Friday update

SHORT TERM: higher open new highs, DOW +32

Overnight the Asian markets gained 0.3%. Europe opened higher and gained 0.2%.US index futures were higher overnight, and the market opened 5 points above Wednesday’s SPX 2597 close. In the opening minutes the SPX dipped to 2601, then rose to 2604 in the afternoon. After that the market dipped to end the week at SPX 2602.

For the day the SPX/DOW gained 0.15%, and the NDX/NAZ gained 0.35%. Bonds lost 5 ticks, Crude rose 85 cents, Gold slipped $3, and the USD was lower. Medium term support remains at the 2594 and 2575 pivots, with resistance at the 2632 pivot.

The market opened at a new high today, dipped, and then moved higher. The short term count, from the Minute iv SPX 2557 low, remains: 2590-2578-2604. We’re beginning to think this three wave advance may not be Pico or Nano waves, but Micro waves. More on this in the weekend update. Short term support is at the 2594 and 2575 pivots, with resistance at the 2632 pivot. Short term momentum is displaying a potential negative divergence, but no reversal in price yet. Best to your weekend and holiday shopping!

MEDIUM TERM: uptrend

LONG TERM: uptrend


About tony caldaro

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17 Responses to Friday update

    • vivelaamo says:

      How do they work out these turning points? Not more astrology mumbo jumbo is it?


      • torehund says:

        Not with Martin, and the turn dates dont say up or down just a major turn of some sort. Often its hindsight that tells the direction or what major event caused the turn..Like with Oct 15 2015 it was Putin entering Syria and an end to American expansion of World influence. But since all interconnected parameters oil, Euro and Gold confluence it has to be something big, sure it can be a big up too. Inflection point right here. To employ it follow what trend now emerges, hold on to it as it will run for quite a while. Hope this helps.

        Liked by 1 person

  1. torehund says:

    ..this is the one, Tony please remove the former.


  2. torehund says:

    Thanks Tony !
    Not a lot to add, trend is our friend. RUT: On daily the Special K; its residing on the overside of the red line and hocking up, BULL. Macd also hocking up from a supra-zero level, BULL. Game ON 🙂


  3. pooch77 says:

    Tony after minute v completes were are looking for 10% correction before we move to possible snp 3k?? V being in the 2635-75 range


  4. Jimbo says:

    Vix candle looks lively


  5. Hey Phil, This may be a bit too forward but I have a few questions I would like to run by you if you have the time and would prefer not to clutter up the blog. Would you care to share your email or I can provide mine if you’re willing to respond. Thanks either way.


  6. learnedmylesson25 says:

    Mr C…the weekly S&P also a -div?Thank you as well.


    • tommyboys says:

      Learned we can get a 10-20 pt PB at any time but as long as the A/D keeps on truck’in this market is headed north – damn the divergences. A/D makes another new high today and puts in a new weekly high as well. Strong market – as if just kicking off a bull!


      • learnedmylesson25 says:

        It’s as much a valid divergence as the + div was at the 1820 level..At THAT point,many were convinced S&P was headed to 1300.Why should this one be ignored is the question–unless it gets run over like a freight train–it shouldn’t be.It should be considered as a warning that more than 10-20 point pullback is possible..Weeklies are sometimes trendchangers.May not be this time,but there’s a chance of it anyways.Later.


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