Mark Rivest

Dow Jones Industrial Average – Bearish Warning

A review of the three main U.S. stock indices; Dow Jones Industrial Average (DJI), S&P 500 (SPX), and Nasdaq Composite (IXIC) reveals shockingly bearish evidence. The 15 – minute DJI, SPX, and IXIC chart courtesy of Trading View illustrates their relationship. Guess which of these indexes does not include Nvidia Corporation (NVDA)? If you pickedContinue reading “Dow Jones Industrial Average – Bearish Warning”

Nvidia Nears Major Resistance at 1,157

The 03/16/24 blog “Nvidia – Long – Term Elliott Wave Count” illustrated that Nvidia Corporation (NVDA) was in a developing extended Elliott Impulse wave from its November 2008 bottom. Additionally, NVDA had major Fibonacci resistance at 1,157.70. On 05/24/24 NVDA ended the main trading session at 1,064.69. The monthly NVDA chart courtesy of TradingContinue reading “Nvidia Nears Major Resistance at 1,157”

A One – Stock Market?

After the main U.S. stock session on 05/22/24 Nvidia Corporation (NVDA) announced a great earnings report and a ten for one stock split. The news triggered a large rally in U.S. overnight stock futures. When the main stock session opened on 05/23/24 the three main U.S. stock indices and the Russell 2000 were up fromContinue reading ” A One – Stock Market?”

Major Bearish Signal for U.S. Stocks – 05/22/24.

Today, 05/22/24 the Nasdaq Composite (IXIC) made a new all-time high unaccompanied by the other two main U.S. stock indices. This combined with the S&P 500 (SPX) inability to break above major Fibonacci resistance, could signal a bear move lasting into at least early 2025. When one of the main U.S. stock indices; Dow JonesContinue reading “Major Bearish Signal for U.S. Stocks – 05/22/24.”

S&P 500 Internal Momentum – 05/17/24

Internal momentum indicators measure the components of a stock index, for example advance/decline lines or new highs/lows. Internal momentum indicators give a view of action underneath the surface of price. The first chart shows the daily Bullish Percent Index for the S&P 500 ($BPSPX) courtesy of StockCharts.com. The Bullish Percent Index is a breadth indicatorContinue reading “S&P 500 Internal Momentum – 05/17/24”

S&P 500 – External Momentum – 05/17/24.

External momentum indicators are derived from price action, they measure the speed of a market and aid in determining overbought/oversold conditions. The daily S&P 500 (SPX) chart courtesy of Trading View shows what’s been happening in 2024. Daily Stochastic has reached the overbought zone and has flat lined. On a daily scale Stochastic could continueContinue reading “S&P 500 – External Momentum – 05/17/24.”

Short-Term Action of U.S. Stock Indices – 05/17/24.

The 30 – minute S&P 500 (SPX) chart courtesy of Trading View updates its Eliott wave count. There’s a good chance the SPX completed Minor wave “4” of the extended Impulse wave that began on 04/19/24. The bottom on 05/17/24 was very close to a .382 Fibonacci retracement of the presumed Minute wave “v” ofContinue reading “Short-Term Action of U.S. Stock Indices – 05/17/24.”

Updated Long – Term S&P 500 – Elliott Wave Count – 05/16/24.

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.”

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”