Author Archives: Mark Rivest

Three Possible Paths for the S&P 500

On 06/02/22 the S&P 500 (SPX) bottomed early in the session then persistently rallied 2.5% closing the session slightly off the high of the day.  Typically, in a stock bull market   the next trading day would have at least marginal gains.  On 06/03/22 – SPX  opened the session down 1.1% and  trended down during  mostContinue reading “Three Possible Paths for the S&P 500”

Using Short-Term Patterns to Determine the Main Trend

The 05/31/22 blog “S&P 500  Momentum Update – 05/31/22” noted the short-term S&P 500 (SPX) price action with the following observations. “The hourly SPX high on 05/31/22 had a significant RSI bearish divergence  which implies  a decline could  continue until at least 06/01/22. A  Fibonacci .236 retrace of the SPX rally from 05/20/22 to 05/31/22.Continue reading “Using Short-Term Patterns to Determine the Main Trend”

S&P 500 Momentum Update 05/31/22

The daily S&P 500 (SPX) chart courtesy of Trading View illustrates  action of the RSI momentum indicator. The highest daily SPX closing level after the 05/20/22 bottom was made on 05/27/22 with an RSI reading of 53.72.  This  is  higher than the reading  made on 04/19/22 – the highest SPX closing level for the 04/18/22Continue reading “S&P 500 Momentum Update 05/31/22”

UK 100 Could Soon Make an All-Time High

As of 05/27/22 the US stock market represented by the S&P 500 (SPX) was 13.70% below its all-time high made on 01/04/22.  On 05/27/22  the UK 100 (UKX) was 4.27% below its all-time high made on 05/22/18 and only 1.58% below its 2022 high made on 02/10/22. The 05/15/22 blog “Bullish Stock Signals  From EuropeContinue reading “UK 100 Could Soon Make an All-Time High”

Examination of Two Major Bear Markets

The US stock market  declines  from 1929 to 1932 and 2000 to 2002 reveal clues  that could be helpful in determining  stock actions in 2022. The basic  principle of Elliott wave theory is  that progress  is made in five -waves and corrected in three waves.  There are three types of corrective patterns, Zigzag, Flat, andContinue reading “Examination of Two Major Bear Markets”

   Are Stock Bears Ready for a New Attack?

The daily S&P 500 (SPX) chart courtesy of Trading View illustrates  considerable bullish evidence. The SPX has broken above a declining daily trend line. Daily MACD – Histogram has crossed the zero line. MACD lines have a bullish crossover. Daily RSI and Stochastics  have bullish lines  crossovers after having bullish divergences. On the bearish sideContinue reading ”   Are Stock Bears Ready for a New Attack?”

Relentless Stock Market Decline

For several weeks US stocks have been in a relentless decline.  In  the next few weeks could there be more downside action, perhaps 10, 15, or 20% lower?  An examination of the Nasdaq Composite reveals  some amazing data. The  Nasdaq Composite  has dropped 31.9% from its all- time high.  The S&P 500 has  fallen  20.9%Continue reading “Relentless Stock Market Decline”

Secondary Bottom Could be in Place

The 05/13/22 blog “Momentum Indicator Review – 05/13/22” noted that “Since the S&P 500  (SPX)  03/29/22  top the rallies  have  not lasted longer than three- trading days.” For three full trading days after the 05/12/22 bottom, US stocks indices  had  powerful rallies.  Then  05/18/22, right on cue the bears  initiated a vicious counterattack. The NasdaqContinue reading “Secondary Bottom Could be in Place”

UKX 100 Index is the Upside Leader

The 05/15/22 blog “Bullish Stock Signals From Europe and Asia illustrated that the UKX 100 Index (UKX) was the strongest of four major national stock indices. Today 05/17/22 UKX , had two additional bullish signals. The daily UKX  chart courtesy of Trading  View illustrates the action. UKX broke above  Fibonacci .618 resistance of the 04/11/22Continue reading “UKX 100 Index is the Upside Leader”