Mark Rivest

Potential S&P 500 Bottom – Early May 2024

Fibonacci price and time calculations indicate the S&P 500 (SPX) could make an important bottom in the first week of May 2024. The first daily SPX chart courtesy of Trading View illustrates the Fibonacci price calculations. The primary Fibonacci coordinate is a .50 retracement of the October 2022 to March 2024 bull market. The exactContinue reading “Potential S&P 500 Bottom – Early May 2024”

Using VIX to Find S&P 500 Bottoms

Upward spikes of the CBOE Volatility Index (VIX) usually correspond to significant S&P 500 (SPX) bottoms. The big question is how large of a VIX upward spike? The size of a VIX spike varies depending on the nature of the SPX decline. For the current SPX decline that began on 03/28/24 the Relative Strength IndexContinue reading “Using VIX to Find S&P 500 Bottoms”

Nasdaq Adds Fuel to the Bearish Fire

From October 2022 to March 2024 the Nasdaq Composite (IXIC) lead the way, gaining 31% vs S&P 500 (SPX) up 28% and Dow Jones Industrial Average (DJI) up 22%. On 04/19/24 IXIC declined 2.05% vs. SPX down .88%. The DJI was up .56. The IXIC dramatic drop on 04/19/24 implies more downside action for U.S.Continue reading “Nasdaq Adds Fuel to the Bearish Fire”

S&P 500 and Russell 2000 Momentum

Weekly momentum indicators imply more downside action for the S&P 500 (SPX) and the Russell 2000 (RUT). The weekly SPX chart courtesy of BigCharts.com illustrates three momentum oscillators. The lower line for weekly Slow Stochastic has only reached 30%. The oversold zone begins at 20%. Weekly RSI is in the upper part of the neutralContinue reading “S&P 500 and Russell 2000 Momentum”

S&P 500 and Russell 2000 – Important Support Zones

The Volume Profile method identifies potential support for the S&P 500 and the Russell 2000. Volume profile places volume on a vertical axis and identifies support/resistances areas. The wideset volume cluster is called Point of Control (POC) which represents the strongest potential support/resistance. Price is drawn to or is repelled by POC. The first dailyContinue reading “S&P 500 and Russell 2000 – Important Support Zones”

Nasdaq Composite Bearish Breakthrough

The 04/15/24 Nasdaq Composite (IXIC) break below two important support levels opens the door for a move down to the January 2024 bottom. This sites 04/13/24 blog illustrated that the IXIC may have completed a bullish Horizontal Triangle and the IXIC could make a new all-time high. The IXIC gapped up on the 04/15/24 openContinue reading “Nasdaq Composite Bearish Breakthrough”

Russell 2000 – Short – Term Elliott Wave Pattern – 04/12/24

The intraday Russell 2000 (RUT) Elliott wave count implies more downside action. Since their late March 2024 peaks to their respective lows the three main U.S. stock indices have declined as follows. Nasdaq Composite down 2.9%. S&P 500 down 3%. Dow Jones Industrial Average down 5%. Looking beyond the three main U.S. stock indices, theContinue reading “Russell 2000 – Short – Term Elliott Wave Pattern – 04/12/24”

Nasdaq Composite Could Make a New All-Time High – Part Two

The Nasdaq Composite (IXIC) struggles to go down. On 04/12/24 the S&P 500, Dow Jones Industrial Average, and the Russell 2000 made new decline lows. The IXIC not only held above its 04/04/24 bottom, but it also failed to go below the bottom made on 04/10/24. The 30-minute IXIC chart courtesy of Trading View illustratesContinue reading “Nasdaq Composite Could Make a New All-Time High – Part Two”

Nasdaq Composite Could Make a New All-Time High

On 04/12/24 the Nasdaq Composite (IXIC) could make a new all-time high. The 30-minute IXIC chart courtesy of Trading View illustrates the action. From its 03/08/24 peak the IXIC appears to have formed an Elliott wave – Horizontal Triangle. Fibonacci price relationships support this theory. Minute wave “c” is close to equality with Minute waveContinue reading “Nasdaq Composite Could Make a New All-Time High”

Russell 2000 – Leading the Way Down

The Russell 2000 (RUT) small cap stock index has declined 5.5% since its 03/28/24 peak. From its 03/21/24 top the Dow Jones Industrial Average has fallen close to 4%. The Nasdaq Composite from 03/21/24 to 04/10/24 is down 2.3%. The S&P 500 from its 03/28/24 top has declined 2.4%. The daily RUT chart courtesy ofContinue reading “Russell 2000 – Leading the Way Down”