Today 05/16/23 the Nasdaq Composite (IXIC) was the only one of the three main U.S. Stock indices to exceed its 05/15/23 high. Throughout the day there were more Nasdaq stocks declining than advancing. The 15 – minute IXIC chart courtesy of Trading View updates the Elliott wave count. The Elliott wave – Ending Diagonal TriangleContinue reading “Probable Nasdaq Top – 05/16/23”
Category Archives: Momentum
Nasdaq Could be Near an Important Top
Recently the Nasdaq Composite (IXIC) has been making new post October 2022 rally highs unaccompanied by the S&P 500 and the Dow Jones Industrial Average. This by itself is evidence that the U.S. stock rally from the 10/13/22 bottom is losing strength. An examination of Nasdaq momentum indicators reveals its rally is weak and aContinue reading “Nasdaq Could be Near an Important Top”
Potential Level to Short the S&P 500
It’s possible the S&P 500 (SPX) made an important top on 05/01/23. This blog will explain why an SPX top could be in place and one level for shorting the SPX. The three factors imply an important SPX top could be in place. Time cycles. Alternate Elliott wave count. Rule of the majority signal. TimeContinue reading “Potential Level to Short the S&P 500”
UK 100 Rollover
The 03/13/23 blog “Major UK 100 Top is Probably in Place” noted “On 02/16/23 the UK 100 reached 8,047, this could be a major top!” The 04/02/23 blog “Britannia Rules the Elliott Waves” noted that after 02/16/23 “The decline was in a five- wave impulse which implies it’s the first wave down of a largerContinue reading “UK 100 Rollover”
Crude Oil Update – 05/05/23
The 04/16/23 blog “Crude Oil Elliott Wave Pattern – 04/14/23” illustrated that a Primary degree bottom for Crude Oil was probably made at the 03/20/23 bottom. About one week after that bottom Saudi Arabia announced an Oil production cut which pushed prices even higher. The 04/16/23 blog noted “The current rally and potential rally laterContinue reading “Crude Oil Update – 05/05/23”
Expanding Flat Correction Complete – 05/04/23
The 05/03/23 blog “Wild Oscillations” noted that the Fibonacci Inverse ratio of 1.145 was a characteristic of an Elliott wave – Expanding Flat or a Running Horizontal Triangle. Today 05/04/23 the S&P 500 (SPX) completed what appears to be an Expanding Flat. The SPX – 30 – minute chart courtesy of Trading View illustrates theContinue reading “Expanding Flat Correction Complete – 05/04/23”
Examination of Long and Short -Term Interest Rates – 04/28/23
On 05/03/23 the U.S. FOMC will announce their decision on short – term interest rates. A look at the charts of 13 – week U.S. Treasury Bill rates (IRX) and 30 – year U.S. Treasury Bond yields (TYX) give hints to what may happen in the coming months. The monthly IRX chart courtesy of TradingContinue reading “Examination of Long and Short -Term Interest Rates – 04/28/23”
UK 100 Secondary Top Could be in Place – 04/27/23
The 04/23/23 blog “UK 100 at Sell Point? – 04/21/23” noted the UK 100 (UKX) had reached an area of chart resistance. Since then, the peak at 7,936 has held. The daily UKX chart courtesy of Trading View updates the action. Price has begun to rollover. The daily RSI has crossed below it’s movingContinue reading “UK 100 Secondary Top Could be in Place – 04/27/23”
Break Below Powerful Support – 04/25/23
The 04/20/23 Blog “The Next S&P 500 Support Level” noted the S&P 500 (SPX) had Fibonacci support at 4,107.06 and 4,108.06. Also noted, “When you have two Fibonacci coordinates that are very close together it represents powerful support/resistance. A break trough of powerful support/resistance would require powerful force.” On 04/21/23 the SPX bottomed out atContinue reading “Break Below Powerful Support – 04/25/23”
UK 100 at Sell Point? – 04/21/23
The 04/19/23 blog “UK 100 Near Sell Point – 04/19/23” noted “The UKX has reached the resistance zone and a small rally could complete the Minor wave “2” formation.” The 3 – hour UK 100 (UKX) chart courtesy of Trading View updates the action. The upper end of chart resistance was estimated to be 7,975,Continue reading “UK 100 at Sell Point? – 04/21/23”
Four Dimension Trading 