Author Archives: Mark Rivest

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.”

Russell 2000 –  Elliott Wave Count

On 03/04/24 the S&P 500 made an all-time high unconfirmed by the other two main U.S. stock indices, Dow Jones Industrial Average and the Nasdaq Composite.  Perhaps this bearish divergence signaled a major top for the U.S. stock market.  If not the Russell 2000 (RUT) small cap stock index could soon indicate a significant topContinue reading “Russell 2000 –  Elliott Wave Count”

Apple Inc. Major Downside Break

On 03/01/24 Apple Inc. (AAPL) broke below important support and  could soon drop to its October 2023 bottom. The daily AAPL chart courtesy of Trading View shows what happened. The 02/15/24 blog “Apple Inc. Downside Rollover” noted AAPL had a double bottom with the key point at 179.25.  This level was pierced on 03/01/24 alongContinue reading “Apple Inc. Major Downside Break”

S&P 500 Intraday Elliott Wave Count – 02/29/24

The 15 – minute S&P 500 (SPX) chart courtesy of Trading View updates the action. The 02/27//23 blog illustrated that Minute wave “iv” may have bottomed at the SPX 02/27/24 low.   This could still be the correct wave count, however the choppy nature of the rally off that bottoms suggests something else could be developing.Continue reading “S&P 500 Intraday Elliott Wave Count – 02/29/24”

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?”