Very Important Support Broken!

Since the bull market began on 03/23/20 every S&P 500 (SPX)   a multi-day correction bottom has held. The simple definition of a bull market is a series of higher highs and higher lows.  Today 09/20/21 that has changed  – the SPX has broken below the last multi-day correction bottom made on 08/19/21. The daily SPXContinue reading “Very Important Support Broken!”

Detailed Short-Term S&P 500 Elliott Wave Count 9-17-21

Since the S&P 500 (SPX) all-time high on 09/02/21 the decline has been choppy, which is  characteristic of Elliott wave corrective patterns.  However, part of the drop could be a complex motive wave. The SPX 30 – minute chart courtesy of Trading View illustrates the short-term Elliott wave count. The supposed Minuette wave ( iContinue reading “Detailed Short-Term S&P 500 Elliott Wave Count 9-17-21”

Long -Term S&P 500 Alternate Elliott Wave Count 09-12-21

There are always alternate Elliott wave counts.  There’s no predestination in the markets and traders need to be aware the various paths a market could take.  The prime wave count for the S&P 500 (SPX)  from the 03/23/20 bottom has been that an Elliott wave series of “one’s” and “two’s” up formed between March toContinue reading “Long -Term S&P 500 Alternate Elliott Wave Count 09-12-21”

        Important S&P 500 Support Broken

Over the last few months there have been  breaks below support levels with no downside follow through.  Ravenous buy the dip bulls quicky rushed in creating only  marginal break throughs. Friday 09/10/21 the S&P 500 (SPX)  broke below support noted in the prior post “Important S&P 500 Support”.   Monday 09/13/21 could be an importantContinue reading ”        Important S&P 500 Support Broken”

  Important S&P 500 Support

There’s a double bottom in the S&P 500 (SPX) 4470.00 area.  This corresponds with daily volume profile support on the S&P 500 – December 2021 E- Mini futures contract. The 15- minute SPX chart courtesy of Trading View illustrates the support zone. If the SPX breaks below 4468.99 there’s no significant chart support until theContinue reading ”  Important S&P 500 Support”

New Moon Bearish Signal 09-07-21

On 09/07/21 the Nasdaq Composite (IXIC) made a new all-time high unconfirmed by the S&P 500 (SPX) and the Dow Jones Industrial Average (DJI).  I refer to this as a “Rule of the majority” signal. When one of the three main US stock indices makes a new high/low unconfirmed by the other two main indices,Continue reading “New Moon Bearish Signal 09-07-21”

Comparing the S&P 500 – 1994 to 1996 with 2020 to 2021

The current S&P 500 (SPX) bull phase that began in March 2020 has been relentless with only tiny pull backs and only one 10% correction. The last time a similar phenomenon occurred was the SPX bull market from late 1994 to mid – 1996.   The daily SPX chart 1994 to 1996 courtesy of TradingContinue reading “Comparing the S&P 500 – 1994 to 1996 with 2020 to 2021”

Short-Term S&P 500 Elliott Wave Count 09-02-21

The S&P 500 (SPX) 15-minute chart courtesy of Trading View illustrates a probable short-term Elliott wave count. The action since the SPX 08/30/21 high has been a choppy sideways move and appears to be a completed Elliott wave – Horizontal Triangle.  After completion of this structure there’s usually a sharp thrust in the direction ofContinue reading “Short-Term S&P 500 Elliott Wave Count 09-02-21”

Fibonacci Price Extensions

During the last six years there have been two Fibonacci price extensions that have precisely forecasted important S&P 500 (SPX) tops.  Perhaps a third Fibonacci price extension could soon forecast another SPX peak. The weekly SPX chart courtesy of Trading View illustrates the 2015 top. A  1.618 Fibonacci extension of the SPX 2007 to 2009Continue reading “Fibonacci Price Extensions”

S&P 500 – Alternate Elliott Wave Count 08-27-21

The S&P 500 (SPX) rally on 08/27/21 pushed beyond the leeway of major Fibonacci resistance at SPX 4437.63. This potential resistance level was first discussed in the 07/05/21 blog “The Next S&P 500 Resistance Level”.  This Fibonacci point was derived by taking the growth rate of the March 2009 to April 2010 rally – presumedContinue reading “S&P 500 – Alternate Elliott Wave Count 08-27-21”