The S&P 500 (SPX) has entered the territory of potential major Fibonacci resistance. For several months this website has speculated that the SPX from its January 2022 peak could be forming an Elliott wave Expanding Flat corrective pattern. The following illustration is an Expanding Flat in a bull market. Expanding Flats are composed of threeContinue reading “Updated Long – Term S&P 500 – Elliott Wave Count – 05/16/24.”
Monthly Archives: May 2024
New All-Time Highs – 05/15/24
Three factors imply the rally in U.S. stocks since the 04/19/24 bottom could continue for at least a few days. On 05/15/24 all three main U.S stock indices, S&P 500 (SPX), Dow Jones Industrial Average and Nasdaq Composite made new all-time highs. Today’s move invalidated a bearish “Rule of the Majority” signal made on 03/28/24Continue reading “New All-Time Highs – 05/15/24”
Continuing Relative Weakness of the Russell 2000
The 04/28/24 blog “Russell 2000 Relative Weakness to the S&P 500” illustrated the long- and short-term bearish divergence of the Russell 2000 (RUT) to the S&P 500 (SPX). As of 05/10/24 RUT continues to diverge from the SPX and could be a bear market omen. The daily SPX and RUT chart courtesy of Trading ViewContinue reading “Continuing Relative Weakness of the Russell 2000”
Resistance Breakthrough – 05/10/24
On 05/09/24 the S&P 500 (SPX) marginally broke through “Volume Profile” resistance in the low 5,200 area. On 05/10/24 there was a decisive move above resistance. Unless the SPX can break below 5,200 it could soon at least return to the 03/28/24 all-time high. The daily SPX chart courtesy of BigCharts.com updates the external momentum.Continue reading “Resistance Breakthrough – 05/10/24”
S&P 500 – Hidden Resistance
The S&P 500 (SPX) could soon reach a resistance zone that may be unknown to most traders. The SPX recently exceeded a Fibonacci .618 retracement of its March to April decline. Many times, a break of the .618 retracement level implies a 100% retrace of the prior movement. In this case it’s to the SPXContinue reading “S&P 500 – Hidden Resistance”
Fibonacci Resistance Break
The prior two blogs noted both the S&P 500 (SPX) and Russell 2000 (RUT) may have found resistance just below a Fibonacci .618 retrace of their respective April declines. Subsequently both indices have moved above the resistance zones. The door is open for both indices to make new 2024 highs. The daily RUT chart courtesyContinue reading ” Fibonacci Resistance Break”
S&P 500 – Update – 05/03/24
The 04/21/24 blog ”Potential S&P 500 Bottom – Early May 2024” noted a Fibonacci time cycle turn on 05/03/24. It was presumed that the S&P 500 (SPX) which began to decline in early April would continue dropping into early May. Subsequently the 04/27/24 blog noted that the size of the SPX rally since 04/19/24 madeContinue reading “S&P 500 – Update – 05/03/24”
Russell 2000 – Update – 05/03/24
May, 6 2024 could be an important day for the Russell 2000 (RUT) and the U.S. stock market. A strong move up could open the door for the RUT and other U.S. stock indices to make new 2024 highs. A significant move down implies a resumption of the decline that began in late March 2024. Continue reading ” Russell 2000 – Update – 05/03/24″
U.S Stock Market Momentum Remains Bearish
U.S. stocks had a wild ride on 05/01/24 – U.S. FOMC interest rate announcement. By the end of the 05/01/24 session the huge rally after the FOMC press conference had been completely retraced. Daily and hourly momentum remains bearish, implying the next wave of post March 2024 bear move may have begun. The daily S&PContinue reading “U.S Stock Market Momentum Remains Bearish”
Four Dimension Trading 