Market Summary

While I usually post the SPY chart which is the ETF that follows the S&P 500 index this week I wanted to post a daily chart of the index itself. As can be seen it appears that we have 5 waves to the downside beginning with the April 26 high on the chart below. However, what we have is a double bottom with the apparent 5th wave low higher than the 3rd wave low throwing into question the complete wave count. What I am really looking at is which of the two most recent market pivots, the recent high of 1108 or the low of 1040, will be taken out next. Next week will most likely tell us which direction the market will be moving to next. Click on chart to enlarge.

For the YTD period the dollar is up the most and natural gas is down the most although UNG is off it lows for the year. For the week the FXI was up 1.95% and the UUP was down -1.20%. Click on table to enlarge.