Mark Rivest

Important S&P 500 Bottom on 10/7/20?

Sometimes in Elliott Wave analysis its difficult to differentiate wave degree, this happens when one movement is smaller/larger than waves of the same degree. This appears to be the case soon after the S&P 500 (SPX) bottom of 9/24/20. The first rally and decline could be the first two waves of a five wave ElliottContinue reading “Important S&P 500 Bottom on 10/7/20?”

Market Situation After Unexpected Event

Our thoughts and prayers go out to US President Donald Trump and First Lady Melania Trump for a rapid recovery from the Coronavirus. This unexpected event trigger a panic in the financial markets and altered the near-term direction of the US stock market. My previous post “S&P 500 Continues to Rise” gave a recommendation toContinue reading “Market Situation After Unexpected Event”

S&P 500 Continues to Rise

At today’s open 10/01/20 the S&P 500 (SPX) had completed five waves up. Additionally, the hourly SPX – Stochastic had a bearish crossover, yet instead of continuing the decline that began on 09/30/20 the SPX moved above its 09/30/20 high. This changed the Elliott Wave count, there are now seven waves up from the 09/24/20Continue reading “S&P 500 Continues to Rise”

Evidence Swings Bullish

The prior blog post noted that short-term market timers had become excessively bearish, a condition that implied US stocks could be at or near a bottom. The hourly S&P 500 (SPX) chart courtesy of Trading View illustrates a choppy decline September 2to September 24. This appears to be an Elliott Wave Double Zigzag corrective pattern. Continue reading “Evidence Swings Bullish”

Pfizer and Bullish Sentiment

On September 17th, this site recommended buying Pfizer (PFE), the opening price on September 18th was used as the entry point. Subsequently half of the position was sold at the stop loss point of 35.40. Traders are currently holding half of the original position. When is the best time to add on to a tradingContinue reading “Pfizer and Bullish Sentiment”

Stock Market Seasonal Patterns – Part Two

My previous post “Stock Market Seasonal Patterns” noted that US stocks have a seasonal bearish period from late August until at least early October. On September 21st, the S&P 500 (SPX) broke below Fibonacci support – a .236 retrace of the March to September rally. This break opens the door to the next support levelContinue reading “Stock Market Seasonal Patterns – Part Two”

Stock Market Seasonal Patterns

On 09/18/20 the S&P 500 (SPX) broke below 3310.00 which was the second stop loss level for the SPX trade initiated 09/10/20 at SPX 3412.60. The first stop loss on half the position was at SPX 3327. 00 which resulted in a loss of 1.25%. The second stop loss level of 3310 was 3.0% belowContinue reading “Stock Market Seasonal Patterns”

Pfizer Bullish Opportunity

Pfizer (PFE) is one of nine companies that are working to develop a Coronavirus vaccine. The company has said they could have the vaccine by the end of October. The stock from the late 2018 appears to have declined in an Elliott Wave corrective pattern known as a Double Zigzag. The rally from the 2020Continue reading “Pfizer Bullish Opportunity”

S&P 500 Momentum and Trading Tip

On 09/11/20 the S&P 500 (SPX) broke below the bottom made on 09/08/20. The trade recommendation made on 09/09/20 was to buy funds that track the SPX on the open of SPX trading 9/10/20. The opening SPX level on 9/10/20 was 3412.60, stop loss for half of the trading position was SPX 3327.00 just belowContinue reading “S&P 500 Momentum and Trading Tip”

Important S&P 500 Bottom Could be in Place

On September 8, 2020, the S&P 500 (SPX) came within nine points of important Fibonacci support. Today September 9, 2020, several hourly SPX momentum indicators registered bullish signals. For aggressive traders that hold positions from a few days to several weeks. Buy non-leveraged funds that track the SPX on the open of the trading sessionContinue reading “Important S&P 500 Bottom Could be in Place”