Author Archives: Mark Rivest

Revised S&P – 500 Elliott Wave Count – Part Two

On the 03/12/21 open of the S&P – 500 (SPX) trading session traders exited a 25% short position. The trade began on the SPX open 01/07/21 at 3764.71, the exit price was 3924.52 resulting in a loss  of 4.20% of the 25% position. This contributes a 1.05% loss (4.20 x.25 = 1.05) to the runningContinue reading “Revised S&P – 500 Elliott Wave Count – Part Two”

Revised S&P – 500 Daily Elliott Wave Count 03/11/21

Today 03/11/21 the S&P – 500 (SPX) made a new all-time high which changes the Elliott wave count that had a possible Primary wave “5”  completed as of the SPX 02/16/21 high. The daily chart courtesy of Trading View illustrates the revised Elliott wave count. More details about this count and the intra day ElliottContinue reading “Revised S&P – 500 Daily Elliott Wave Count 03/11/21”

Nasdaq – 100 Breaks Through Resistance Then Declines

Today 03/10/21 the Nasdaq – 100 (NDX) opened above the upper of two Fibonacci resistance levels.  Normally this break out at the open of the trading session would have triggered a bullish move for the remainder of the trading day. The NDX 30-minute chart courtesy of Trading View illustrates what happened. The high of theContinue reading “Nasdaq – 100 Breaks Through Resistance Then Declines”

Dow Jones Industrial Average and Nasdaq – 100

Toady 03/09/21 the Dow Jones Industrial Average (DJI) made a new all-time high unconfirmed by the other two main US stock indices S&P – 500 (SPX) and Nasdaq Composite (IXIC). This is what I call a “Rule of the majority” signal and is an indication of weaking upside momentum, a healthy rally would have allContinue reading “Dow Jones Industrial Average and Nasdaq – 100”

Nasdaq – 100 and S&P – 500 Comparison

Of the three main US stock indices, S&P 500 (SPX) , Nasdaq Composite (IXIC), and  Dow Jones Industrial Average (DJI) – the Nasdaq Composite  has the deepest decline from its all – time high. These are the comparative drops for each index :    DJI -4.5%                                                                                       SPX -5.75%                                                                                       IXIC – 12.5% My 02/25/21 blogContinue reading “Nasdaq – 100 and S&P – 500 Comparison”

Important Trendline Support Broken

Today 03/04/21 the S&P 500 (SPX) broke below the rising trendline from the bottoms  made on 03/23/20 and 10/30/20. Additionally, the short- term bottom at 3789.54 made on 02/26/21 was also broken.  These dual breaches of support contribute to the massive amount of evidence that US stocks may have formed an important top. The dailyContinue reading “Important Trendline Support Broken”

Market Vane Bullish Consensus for US Stocks

Market sentiment can be measured in two ways; bets made by traders such as Put and Call options, or by polling.  Market Vane began polling market opinions in 1964. Their Bullish Consensus  is the degree of bullish sentiment for a particular market, such as Gold. The Bullish Consensus is compiled  by tracking the buy andContinue reading “Market Vane Bullish Consensus for US Stocks”

Dow Jones Transportation Average – Update February 2021

My 01/30/21 blog “Dow Jones Transportation Average – Major Top?” speculated the Dow Jones Transportation Average (DJT) may have completed a five wave Elliott impulse pattern from the March 2020 bottom. As it turned out the DJT finished a correction on 01/29/21. The daily DJT chart courtesy of Trading View illustrates the subsequent upside action. Continue reading “Dow Jones Transportation Average – Update February 2021”

Consumer Staples Fund – Update February 2021

My 01/19/21 blog “Consumer Staples Fund – XLP Update” noted that this exchange traded fund symbol (XLP) had two Fibonacci support points at 63.34 and 63.56. The daily XLP chart courtesy of Trading View shows its current situation. On 02/26/21 XLP has gone slightly below the lower Fibonacci target and reached 63.28. However, the dailyContinue reading “Consumer Staples Fund – Update February 2021”