Mark Rivest

Next Wave Down Likely Underway 05-19-21

The S&P 500 (SPX) opened the 05/19/21 session down sharply and below the supposed “b” wave low of a rising Elliott wave – Single Zigzag. A 25% short of non-leveraged SPX related funds was initiated at the opening SPX price of 4073.77. Use a move above SPX 4207.90 as the stop loss for the 25%Continue reading “Next Wave Down Likely Underway 05-19-21”

Bitcoin Relationship to US Stocks

The 02/15/21 blog “Using Bitcoin as an Indicator for the US Stock Market” examined the relationship between Bitcoin in US Dollars (BTCUSD) and the S&P 500 (SPX). The weekly BTCUSD/SPX chart courtesy of Trading View updates the relationship. The most striking feature of this chart is the dramatic BTCUSD bull move from March 2020 toContinue reading “Bitcoin Relationship to US Stocks”

Lack of Harmony

The two-day rally of US stocks looks impressive in terms of the S&P 500 (SPX) which has risen 69% from its late 05/12/21 bottom. However, the Dow Jones Industrial Average (DJI) has climbed 58%, and most significantly the Nasdaq Composite is up only 37%. The 30 – minute chart courtesy of Trading View illustrates theContinue reading “Lack of Harmony”

Clear Bearish Elliott Wave Pattern

The 05/12/21 blog “The First Downside Target For US Stocks” noted that the S&P 500 (SPX) decline from the 05/07/21 peak appeared to be an Elliott five-wave impulse pattern. The rally on 05/13/21 confirmed the impulse wave was complete. The 30-minute SPX chart courtesy of Trading View illustrates the intraday action. The 30-minute SPX chartContinue reading “Clear Bearish Elliott Wave Pattern”

The First Downside Target For US Stocks

The US stock market as measured by the S&P 500 (SPX) could be in the first 10% decline since the September 2020. The turn down from SPX peak on 05/07/21 and the Dow Jones Industrial Average top on 05/10/21 has been strong and steady. The SPX 30 – minute chart courtesy of Trading View illustratesContinue reading “The First Downside Target For US Stocks”

S and P 500 – Detailed Elliott Wave Count 05-11-21

The 05/07/21 post “The Bull Strikes Back” noted . “If on 05/10/21 the bulls can’t push over 4238.04 watch S&P 500 (SPX) 4167.76. A break below that short-term support made at 11:44 AM – ET 05/07/21 could have huge implications for market direction.” The 4167.76 bottom was on 05/06/21 not 05/07/21 sorry for theContinue reading “S and P 500 – Detailed Elliott Wave Count 05-11-21”

The Amazing Amazon.com

On 04/29/21 Amazon.com Inc (AMZN) released its first quarter earnings that crushed estimates. Revenue was up 44%, profits were up an incredible 224%! The next day 04/30/21 AMZN rallied to 3554.00 marginally above its all-time high made 09/02/20. AMZN finished the 04/30/21 trading session down 3.89, at the close 05/10/21 AMZN was down 10% fromContinue reading “The Amazing Amazon.com”

The Bull Strikes Back

The 05/04/21 post noted that usually after a break of a support level, the prior support then becomes resistance. On 05/05/21 the S&P 500 (SPX) pushed above the prior battle line support, hinting continuing bullish action. On 05/07/21 the bulls pushed the SPX to a new all-time high. The daily SPX chart courtesy of TradingContinue reading “The Bull Strikes Back”

Battle Line Bearish Break Through

On 05/04/21 the S&P 500 (SPX) opened at 4170.87 below the battle line discussed in the prior post “Battle Line – May 2021”. That post noted a break below the line could open the door for the SPX to rapidly fall to the 4140 area. This was achieved in the first hour, and shortly afterwardsContinue reading “Battle Line Bearish Break Through”

The Battle Line – May 2021

Markets are a form of non-violent warfare; each trading days is a constant battle for dominance between the bulls and bears. Determining strong points defended by bulls and bears, known in trading as support/resistance is key to knowing which side could prevail. A strong area of support for the S&P 500 (SPX) has appeared thatContinue reading “The Battle Line – May 2021”