Mark Rivest

Bitcoin and Nasdaq Relationship – 08/18/23

The Nasdaq Composite (IXIC) and Bitcoin in U.S. dollars (BTCUSD) tend to trend together. Since late 2021 BTCUSD has been the weaker of the two and could be giving a preview of near -term IXIC action. The weekly BTCUSD and IXIC chart courtesy of Trading View shows their relationship since November 2021. BTCUSD made itsContinue reading “Bitcoin and Nasdaq Relationship – 08/18/23”

S&P 500 First Wave Down Nearing Completion – 08/18/23

The 08/16/23 blog “S&P 500 – Downside Targets – 08/16/23” noted. “A Fibonacci .236 retrace of October 2022 to July rally is near SPX 4,350. The SPX closed 08/16/23 at 4,404 and could reach 4,350 on 08/17/23.” On the S&P 500 (SPX) 08/18/23 open it reached 4,350 and quickly bottomed out at 4,335. Could thisContinue reading “S&P 500 First Wave Down Nearing Completion – 08/18/23”

Philippines and Vietnam Stock Markets Update – 08/17/23

The 07/15/23 blog “Philippine Stock Exchange an Elliott Wave Tutorial” illustrated that the Philippine Stock Exchange (PSEI) could be rising in an Elliott wave – Double Zigzag pattern. The daily PSEI chart courtesy of Trading View updates the action. About 85 to 90% of the time the second Zigzag of a Double Zigzag pattern willContinue reading “Philippines and Vietnam Stock Markets Update – 08/17/23”

S&P 500 – Downside Targets – 08/16/23

Today 8/16/23 the S&P 500 (SPX) made a new decline low. Fibonacci analysis provides clues to potential short-term support levels. The 08/15/23 blog illustrated that the SPX was in a declining wedge. The 2- hour SPX chart courtesy of Trading View shows what happened to the wedge. The wedge is gone, and the SPX isContinue reading “S&P 500 – Downside Targets – 08/16/23”

U.S. Stock Market Decline Continues

Today the S&P 500 (SPX) made a new post 07/27/23 decline low and invalidated the presumed Expanding Flat pattern illustrated in the 08/12/23 blog. The 2 – hour SPX chart courtesy of Trading view illustrates the action. The choppy decline from the 08/04/23 peak opens the possibility for several Elliott wave counts. The so farContinue reading “U.S. Stock Market Decline Continues”

Follow the Leaders

Two of the leading stocks during the 2023 rally now appear to be leading the way down.For decades Apple Inc. (AAPL) has been one of the best performing U.S stocks. During the 2023 bull run AAPL continued to outperform the broader U.S. stock market. The weekly AAPL chart courtesy of Trading View illustrates its performanceContinue reading “Follow the Leaders”

S&P 500 – Short – Term Elliott Wave Count – Update 08/11/23

The 08/10/23 blog noted that the S&P 500 (SPX) may have completed an Elliott wave extended Impulse wave at the 08/09/23 bottom. The pattern after the 08/09/23 low was expected to be a developing Elliott wave -Inverse Expanding Flat. The 5 – minute SPX chart courtesy of Trading View updates the action. Expanding Flats areContinue reading “S&P 500 – Short – Term Elliott Wave Count – Update 08/11/23”

S&P 500 – Short – Term Elliott Wave Count – 08/10/23

The prior blog noted that if the S&P 500 (SPX) broke below the 08/09/23 bottom it could open the door for a move down to the SPX 4,385 to 4,410 area. What happened was a marginal move below the 08/09/23 bottom and another bullish momentum divergence. The hourly SPX chart courtesy of Trading View examinesContinue reading “S&P 500 – Short – Term Elliott Wave Count – 08/10/23”

Breaking Bullish Momentum Divergences

When the main trend of a stock index is up, multiple bullish momentum divergences usually signal an opportunity to go long. When the main trend of a stock index is down, multiple bullish momentum divergences are frequently broken. When this happens, it could open the door for more downside action. The one – hour S&PContinue reading “Breaking Bullish Momentum Divergences”

Examination of July to October Stock Market Declines

The have been three instances in the past twenty – five years when the S&P 500 (SPX) made an important top in July and an important bottom in October. A study of these declines could provide clues to a potential SPX July to October 2023 drop. Market forecasting is similar to weather forecasting. By studyingContinue reading “Examination of July to October Stock Market Declines”