The week started at SPX 2663. After a gap up opening Monday the market rallied to SPX 2683. On Tuesday it pulled back to SPX 2655. Then it rallied for the rest of the week, reaching SPX 2733 on Friday, and closing at 2728. For the week the SPX/DOW gained 2.35%, and the NDX/NZ gained 2.70%. Economic reports for the week were nearly all positive. On the downtick: consumer credit. On the uptick: the CPI/PPI, export/import prices, plus the budget surplus rose. Next week’s reports include industrial production, the NY/Philly FED, and retail sales. Best to your week!
LONG TERM: uptrend
After a 10-month uptrend from March 2017 to January 2017, the market pulled back and has spent the past three months in a relatively wide trading range. The first selloff into a February low looked like the correction could have ended. It did not, as the uptrend that followed was quite choppy. Then after a retest of that low in early-April that opportunity arose again. But so far the same reaction in this uptrend: choppy action. This unfortunately allows for a number short term counts. We have been tracking three, which will be noted below.
In the meantime the early-2016 (five Intermediate wave: one Major wave) bull market continues to unfold. Int. waves i and ii completed in the spring of 2016. Int. iii then divided into five Minor waves. Minor waves 1 and 2 completed in the falloff 2016, and Minor waves 3 and 4 completed in the spring of 2017. After that there was the lengthy 10-month Minor wave 5 uptrend, which ended in January 2018 and completed Int. iii. Int. wave iv has been underway since then. When it concludes Int. v should take the market to all-time new highs.
MEDIUM TERM: uptrend
Sorry, only managed to get this much done over the weekend before another trip to the hospital. Back at home now. Will try the get the Tuesday update done.