Author Archives: Mark Rivest

Divergences Continue – 06/01/23.

Today 06/01/23 the S&P 500 (SPX) made a new post October 2022 rally high unaccompanied by either the Dow Jones Industrial Average, or the Nasdaq Composite.  A bearish “Rule of the majority signal.  Additionally, the VIX low today was 15.58 vs. its 05/01/23 reading of 15.53.  This higher VIX bottom retains the VIX topping signal.Continue reading “Divergences Continue – 06/01/23.”

Philippines Stock Exchange – Break Below Important Support

The Philippines Stock Exchange Index (PSEI) broke below a short-term rising trendline and the 05/26/23 bottom at 6,496.47.  This low is also close to a Fibonacci .618 retracement of the 03/16/23 to 05/08/23 rally.  The daily PSEI chart courtesy of Trading View updates the action. The break of support implies a short – term moveContinue reading “Philippines Stock Exchange – Break Below Important Support”

          Outrageous Bearish Divergences – 05/26/23

On 05/26/23 the Nasdaq Composite (IXIC) was the only one of the three main U.S. stock indices to make a new post October 2022 rally high.  The S&P 500 (SPX) 05/26/23 high was 4,212.87, its 05/19/23 post October 2023 rally high was 4,212.91 a difference of only 4 – ticks!  This is an example ofContinue reading ”          Outrageous Bearish Divergences – 05/26/23″

Philippines Stock Exchange Important Support Levels

The Philippines Stock Exchange Index (PSEI) is nearing two support levels.  A break below both these levels could open the door to a multi-month decline. The daily PSEI and S&P 500 (SPX) courtesy of Trading View illustrates their recent action. In the last few weeks, it appeared  the PSEI could rally into Fibonacci resistance atContinue reading “Philippines Stock Exchange Important Support Levels”

This Could be the Start of Something Big

The something big could be a multi – month decline to at least the S&P 500 (SPX) October 2022 bottom. The SPX 15 –minute chart courtesy of Trading View examines the short – term picture. The SPX drop from its 05/19/23 top appears to be a developing  Elliott impulse wave and today, 05/24/23 broke belowContinue reading “This Could be the Start of Something Big”

U.S. Stock Market – Sentiment and Time Dimensions

Within the last few weeks there’s been significant evidence  the upward momentum of U.S. stock indices has been weakening.  Going into mid-May there have been no bearish signals from the sentiment dimension.  On May 18, 2023 there was a bearish sentiment signal that could be very important. First an explanation of the differences between marketContinue reading “U.S. Stock Market – Sentiment and Time Dimensions”

U.S. Stock Indices – Elliott Wave Update

Recently the S&P 500 (SPX) moved above its 05/01/23 peak and invalided one of several alternate Elliott wave counts.  What has not been invalidated is the probability that the U.S. stock market could be on the verge of a multi-month decline.  Elliott wave counts for the SPX and Dow Jones Industrial Average (DJI) provide cluesContinue reading “U.S. Stock Indices – Elliott Wave Update”

Upside Breakouts -05/18/23

On 05/17/23 the Nasdaq Composite (IXIC)  appeared to have an Elliott wave – Ending Diagonal Triangle (EDT) climax throw over.  If this wave count was correct the throw over should have been completely retraced quickly.   On this scale that means today.  There was no retracement and IXIC went higher invalidating the EDT wave count. Additionally,Continue reading “Upside Breakouts -05/18/23”