Mark Rivest

Stock Market Bears are Running Out of Time

US stocks are seasonally bearish from late August until mid-October. Seasonal cycles are not precise so it possible there could be more downside action in the coming weeks. However, the bears are struggling. On September 24th, the three main US stock indices made a correction low, followed by a rally that retraced most of theContinue reading “Stock Market Bears are Running Out of Time”

Pfizer Pushing Higher

Today 10/19/20 Pfizer (PFE) broke above the declining trend line from the 07/03/20 peak, this could be a significant bullish signal. Please see the daily PFE chart courtesy of Trading View. This current rally which began on 09/21/20 could be the early part of a third of a third Elliott Wave, if so, it couldContinue reading “Pfizer Pushing Higher”

Profiting From Zoom

The previous post examined the weekly Elliott Wave count of Zoom Video Communications Inc. stock symbol (ZM). After a stock has increased more than seven times in ten months some analysists could state the stock had reached its peak. Perhaps this is true for ZM, however there could be one more buying opportunity. The hourlyContinue reading “Profiting From Zoom”

Additional Elliott Wave Confirmation

The prior post focused on Exchange Traded Fund – XLP as a guide to help with the Elliott Wave count for the US stock market. The following weekly chart courtesy of Trading View shows an individual stock which so far has a textbook Elliott Wave pattern. Sometimes small cap stocks involved in speculative buying maniasContinue reading “Additional Elliott Wave Confirmation”

The Clearest Elliott Wave Roadmap

Elliott Wave analysis provides a roadmap of where a market or a stock could potentially be in its cycle. When studying the stock market, the S&P 500 (SPX) because of its large capitalization and following usually has the clearest Elliott Wave patterns. Analysis is enhanced by comparing the wave counts of one stock index vs.Continue reading “The Clearest Elliott Wave Roadmap”

Bullish Breakout

The bulls continue to be in control of US stocks. The 10/06/20 blog post noted the S&P 500 (SPX) could bottom 10/07/20. The SPX opened that day significantly above the 10/06/20 close and was the low of the 10/07 trading session. On 10/06/20 SPX broke above important chart resistance made on 09/16/20. On 10/08/20 SPXContinue reading “Bullish Breakout”

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”