Mark Rivest

Important Double Bottom and Top

The 04/06/22 blog “Support Reached and Breached” noted that the S&P 500 (SPX) early day bottom at 4460.00 was near two Fibonacci support points at 4463.72 at 4455.63. Later in the trading session this support was broken, and the SPX made a lower bottom at 4450.04. It appeared that this break could open the doorContinue reading “Important Double Bottom and Top”

Rally into Resistance

On 04/07/22 at mid-day the S&P 500 (SPX) declined to 4450.30 just above the 04/06/22 low at 4450.04. The SPX – 15-minute chart courtesy of Trading View illustrates the action. The subsequent rally peaked at 4521.16 almost a bulls eye hit of the Fibonacci .382 retracement of the 03/29/22 to 04/06/22 decline. The exact .382Continue reading “Rally into Resistance”

Support Reached and Breached

During the first half of the S&P 500 (SPX) 04/06/22 trading session the bottom was 4460.00, only a few points below the .382 retracement of the 03/14/22 to 03/29/22 rally. The exact level is 4463.72. There’s also a secondary Fibonacci coordinate of Minor wave “C” equaling Minor wave “A” at 4455.63. It looked as ifContinue reading “Support Reached and Breached”

Apple Inc. Leads the Way Up

The 04/02/22 blog “S&P 500 – Decline Update” noted that the rally of the S&P 500 (SPX) since 03/14/22 had been strong and steady, and that the 4590 and was the most likely resistance area. The 5-minute SPX chart courtesy of Trading View illustrates what happened on 04/04/22. Note that even on an intraday chartContinue reading “Apple Inc. Leads the Way Up”

Using Apple Inc. as a Confirming Indicator

Apple Inc. (AAPL) could be an important confirming indicator of the US stock market. The daily AAPL chart courtesy of Trading View reveals some interesting details. AAPL’s all-time high came on the same day 01/04/22 as the S&P 500 (SPX) all- time high. The subsequent decline was very choppy – the signature of a correctionContinue reading “Using Apple Inc. as a Confirming Indicator”

S&P 500 – Decline Update

The 03/31/22 blog noted that the S&P 500 (SPX) low on 03/31/22 was just above the Fibonacci .236 retracement of the rally from 03/14/22 to 03/29/22. The next day the SPX broke below the .236 support level yet failed to reach the .382 support zone. The 5 – minute SPX chart courtesy of Trading ViewContinue reading “S&P 500 – Decline Update”

Declining into Support

Today 03/31/22 the S&P 500 (SPX) closed at the low of the day in the largest and longest correction since the 03/14/22 bottom. The 15-minute SPX chart courtesy of Trading View illustrates the recent action. The 03/21/22 blog “S&P 500 – Fibonacci Time Connection Between 2010 and 2022. Illustrated that an Elliott wave – HorizontalContinue reading “Declining into Support”

Persistent Rally Continues – Part Two

On 03/28/22 the S&P 500 (SPX) moved above the Fibonacci .618 retrace level of the January to February decline. Today 03/29/22 the SPX moved above important chart resistance. The daily SPX chart courtesy of Trading View illustrates the action. The door is open for an SPX assault on the all-time high at 4818.62.

Persistent Rally Continues

The 03/23/22 blog “Potential S&P 500 – Support Zones” noted that a shallow bottom could be made soon – perhaps in one or two trading days. As it turned out a bottom was already in place on 03/23/22 as the S&P 500 (SPX), the Nasdaq Composite and Dow Jones Industrial Average have subsequently made newContinue reading “Persistent Rally Continues”

Potential S&P 500 – Support Zones

On a daily chart the S&P 500 (SPX) move up from the 03/14/22 bottom was fast and steep. The reason is because shortly after a significant bottom has been recognized , traders are eager to establish long positions. The SPX move off of the 03/23/2020 bottom is a classic example of a move up afterContinue reading “Potential S&P 500 – Support Zones”