Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
The US Dollar is the Driver of the Gold & Silver Sectors - 28th Jul 21
Fed: Murderer of Markets and the Middle Class - 28th Jul 21
Gold And Silver – Which Will Have An Explosive Price Rally And Which Will Have A Sustained One? - 28th Jul 21
I Guess The Stock Market Does Not Fear Covid - So Should You? - 28th Jul 21
Eight Do’s and Don’ts For Options Traders - 28th Jul 21
Chasing Value in Unloved by Markets Small Cap Biotech Stocks for the Long-run - 27th Jul 21
Inflation Pressures Persist Despite Biden Propaganda - 27th Jul 21
Gold Investors Wavering - 27th Jul 21
Bogdance - How Binance Scams Futures Traders With Fake Bitcoin Prices to Run Limits and Margin Calls - 27th Jul 21
SPX Going for the Major Stock Market Top? - 27th Jul 21
What Is HND and How It Will Help Your Career Growth? - 27th Jul 21
5 Mobile Apps Day Traders Should Know About - 27th Jul 21
Global Stock Market Investing: Here's the Message of Consumer "Overconfidence" - 25th Jul 21
Gold’s Behavior in Various Parallel Inflation Universes - 25th Jul 21
Indian Delta Variant INFECTED! How infectious, Deadly, Do Vaccines Work? Avoid the PCR Test? - 25th Jul 21
Bitcoin Stock to Flow Model to Infinity and Beyond Price Forecasts - 25th Jul 21
Bitcoin Black Swan - GOOGLE! - 24th Jul 21
Stock Market Stalling Signs? Taking a Look Under the Hood of US Equities - 24th Jul 21
Biden’s Dangerous Inflation Denials - 24th Jul 21
How does CFD trading work - 24th Jul 21
Junior Gold Miners: New Yearly Lows! Will We See a Further Drop? - 23rd Jul 21
Best Forex Strategy for Consistent Profits - 23rd Jul 21
Popular Forex Brokers That You Might Want to Check Out - 22nd Jul 21
Bitcoin Black Swan - Will Crypto Currencies Get Banned? - 22nd Jul 21
Bitcoin Price Enters Stage #4 Excess Phase Peak Breakdown – Where To Next? - 22nd Jul 21
Powell Gave Congress Dovish Signs. Will It Help Gold Price? - 22nd Jul 21
What’s Next For Gold Is Always About The US Dollar - 22nd Jul 21
URGENT! ALL Windows 10 Users Must Do this NOW! Windows Image Backup Before it is Too Late! - 22nd Jul 21
Bitcoin Price CRASH, How to SELL BTC at $40k! Real Analysis vs Shill Coin Pumper's and Clueless Newbs - 21st Jul 21
Emotional Stock Traders React To Recent Market Rotation – Are You Ready For What’s Next? - 21st Jul 21
Killing Driveway Weeds FAST with a Pressure Washer - 8 months Later - Did it work?- Block Paving Weeds - 21st Jul 21
Post-Covid Stimulus Payouts & The US Fed Push Global Investors Deeper Into US Value Bubble - 21st Jul 21
What is Social Trading - 21st Jul 21
Would Transparency Help Crypto? - 21st Jul 21
AI Predicts US Tech Stocks Price Valuations Three Years Ahead (ASVF) - 20th Jul 21
Gold Asks: Has Inflation Already Peaked? - 20th Jul 21
FREE PASS to Analysis and Trend forecasts of 50+ Global Markets by Elliott Wave International - 20th Jul 21
Nissan to Create 1000s of jobs with electric vehicle investment in UK - 20th Jul 21
Bitcoin Halvings Price Forecast and Stock to Flow Analysis - 18th Jul 21
Dell S3220DGF Unboxing and Stand Assembly - 32 Inch 165hz Curved Gaming Monitor Amazon Discount - 18th Jul 21
What Does The Fed Mean By “Transitory Inflation” And Why Is It Important To Understand? - 18th Jul 21
Will the US stock market’s worsening breadth matter? - 18th Jul 21
Bitcoin Halving's Price Projection Forecasts Trend Trajectory - 18th Jul 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

SPX/NDX/NAZ Hit New All-time Highs

Stock-Markets / Stock Market 2017 May 27, 2017 - 04:29 PM GMT

By: Tony_Caldaro

Stock-Markets

The market started the week at SPX 2382. After a gap up opening on Monday the market continued to rally until it hit a new high at SPX 2419 on Thursday. After that there was a small pullback to end the week at SPX 2416. For the week the SPX/DOW gained 1.35%, and the NDX/NAZ gained 2.25%. Economic reports for the week were mostly negative. On the downtick: new/existing home sales, durable goods, consumer sentiment, the Q2 GDP estimate, plus weekly jobless claims rose. On the uptick: Q1 GDP and the WLEI. Next week’s reports will be highlighted by monthly payrolls and the FED’s beige book.


LONG TERM: uptrend

The updated count we have been using on the NAZ for a few weeks appears to be the correct one. So we updated the NDX charts to display the same Int. wave iii underway count. This coincides quite well with the SPX/DOW counts, that suggest Minor wave 5 of Int. wave iii is underway. As with nearly all fifth waves we have been observing negative divergences on their weekly charts. Will the market just ignore it, and keep going higher? Or after the short term patterns complete, will we see the largest correction since early 2016? Fourth waves (Int. iv) in recent years have been notoriously steep.

Long term the OEW SPX wave count continues too look correct. A Primary II low in early 2016, with Primary III underway. Intermediate waves i and ii ended in the spring of 2016, with Int. iii underway since then. Minor waves 1 and 2 ended in the fall of 2016, and Minor waves 3 and 4 ended in the spring of 2017. Minor wave 5, which completes Int. iii, has been underway since April.

For those still holding onto the Primary V count since 2009. They may get their opportunity soon, to find out if it is correct or not. We continue to carry this alternate count on the NYSE charts. Notice that this count suggests Int. v of Major 3 is currently underway. After it completes a Major 4 correction will follow. Then Major 5 should end Primary V. This is not our preferred count, but it is preferred by most Elliott Wavers.

MEDIUM TERM: uptrend

The Minor 5 uptrend, from the Minor 4 SPX 2329 low, finally broke through the SPX 2400-ish level this week. That level had kept the market in check since early-March. Minor 5 appears to be subdividing into five Minute waves: 2406-2353-2419 so far. With this rally we can now make some potential targets for the high of Intermediate wave iii.

While the market has now generated several higher OEW pivots, there are two sets of these pivots that are clustered together. Clustered pivots often offer far more resistance then standalone pivots. The first cluster is between the 2444 and 2456 pivots, the second between the 2524 and 2531 pivots. If the first doesn’t stop this uptrend, the second likely will. Medium term support is at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots.

SHORT TERM

From the downtrend low at SPX 2329 we counted 5 waves up to SPX 2406 on one timeframe, and 9 waves up on a shorter timeframe. Since both were impulse patterns we expected higher prices after a pullback. The pullback, however, was much larger than expected: 2406-2353. But the market rebounded quickly by making new all-time highs the following week. As a result we upgraded the labeling to SPX 2406 Minute i, SPX 2353 Minute ii, and SPX 2419 Minute iii so far.

Minute iii has been quite steady and strong, 66-points, and it has not had a notable pullback since it began. The strongest rally during Minute i was 53-points, during the 3 of 3 portion of that wave. This suggests one of two things: (1) Minute iii may not have a pullback until it ends, or (2) Minute iii will be quite strong with subdivisions of its own. Will leave both open as possibilities. Short term support is at the 2411 and 2385 pivots, with resistance at the 2428 and 2444 pivots. Short term momentum ended the week above neutral. Best to your trading!

FOREIGN MARKETS

Asian markets were all higher on thee week for a 1.4% gain.

European markets were mixed and ended mixed.

The DJ World index gained 0.9%, and the NYSE gained 0.8%.

COMMODITIES

Bonds are trying to uptrend but ended flat on the week.

Crude is trying to uptrend and gained 1.7% on the week.

Gold is also trying to uptrend and gained 1.2% on the week.

The USD remains in a downtrend but gained 0.2% on the week.

NEXT WEEK

Monday: holiday. Tuesday: personal income/spending and the CPI at 8:30, Case-Shiller at 9am, then consumer confidence at 10am. Wednesday: the Chicago PMI and pending home sales. Thursday: the ADP, weekly jobless claims, ISM, construction spending and auto sales. Friday: monthly payrolls and the trade deficit.

CHARTS: http://stockcharts.com/public/1269446/tenpp

https://caldaro.wordpress.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 © 2017 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

© 2005-2019 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