Mark Rivest

US Stocks Push Relentlessly Higher

After the S&P 500 (SPX) 01/26/21 all-time high it appeared a decline lasting at least two weeks with a minimum retracement to SPX 3660 could be underway. Both targets failed to be reached as ravenous bulls viewed the paltry drop a buying opportunity. The daily SPX chart courtesy of Trading View illustrates RSI Bearish divergences.Continue reading “US Stocks Push Relentlessly Higher”

Silver Short Squeeze

After successfully triggering short squeezes in US stocks, supposedly Reddit users were attempting a short squeeze in Silver. If there’s a Silver short squeeze is in process it will likely fail and may have already trapped traders going long Silver. Its much harder to short squeeze a market as opposed to an individual stock becauseContinue reading “Silver Short Squeeze”

Dow Jones Transportation Average – Major Top?

The Dow Jones Transportation Average (DJT) appears to have completed a five – wave Elliott impulse pattern from its 03/23/20 bottom. The daily DJT chart courtesy of Trading View illustrates the movement. This is an update to the DJT chart shown in the 10/30/20 post “Dow Jones Transportation Average – An Important Bottom?”. That postContinue reading “Dow Jones Transportation Average – Major Top?”

US Stocks Downside Rollover

Today 01/27/21 the S&P 500 (SPX) broke below chart support made on 01/25/21 and 01/15/21. This is the first time since the rally began on 10/30/20 that the SPX has broken two support levels – powerful evidence that at least a minor decline has begun. The SPX chart courtesy of Trading View illustrates the dailyContinue reading “US Stocks Downside Rollover”

Could Tesla be the Ultimate Mania Stock?

Several posts on this site have focused on Zoom Video Communications Inc. (ZM) as a possible guide to timing the broader stock market. The first post about ZM on 10/15/20 “Additional Elliott Wave Confirmation” noted its clear Elliott wave pattern. Additionally, ZM because of its spectacular growth prior to its all-time high made it aContinue reading “Could Tesla be the Ultimate Mania Stock?”

Nasdaq New High Non-Confirmation

On 01/22/21 the Nasdaq Composite (IXIC) made a new all-time high which was not confirmed by the S&P 500 (SPX) and the Dow Jones Industrial Average (DJI), a bearish divergence. I call this a “Rule of the majority” signal, meaning the true trend is with the two non-confirming indices. This signal can occur at minor,Continue reading “Nasdaq New High Non-Confirmation”

Bearish Momentum for US Stocks

Today 01/21/21 the S&P 500 (SPX) made a marginal new all-time high. While doing this both external and internal momentum indicators gave clear bearish signals. The daily SPX chart courtesy of Trading View illustrates external momentum indicators. The daily RSI now has a double bearish divergence. The daily MACD has bearish divergences on lines andContinue reading “Bearish Momentum for US Stocks”

VIX Continues to Give a Bearish Signal

Today 01/20/21 the S&P 500 SPX made another new all-time high while the CBOE Volatility Index (VIX) continued to give a bearish divergence vs. its late November 2020 bottom. This divergence was noted in the 01/09/21 post “Early January Sentiment and Momentum Signals”. Today the VIX held at the same level 21.40 as made atContinue reading “VIX Continues to Give a Bearish Signal”

Consumer Staple Fund – XLP – Update

The 10/11/20 post “Clearest Elliott Wave Road Map” examined the Consumer Staple- Exchange Traded Fund (XLP) as a guide for timing the broader US stock market. XLP continues to have a clear Elliott Wave count. The decline since the November peak has been slow and shallow, which is the signature of a corrective pattern inContinue reading “Consumer Staple Fund – XLP – Update”

Analogy Between S&P 500 in 2010 and 2021

The actions of the S&P 500 (SPX) in early 2010 could provide a road map for January to February 2021. The current SPX bull move began in March 2020 which corresponds with the March low in 2009, the rally off that major bottom was powerful and had two peaks, January, and April 2010. The dailyContinue reading “Analogy Between S&P 500 in 2010 and 2021”