Mark Rivest

Possible Support Zone – Part Two

Today 09/28/21 the broad and deep decline in US stocks provided additional evidence that the next down wave could be underway. The daily S&P 500 (SPX) courtesy of Trading View illustrates the action. The daily RSI + MA had a bearish crossover following the daily Stochastic bearish crossover on 09/27/21. A Fibonacci extension from theContinue reading “Possible Support Zone – Part Two”

Possible Support Zone

As of today 09/27/21, the Elliott wave count for the S&P 500 (SPX) is unclear and there’s a possibility a correction bottom was made on 09/20/21. If the decline is still underway its possible that within the next few weeks, the SPX could come down to the area of the May 2021 minor correction. TheContinue reading “Possible Support Zone”

NYSE – New 52 – Week Lows

The prior blog noted bullish divergences for New 52 – week lows and Advance/Decline line at the SPX 09/20/21 bottom. The daily NYSE – New 52 – week lows ($NYLOW) courtesy of Stockcharts.com illustrates this internal stock market indicator. Today 09/23/21 the S&P 500 (SPX) briefly moved above a .618 retracement of the decline fromContinue reading “NYSE – New 52 – Week Lows”

One More Decline Likely

The prime Elliott wave count for the S&P 500 (SPX) is a series on “one’s” and “two’s” down based upon the long-term bearish evidence which has been noted on this website during the last few months. The alternate Elliott wave count is a developing Double Zigzag correction within a possible ongoing bull market since MarchContinue reading “One More Decline Likely”

Very Important Support Broken!

Since the bull market began on 03/23/20 every S&P 500 (SPX) a multi-day correction bottom has held. The simple definition of a bull market is a series of higher highs and higher lows. Today 09/20/21 that has changed – the SPX has broken below the last multi-day correction bottom made on 08/19/21. The daily SPXContinue reading “Very Important Support Broken!”

Detailed Short-Term S&P 500 Elliott Wave Count 9-17-21

Since the S&P 500 (SPX) all-time high on 09/02/21 the decline has been choppy, which is characteristic of Elliott wave corrective patterns. However, part of the drop could be a complex motive wave. The SPX 30 – minute chart courtesy of Trading View illustrates the short-term Elliott wave count. The supposed Minuette wave ( iContinue reading “Detailed Short-Term S&P 500 Elliott Wave Count 9-17-21”

Long -Term S&P 500 Alternate Elliott Wave Count 09-12-21

There are always alternate Elliott wave counts. There’s no predestination in the markets and traders need to be aware the various paths a market could take. The prime wave count for the S&P 500 (SPX) from the 03/23/20 bottom has been that an Elliott wave series of “one’s” and “two’s” up formed between March toContinue reading “Long -Term S&P 500 Alternate Elliott Wave Count 09-12-21”

Important S&P 500 Support Broken

Over the last few months there have been breaks below support levels with no downside follow through. Ravenous buy the dip bulls quicky rushed in creating only marginal break throughs. Friday 09/10/21 the S&P 500 (SPX) broke below support noted in the prior post “Important S&P 500 Support”. Monday 09/13/21 could be an importantContinue reading ” Important S&P 500 Support Broken”

Important S&P 500 Support

There’s a double bottom in the S&P 500 (SPX) 4470.00 area. This corresponds with daily volume profile support on the S&P 500 – December 2021 E- Mini futures contract. The 15- minute SPX chart courtesy of Trading View illustrates the support zone. If the SPX breaks below 4468.99 there’s no significant chart support until theContinue reading ” Important S&P 500 Support”

New Moon Bearish Signal 09-07-21

On 09/07/21 the Nasdaq Composite (IXIC) made a new all-time high unconfirmed by the S&P 500 (SPX) and the Dow Jones Industrial Average (DJI). I refer to this as a “Rule of the majority” signal. When one of the three main US stock indices makes a new high/low unconfirmed by the other two main indices,Continue reading “New Moon Bearish Signal 09-07-21”