. What Not to Worry About? - 12th Nov 18
Cyclical Commodities Continue to Weaken, Gold Moves in Relation - 12th Nov 18
Olympus Tough TG-5 Camera Stuck or Dead Pixels, Rubbish Video Auto Focus - 12th Nov 18
5 Things That Precede Gold Price Major Bottoms - 12th Nov 18
Big US Stocks Q3 Fundamentals - 12th Nov 18
How "Free Money" Helped Create Sizzling Housing Market & REIT Gains - 12th Nov 18
One Direction More Likely for Bitcoin Price - 12th Nov 18
The Place of HSE Software in Today's Business - 12th Nov 18

Market Oracle FREE Newsletter

How You Could Make £2,850 Per Month

Stock Market Uptrend Continues

Stock-Markets / Stock Markets 2013 Apr 14, 2013 - 03:22 PM GMT

By: Tony_Caldaro

Stock-Markets

The five month Intermediate iii of Major 3 of Primary III uptrend continued its relentless ways this week, carrying the SPX to all time new highs. For the week the SPX/DOW were +2.20%, and the NDX/NAZ were +2.95%. Asian markets gained 1.1%, European markets soared 4.3%, and the DJ World index gained 2.5%. Economic reports, however, were mostly to the downside for the first time in many weeks. On the uptick: business inventories, the M1 multiplier, plus both weekly jobless claims and the budget deficit improved. On the downtick: wholesale inventories, export/import prices, retail sales, the PPI, consumer sentiment and the WLEI declined. Next week we get a look at Industrial production, Housing, the NY/Philly FED, the CPI and the FED’s Beige book.


LONG TERM: bull market

The March 2009 bull market passed a new milestone this week carrying the SPX to all time new highs. Four years ago the SPX was trading at a 14 year low when it hit 667. Since that low it has gained 139%!

We continue to track this bull market as Cycle wave [1] of Super Cycle wave 3. Two of the five Primary waves that create this kind of bull market concluded in 2011 at SPX 1371 and 1075 respectively. Primary wave III has been unfolding since then. Within Primary wave I five Major waves unfolded with a subdividing Major wave 1. Primary wave III is also unfolding in five Major waves, but both Major 1 and Major 3 are subdividing into five Intermediate waves.

Major waves 1 and 2 completed in mid-2012 at SPX 1422 and 1267 respectively. Major wave 3 has been underway since that low. Intermediate waves i and ii completed in late-2012 at 1475 and 1343 respectively. Intermediate wave iii, our current uptrend, has been underway since that low. When this uptrend does conclude we expect an Intermediate wave iv downtrend, then an Intermediate wave v uptrend to conclude Major wave 3. Then after a Major wave 4 correction, a Major wave 5 uptrend to complete Primary wave III. Finally, after a Primary IV correction, a Primary V uptrend to complete the bull market. Currently we are expecting the bull market to end in late-winter early-spring 2014, between SPX 1650 and 1779.

MEDIUM TERM: uptrend

Instead of entering an Intermediate wave iv correction from the SPX 1574 high. The market took off on Monday and did not look back until hitting SPX 1597 on Thursday. This last rally was one of the strongest rallies of this entire uptrend. When the DOW quickly made a new uptrend high on Tuesday, we anticipated the uptrend was extending yet again. We posted a couple of potential counts on the SPX/DOW daily charts, while we awaited some additional market activity and an opportunity to review. These were posted on Wednesday. After careful consideration we continue to favor the DOW count. When in doubt defer to the bellwether DOW.

Intermediate wave iii divided into five Minor waves. Minor waves 1 – 4 remain as previously posted SPX: 1424-1398-1531-1485, with Minor 5 underway from that low. Within Minor wave 5 we have made one change. Minute wave i and ii remain at SPX 1524 and 1501. But Minute waves iii and iv have been upgraded to SPX 1574 and 1540. This fits well with the DOW’s Minor 5 advance, which is the same count. Therefore, the uptrend is still in Minute wave v of Minor wave 5.

SHORT TERM

Short/medium term support remains at the 1576 and 1552 pivots, with resistance at the 1614 and 1628 pivots. Short term momentum rose from oversold on Friday to just past neutral. The short term OEW charts remain positive with the reversal level now at SPX 1575.

When we review the entire uptrend we observe: Minor 1 was 81 pts., Minor 3 was 133 pts. and Minor 5 is 112 pts. thus far. Since Minor 5 has already exceeded the length of Minor 1, it can equal Minor 3 at SPX 1618. Then we would have both Minor waves 3 and 5 1.618 times Minor 1. Within Minor 5 we observe: Minute i was 40 points, Minute iii was 73 pts. and Minute v is 57 pts. thus far. Again since Minute v has already exceeded Minute i, it can equal Minute iii at SPX 1613. Then we would have both Minute waves iii and v 1.618 times Minute i. Lots of symmetry between SPX 1613 and 1618. Which also straddles the OEW 1614 pivot. This Fibonacci cluster looks like a good place to look, yet again, for an uptrend top. Best to your trading!

FOREIGN MARKETS

The Asian markets were mostly higher on the week for a net gain of 1.1%. Australia, China, Hong Kong, India and S. Korea remain in downtrends.

The European markets were all higher on the week for a net gain of 4.3%. England, France, Germany, Greece, Italy, Spain and the STOX 50 are all in downtrends.

The Commodity equity group were all higher on the week for a net gain of 0.7%. All three; Brazil, Canada and Russia remain in downtrends. Seventy-five percent of the world’s indices are in confirmed downtrends while the US is making all time highs. Quite unusual!

The DJ World index is uptrending and gained 2.5% on the week.

COMMODITIES

Bond prices are uptrending, yields downtrending, and bonds lost 0.2% on the week.

Crude is still in a downtrend and lost 1.9% on the week.

Gold’s downtrend continues, as it broke to two year lows, losing 5.0% on the week.

The USD appears to be in a downtrend and lost 0.5% on the week.

NEXT WEEK

Monday kicks off the economic week with the NY FED at 8:30 and NAHB housing at 10:00. Tuesday: the CPI, Housing starts, Building permits and Industrial production. Wednesday: the FED’s beige book. Thursday: weekly Jobless claims, the Philly FED and Leading indicators. Friday: Options expiration. The FED is also busy this week. Tuesday: Counsel Alvarez gives TBTF congressional testimony. Wednesday: FED governor Stein speaks at the IMF. Thursday: FED governor Raskin speaks at a conference in NYC. Friday: FED governor Stein speaks at the N. Carolina FED. Best to your weekend and week!

CHARTS: http://stockcharts.com/...

http://caldaroew.spaces.live.com

After about 40 years of investing in the markets one learns that the markets are constantly changing, not only in price, but in what drives the markets. In the 1960s, the Nifty Fifty were the leaders of the stock market. In the 1970s, stock selection using Technical Analysis was important, as the market stayed with a trading range for the entire decade. In the 1980s, the market finally broke out of it doldrums, as the DOW broke through 1100 in 1982, and launched the greatest bull market on record. 

Sharing is an important aspect of a life. Over 100 people have joined our group, from all walks of life, covering twenty three countries across the globe. It's been the most fun I have ever had in the market. Sharing uncommon knowledge, with investors. In hope of aiding them in finding their financial independence.

Copyright © 2013 Tony Caldaro - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Tony Caldaro Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules