Mark Rivest

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”

Never Ending Rally?

The US stock market is late in the bullish season with long- and short-term bearish momentum signals, yet the rally continues. Could it rise for several weeks or months without at least a correction? Highly unlikely, at some point all trends end. On 04/29/21 the S&P 500 (SPX) and the Nasdaq Composite (IXIC) madeContinue reading “Never Ending Rally?”

Struggling to Rally

Today 04/26/21 the S&P 500 (SPX) slowly struggled to rise. It took almost the entire session to break above the all-time high of 4194.17 made on 04/23/21. The breakout was.02 points reaching 4194.19 – the SPX then sharply fell below the low of the session. Interestingly the VIX – volatility indicator rose during theContinue reading “Struggling to Rally”

Bearish Rule of the Majority Signal

At the close of trading 04/22/21 it looked like the US stock market was in the process of a bearish rollover. The next day – bulls strongly disagreed. On the surface the powerful rally looks sustainable, viewed in a broader context it reveals many bearish signals. When only one of the three main US stockContinue reading “Bearish Rule of the Majority Signal”

Stocks Rollover

Today 04/22/21 the S&P 500 (SPX) came within eleven points of making a new all-time high before turning down sharply. Neither of the other two US main stock indices, Dow Jones Industrial Average or the Nasdaq Composite were able to make new all-time highs. Today may have been the bulls last gasp to keep theContinue reading “Stocks Rollover”

A Turn in the Tide?

Recently some of my followers have been asking if the US stock market needs a trigger event, some news that causes a decline. At the last major US stock market top in October 2007 there was no news event that triggered the initial drop. Later in September and October 2008 there was plenty of newsContinue reading “A Turn in the Tide?”