Mark Rivest

NYSE Composite Leads the Way

In the prior two trading days the NYSE Composite (NYA) has blasted up to near its all-time high made on 09/02/21. The daily NYA chart courtesy of Trading View illustrates its recent action. Note the RSI is now above the level recorded at 09/02/21, this is a bullish divergence and implies the bull trend couldContinue reading “NYSE Composite Leads the Way”

Bullish Breakout 10-15-21

The 10/14/21 blog noted that the S&P 500 (SPX) was near an important resistance zone that went up to SPX 4465.40. On 10/15/21 the SPX punched through this resistance zone which opens the door for a move up to at least the all-time high made on 09/02/21. The daily SPX chart courtesy of Trading ViewContinue reading “Bullish Breakout 10-15-21”

S&P 500 Near Important Resistance 10-14-21

Today 10/14/21 the S&P 500 (SPX) rallied to just below important resistance. Fibonacci .618 retrace of the 09/02/21 to 10/04/21 decline. Maximum volume using the Market Profile method on S&P 500 E-Mini futures is near the .618 retracement. Broad chart overhead resistance. The SPX 60 – minute chart courtesy of Trading View illustrates the actionContinue reading “S&P 500 Near Important Resistance 10-14-21”

Nasdaq Composite – Detailed Elliott Wave Count

First some clarification about the prior two blogs. In the “Three Possible Elliott Wave Count” post there were only two charts shown. The first chart illustrated two of the possible wave counts – the potential end of the Double Zigzag count and a possible continuation of the Double Zigzag. The second chart examined the possibleContinue reading ” Nasdaq Composite – Detailed Elliott Wave Count”

Are Stock Bulls in Control?

Today’s 10/07/21 powerful opening rally of US stocks added evidence that the decline from early September is probably a correction within an ongoing bull market. The big question – is the S&P 500 (SPX) 10/04/21 bottom the end of the correction? What happened during today’s trading session puts doubt in the case that a newContinue reading ” Are Stock Bulls in Control?”

Three Possible Elliott Wave Counts

The US stock market decline since early September continues struggle its way down. The 60-minute S&P 500 (SPX) chart courtesy of Trading View illustrates two possible Elliott wave counts. The 10/02/21 blog “Struggling to Go Lower – Part Two” noted that an Elliott wave Double Zigzag down was perhaps under development. The count shown inContinue reading “Three Possible Elliott Wave Counts”

Struggling to Go Lower – Part Three

The 09/23/21 blog “NYSE – New 52 – Week Lows” noted that the S&P 500 (SPX) 09/20/21 decline low had a bullish divergence of NYSE – New – 52 Week Lows ($NYLOW) vs. the SPX 08/19/21 bottom. The daily $NYLOW chart courtesy of StockCharts.com updates this internal momentum indicator. On 10/01/21 the SPX went belowContinue reading “Struggling to Go Lower – Part Three”

Struggling to Go Lower – Part Two

The 09/22/21 blog “One More Decline Likely” illustrated that the prime Elliott wave count had the S&P 500 (SPX) in a bearish series of “One’s” and “Two’s” down from the 09/02/21 top. This is still a valid wave count; however, evidence is emerging that suggest the drop from the all-time high could be only aContinue reading “Struggling to Go Lower – Part Two”

Struggling to Go Lower

Since the S&P 500 (SPX) all-time high on 09/02/21 the decline has been slow. In nearly a month the SPX has only fallen about 5.5%. Today 10/01/21 the SPX broke below the important 09/20/21 bottom. The break came early in the session, and it appeared the trend for the rest of the session could beContinue reading “Struggling to Go Lower”

Possible Support Zone – Part Three

A very effective method to discover support/resistance is by using Point and Figure charts. A Point-and-Figure (P&F) chart plots price movements for stocks, bonds, commodities, or futures without taking into consideration the passage of time. P&F charts utilize columns consisting of stacked X’s or O’s, each of which represents a set amount of price movement.Continue reading “Possible Support Zone – Part Three”