Mark Rivest

S&P 500 Reaches Resistance Zone- 03/21/24

The post U.S. – FOMC rally has brought the S&P 500 (SPX) to a potentially very important resistance zone. The daily SPX chart courtesy of BigCharts.com shows the big picture. Today the SPX came close to hitting the rising trendline connecting the peaks of Minor waves “1” and “3” of the rally from the 10/27/23Continue reading “S&P 500 Reaches Resistance Zone- 03/21/24”

Thrusting Towards Resistance

In two or three trading days the S&P 500 (SPX) could reach important resistance. This websites 03/18/24 blog noted. “It’s possible the presumed Horizontal Triangle could be complete at the 03/18/24 low. More likely the SPX could trend down until sometime before the U.S. FOMC announcement due 2:00 PM – EDT on 03/20/24.” Also illustratedContinue reading “Thrusting Towards Resistance”

S&P 500 – Intraday Elliott Wave Count – 03/18/24

This websites prior blog noted that the S&P 500 (SPX) could break below the 03/11/24 low and bottom in the 5,069 to 5,081 area. Also noted was that an Elliott wave – Horizontal Triangle was an alternate wave count. Today’s opening rally has made the Horizontal Triangle the prime wave count. The 30 – minuteContinue reading “S&P 500 – Intraday Elliott Wave Count – 03/18/24”

Short- Term S&P 500 – Elliott Wave Count – 03/15/24

The 03/13/24 blog “S&P 500 – Elliott Wave Pattern From October 2023” illustrated that the S&P 500 (SPX) may have completed a Minor wave “4” decline on 03/11/24. Subsequent action suggests Minor wave “4” could still be developing. The 30-minute SPX chart courtesy of Trading View illustrates the action since late 2023. Within five –Continue reading “Short- Term S&P 500 – Elliott Wave Count – 03/15/24”

Nvidia – Long -Term Elliott Wave Count

In the current cycle Nvidia Corporation (NVDA) is probably the king of all U.S. stocks. Long -term Elliott wave analysis suggests NVDA could soon begin a multi – month decline. The monthly NVDA chart courtesy of Trading View illustrates its progress from the November 2008 bottom. NVDA has formed an extended Elliott wave Impulse pattern. Continue reading “Nvidia – Long -Term Elliott Wave Count”

Nvidia Corporation and S&P 500 Connection

Since late October 2023 both Nvidia Corporation (NVDA) and the S&P 500 (SPX) have traded closely together. Their relationship could provide evidence for a major U.S. stock market top. The daily NVDA and SPX chart courtesy of Trading View illustrates their relationship. Since late October 2023 NVDA and SPX have made turns within about tradingContinue reading “Nvidia Corporation and S&P 500 Connection”

S&P 500 – Elliott Wave Pattern From October 2023

The S&P 500 (SPX) could find resistance in the 5,250 area. The SPX – 3- hour chart courtesy of Trading View illustrates the Elliott wave count from the 10/27/23 bottom. The SPX rally from 10/27/23 has the smooth and steady look of a five – wave Elliott Impulse pattern. The bottom made on 03/11/24 appearsContinue reading “S&P 500 – Elliott Wave Pattern From October 2023”

U.S. Stock Market Sentiment – 03/08/24

Market sentiment indicators measure the emotion of the mass mind. Current sentiment readings for the U.S. stock market imply a major top could be forming. Market sentiment can be measured by polling and actions taken by market participants. One organization that conducts market polling is Market Vane Inc. The Bullish Consensus number is derived byContinue reading “U.S. Stock Market Sentiment – 03/08/24”

U.S. Stock Market Momentum – 03/08/24

Longer -term U.S. stocks are in the area of a potential major top. Shorter – term there could be more upside action. The daily S&P 500 (SPX) chart courtesy of BIgCharts.com updates the short-term view. The 03/07/24 blog illustrated the Slow Stochastic lines intersecting. There’s now a bullish crossover below the overbought zone which beginsContinue reading “U.S. Stock Market Momentum – 03/08/24”

Stock Buying Mania Continues – 03/07/24.

Short-term bullish signals imply U.S. stocks could continue to rise. The daily S&P 500 (SPX) chart courtesy of BigCharts.com updates the action. Today the SPX went above its 03/04/24 high. This move changes the Elliott wave count showing five waves up from 0/27/23 to 03/04/24. There are now several alternate wave counts, further price actionContinue reading “Stock Buying Mania Continues – 03/07/24.”