Weekend update
REVIEW
The market started the week at SPX 2425. After a rally to SPX 2432 on Monday, the market pulled back to 2413 on Tuesday before reversing in the afternoon. Wednesday’s gap up opening rally continued into Friday, when the SPX hit a new all-time high at 2464. For the week the SPX/DOW gained 1.20%, and the NDX/NAZ gained 2.90%. Economic reports were mostly positive. On the downtick: the Q2 GDP estimate, retail sales, consumer sentiment, plus the budget deficit widened. On the uptick: consumer credit, business/wholesale inventories, the PPI, industrial production, capacity utilization, plus jobless claims declined. Next week’s reports will be highlighted by the NY/Philly FED and housing.
LONG TERM: uptrend
The Major wave 1, of Primary III, bull market continues. After a microscopic 2% correction in the SPX, 4% correction in the NAZ, and no correction in the DOW, the SPX/DOW made new all-time highs on Friday. We checked back to 1982, and could not find a SPX correction this small in a bull market. Quite unusual correctional activity lately.
Source: https://caldaro.wordpress.com/2017/07/15/weekend-update-613/
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