Author Archives: Mark Rivest

Nasdaq is Extremely Oversold

The Nasdaq Composite has been the weakest of the main US stock indices,  on 05/12/22 it reached an extremely oversold condition. The Nasdaq weekly chart courtesy of BigCharts.com- symbol (COMP) illustrates the situation. Slow Stochastic is at the lowest level in five years. The Nasdaq hourly Point & Figure chart courtesy of Trading View –Continue reading “Nasdaq is Extremely Oversold”

Fibonacci Price and Time Connections – Part – Two

The 05/08/22 blog “Fibonacci Price and Time  Connections” noted  broad leeway for support on the S&P 500 (SPX) could be between 4035 and 3985.  Today 05/09/22 the SPX low was at  3975.48.  Leeway is  not an exact science.  The SPX 2010 decline was the source for projecting a possible 2022 support area.  In 2010 theContinue reading “Fibonacci Price and Time Connections – Part – Two”

Fibonacci Price and Time Connections

It’s possible that the S&P 500 (SPX) decline since the start of 2022 is  the fourth Primary degree wave of a  five – wave Elliott  impulse pattern that began in March 2009.  This theory was examined in the 02/27/22 blog “S&P 500 Long – Term Elliott Wave Count – 02-25-22”.   The SPX April to JuneContinue reading “Fibonacci Price and Time Connections”

Nasdaq Composite Momentum 05/06/22

The Nasdaq Composite (IXIC)  made its all-time high in November 2021 more than a  month before the other two main US stock indices, S&P 500 (SPX) and Dow Jones Industrial Average (DJI).  Since then, it has been the weakest index – down 26%  from its  November 2021 top. The 05/02/22 blog “US Stock Market  MomentumContinue reading “Nasdaq Composite Momentum 05/06/22”

US Stocks Up on Bearish News

Today 05/04/22 the FOMC  again raised interest rates, and US stocks had a big rally. The daily S&P 500  (SPX) chart courtesy of Trading View illustrates the action. Daily RSI after recording  a  bullish divergence  had a bullish cross over of its moving average line.  This new piece of bullish evidence adds  to the considerableContinue reading “US Stocks Up on Bearish News”

Long – Term S&P 500 – Elliott Wave Count 05-03-22

The S&P 500 (SPX) rally from 05/02/22 to 05/03/22 looks like a corrective pattern which implies the SPX could go below the 05/02/22 bottom.  The monthly SPX chart courtesy of Trading View illustrates  the long- term Elliott wave count. Within Elliott motives  waves  there’s usually a Fibonacci relationship between waves “two” and “four”.  The SPXContinue reading “Long – Term S&P 500 – Elliott Wave Count 05-03-22”

US Stock Market Momentum and Sentiment – Part Two – 05-02-22

Today 05/02/22 the S&P 500 (SPX) went below its 02/24/22 bottom eliminating the bullish divergence  of only the Nasdaq Composite (IXIC) making new  decline lows.  While eliminating the bullish divergence  there are others made by the new SPX low. The combined daily SPX and VIX chart courtesy of Trading View illustrates  the  bullish divergences. TheContinue reading “US Stock Market Momentum and Sentiment – Part Two – 05-02-22”

US Stock Market Momentum and Sentiment 04-29-22               

On 04/29/22 the US Stock market represented by the three main stock indices; S&P 500 (SPX), Dow Jones Industrial Average (DJI), and Nasdaq Composite (IXIC) wiped out a powerful rally made on 04/28/22.  Could this be  the start of a crash?  Perhaps, anything is  possible.  However, a review of momentum and sentiment readings  for USContinue reading “US Stock Market Momentum and Sentiment 04-29-22               “

Examination of the Weakest Main US Stock Index

From 04/21/22 to 04/27/22 the main US stock indices, Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 (SPX) had a powerful and sharp drops.  Today 04/28/22 the US Gross domestic product report indicated a  1.4% contraction in the first quarter of 2022. All three main US stock indices rallied  strongly on theContinue reading “Examination of the Weakest Main US Stock Index”