Overnight the Asian markets lost 1. Europe opened lower but ended mixed. US index futures were lower overnight, and at 8: That was the low for the day. After a rally to SPX by 10am, the market retested by After that the SPX rallied to by Another rally to SPX ended with a pullback to at the close.
The market opened at SPX , bounced, then retested before edging higher. Have seen subtle double bottoms like this hold. Especially since the decline from SPX is within one point of a But have seen this type of churning at a low set up a higher opening the next day. Key level going forward is obviously SPX Overall, it still looks like traders are in profit taking mode which could lead to the Int. All they might need is some sort of catalyst to push things lower. If so would expect a — point decline from the all-time high for Int.
Minute iv and Micro 4 should provide support. Short term momentum ended above neutral after hitting oversold. Best to your trading! Overnight the Asian markets lost 0. Europe opened lower and lost 0. US index futures were relatively flat overnight, and at 8: Then rallied to SPX just past 11am. At 10am ISM manufacturing was reported lower. In the last hour of trading the SPX hit , then bounced to to end the day. Medium term support drops to the and pivots, with resistance at the and pivots.
The market opened flat today, tried to rally, then rolled over heading lower, led by the DOW. Yesterday, as noted, the DOW resisted the decline. We still count five waves up from Minute iv at SPX And now this point decline. This one feels a bit different as the market is coming off extremely overbought levels, and three of the four FANG stocks are already in downtrends. Short term support is at SPX and the pivot, with resistance at the and pivots. Short term momentum ended the day oversold.
Europe opened higher and gained 1. US index futures were higher overnight, and the market gapped up to SPX at the open. In the first few minutes the SPX hit and then started to pullback.
At 10am factory orders were reported lower. By 11am the market had hit SPX and tried to rally. The rally was short-lived as the SPX bounced to by Then the market started to pullback again. Heading into the close the SPX hit and closed there. Medium term support remains at the and pivots, with resistance at the and pivots. The market gapped up at the open today on the heels of the Senate passing their version of Tax Reform. The SPX cleared the previous high at the open as it rallied to The five waves up from SPX could have been all of Minute v.
And it has sort of been the leader of late. If the DOW starts to sell off then the uptrend may well be over. Short term support is at the pivot and SPX , with resistance at the and pivots. Short term momentum was heading toward oversold at the close. The week started at SPX Aided by a gap up opening on Thursday, the SPX reached Economic reports for the week were mostly positive.
Next week will be highlighted by monthly Payrolls. The wave count from the February SPX low remains unchanged. Then Intermediate wave iii subdivided.
Minor waves 1 and 2 ended in the fall of , and Minor waves 3 and 4 ended in the spring of Minor wave 5, of Int. Naturally it divided into five Minute waves, and was not that difficult to track until Micro wave 3 of Minute iii, which lasted two months. We used three parameters: This week the market paused at the pivot for a day, then ran right through the pivot to the pivot.
This relentless uptrend is now the longest of the bull market. Medium term support is at the and pivots, with resistance at the and pivots.
The short term count heading into last week was three waves up from the SPX low: This week the SPX rallied to , pulled back to on Wednesday, and then rose to on Thursday. That Wednesday pullback, however, did not quantify as a wave. Another new high to complete five? Regardless of the outcome the possibility of an Int. Short term momentum ended the week around neutral. This year, however, some medical complications have arisen. Not getting any younger. Thank you all for your concern and well wishes.
US index futures were mixed overnight, and the market opened unchanged at SPX In the opening minutes the SPX rallied to a new high at , then began to pullback. At 10am new home sales were reported higher. By 2pm the SPX hit , then closed at Short term count from Minute iv SPX notched higher a bit: Short term support remains at the and pivots, with resistance at the pivot. Short term momentum continues to display a negative divergence. After a slightly higher open on Monday the market gapped up on Tuesday.
The rally continued through Wednesday and Friday, with only a 6 point pullback all week, to reach a new all-time high at SPX A dip into the close ended the week at SPX Best to your week! The long-term bull market count remains unchanged since its early beginnings.
Intermediate wave iii, as is often the case, then divided into five Minor waves. When Minor 5 does end, it will also end Intermediate wave iii. Then an Intermediate wave iv correction will follow. After that Intermediate wave v will take the market to all-time new highs.
The bull market appears to have quite a way to go in time and price. It has been quite long as far as uptrends go, and quite complex. Normally a cluster of OEW pivots is all that is required to end an uptrend. The cluster just ahead is OEW , and From the February low the two largest uptrends have been points and points. The third resistance area has to do with the internals of the uptrend.
When we look at the uptrend as a whole, since Minute v is not likely to offer all these Micro wave subdivisions, we have: Using the same percentage relationships, the last wave between 0.
Should this area end the uptrend and Intermediate wave iii. Thus far we can count three waves up from that low: These waves may be of Pico or Nano degree. Short term support is at the and pivots, with resistance at the and pivots. Short term momentum is displaying a negative divergence, but no pullback in price as of yet.More...