Mark Rivest

Break of S&P 500 Support

Today 06/09/22 the S&P 500 (SPX) broke below important support at 4073.84 which opens the door for additional decline. The SPX 30 – minute chart courtesy of Trading View illustrates the action. This chart updates the SPX 15 – minute chart illustrated in the 06/04/22 blog “Three Possible Paths for the S&P 500”. That chartContinue reading ” Break of S&P 500 Support”

The Bulls Hold Their Ground

Today 06/07/22 the S&P 500 (SPX) opened down sharply from the prior session and looked like it would break below important support. The 30 – minute SPX chart courtesy of Trading View illustrates the action. The support held, and for most of the session the SPX trended higher. The late session break above the decliningContinue reading “The Bulls Hold Their Ground”

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”

Bullish Continuation

Since the 03/29/22 peak the S&P 500 (SPX) has not been able to rally more than three trading days. Today 05/26/22 was the fourth rally day since the most recent SPX decline bottom made on 05/20/22. When something different happens in a market or stock its usually evidence of a trend change – in thisContinue reading ” Bullish Continuation”

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”