Mark Rivest

Alphabet Inc. Major Downside Break

Alphabet Inc. (GOOGL) has broken below trendline and chart support. This downside move has bearish implications for the stock and perhaps the broader U.S. stock market. The 02/25/24 blog “Three Magnificent Stocks” examined the technical situation for GOOGL and noted. “A move below the lower rising trendline and first chart support at 139.49 could openContinue reading “Alphabet Inc. Major Downside Break”

S&P 500 Intraday Elliott Wave Count – 02/27/24

The decline from the S&P 500 (SPX) top at 5,111.06 may have ended today 02/27/24. The 15 – minute SPX chart courtesy of Trading View updates the action. The 02/24/24 blog illustrated that the presumed Minute “iv” correction after the SPX 02/23/24 top could terminate on 02/26/24 at or near a Fibonacci .236 retracement ofContinue reading “S&P 500 Intraday Elliott Wave Count – 02/27/24”

Three Magnificent Stocks to Watch

In the late stage of a stock bull market fewer and fewer stocks participate in the rally. This phenomenon can be viewed in the “Magnificent Seven Stocks”. Soon, if one or two of these seven stock breaks to the downside, it could trigger a significant decline in the broader U.S. stock market. The Magnificent SevenContinue reading “Three Magnificent Stocks to Watch”

Could February 27, 2024 be an S&P 500 Turning Point?

The S&P 500 (SPX) Elliott wave pattern suggests a major Fibonacci resistance point near 5,131 could be hit on 02/27/24. The two – hour SPX chart courtesy of Trading View illustrates the Elliott pattern from the 10/27/23 bottom. Analyzing Elliott wave patterns is like putting together a Jigsaw puzzle. Discovering the location of one pieceContinue reading “Could February 27, 2024 be an S&P 500 Turning Point?”

U.S. Stock Market Mania – February 2024

Since October 27, 2023 the S&P 500 (SPX) has rallied more than 23% with only one 2.5% correction. Today the SPX gapped up 2.11% the biggest one-day gain in four months! The weekly SPX chart courtesy of Trading View shows the long-term Elliott wave count since January 2022. Several blogs on this website have illustratedContinue reading “U.S. Stock Market Mania – February 2024”

Bear Market Rally Top on 02/22/24?

The S&P 500 (SPX) – intraday Elliott wave patterns suggests a bear market rally peak could occur early in the main session 02/22/24. The 15-minute SPX chart courtesy of Trading View illustrates the action after the 02/12/24 top. This updates the SPX chart illustrated in the 02/17/24 blog “Intraday Examination of the S&P 500” whichContinue reading ” Bear Market Rally Top on 02/22/24?”

Bearish Message From Copper

Copper is an industrial metal, and its price action can be a broad gauge for the economy. Copper tends to decline in periods of economic weakness, rising in economic recovery. The action of Copper vs. the S&P 500 (SPX) since early 2023 suggests that the U.S. economy and stock market could soon be declining. TheContinue reading “Bearish Message From Copper”

Intraday Examination of the S&P 500

On 02/13/24 the U.S. stock market had a large steep decline. Subsequently the three main U.S. stock indices have rallied with the S&P 500 (SPX) being the strongest, on 02/16/24 it was only 9.69 points from its all-time high. The SPX ended the session down, just above important intraday support. The 15 – minute SPXContinue reading “Intraday Examination of the S&P 500”

Apple Inc. Downside Rollover?

The most bearish of the “Magnificent Seven” stocks relative to the S&P 500 (SPX) is Tesla Inc. (TSLA). The next most bearish stock is Apple Inc (AAPL). The action of AAPL from its December 2023 top suggests it could be on the verge of a sharp decline. The weekly AAPL chart courtesy of Trading ViewContinue reading “Apple Inc. Downside Rollover?”

Potential S&P 500 Support levels

Assuming the S&P 500 (SPX) 02/12/24 top holds, there are two levels where short-term bottoms could occur. The daily SPX chart courtesy of Trading View illustrates Fibonacci retracement levels and Volume Profile.” Fibonacci ratios are typically areas where markets or stocks could retrace to on any time scale. In this case the largest SPX priceContinue reading “Potential S&P 500 Support levels”