External momentum indicators are derived from price action, they measure the speed of a market and aid in determining overbought/oversold conditions. The daily S&P 500 (SPX) chart courtesy of Trading View shows what’s been happening in 2024. Daily Stochastic has reached the overbought zone and has flat lined. On a daily scale Stochastic could continueContinue reading “S&P 500 – External Momentum – 05/17/24.”
Category Archives: Price
Short-Term Action of U.S. Stock Indices – 05/17/24.
The 30 – minute S&P 500 (SPX) chart courtesy of Trading View updates its Eliott wave count. There’s a good chance the SPX completed Minor wave “4” of the extended Impulse wave that began on 04/19/24. The bottom on 05/17/24 was very close to a .382 Fibonacci retracement of the presumed Minute wave “v” ofContinue reading “Short-Term Action of U.S. Stock Indices – 05/17/24.”
Continuing Relative Weakness of the Russell 2000
The 04/28/24 blog “Russell 2000 Relative Weakness to the S&P 500” illustrated the long- and short-term bearish divergence of the Russell 2000 (RUT) to the S&P 500 (SPX). As of 05/10/24 RUT continues to diverge from the SPX and could be a bear market omen. The daily SPX and RUT chart courtesy of Trading ViewContinue reading “Continuing Relative Weakness of the Russell 2000”
Resistance Breakthrough – 05/10/24
On 05/09/24 the S&P 500 (SPX) marginally broke through “Volume Profile” resistance in the low 5,200 area. On 05/10/24 there was a decisive move above resistance. Unless the SPX can break below 5,200 it could soon at least return to the 03/28/24 all-time high. The daily SPX chart courtesy of BigCharts.com updates the external momentum.Continue reading “Resistance Breakthrough – 05/10/24”
S&P 500 – Update – 05/03/24
The 04/21/24 blog ”Potential S&P 500 Bottom – Early May 2024” noted a Fibonacci time cycle turn on 05/03/24. It was presumed that the S&P 500 (SPX) which began to decline in early April would continue dropping into early May. Subsequently the 04/27/24 blog noted that the size of the SPX rally since 04/19/24 madeContinue reading “S&P 500 – Update – 05/03/24”
Watch the U.S. Treasury 5 – Year Yield
For several months the focus has been on when the U.S – FOMC will cut short -term interest rates. In the meantime, rates/yields have been rising on long term – 5-to-30-year U.S. Treasury securities. The monthly 5 – year Treasury yield (FVX) chart courtesy of Trading View shows what’s been happening. After rising for moreContinue reading “Watch the U.S. Treasury 5 – Year Yield”
Potential S&P 500 Bottom – Early May 2024
Fibonacci price and time calculations indicate the S&P 500 (SPX) could make an important bottom in the first week of May 2024. The first daily SPX chart courtesy of Trading View illustrates the Fibonacci price calculations. The primary Fibonacci coordinate is a .50 retracement of the October 2022 to March 2024 bull market. The exactContinue reading “Potential S&P 500 Bottom – Early May 2024”
Nasdaq Adds Fuel to the Bearish Fire
From October 2022 to March 2024 the Nasdaq Composite (IXIC) lead the way, gaining 31% vs S&P 500 (SPX) up 28% and Dow Jones Industrial Average (DJI) up 22%. On 04/19/24 IXIC declined 2.05% vs. SPX down .88%. The DJI was up .56. The IXIC dramatic drop on 04/19/24 implies more downside action for U.S.Continue reading “Nasdaq Adds Fuel to the Bearish Fire”
S&P 500 and Russell 2000 – Important Support Zones
The Volume Profile method identifies potential support for the S&P 500 and the Russell 2000. Volume profile places volume on a vertical axis and identifies support/resistances areas. The wideset volume cluster is called Point of Control (POC) which represents the strongest potential support/resistance. Price is drawn to or is repelled by POC. The first dailyContinue reading “S&P 500 and Russell 2000 – Important Support Zones”
Nasdaq Composite Bearish Breakthrough
The 04/15/24 Nasdaq Composite (IXIC) break below two important support levels opens the door for a move down to the January 2024 bottom. This sites 04/13/24 blog illustrated that the IXIC may have completed a bullish Horizontal Triangle and the IXIC could make a new all-time high. The IXIC gapped up on the 04/15/24 openContinue reading “Nasdaq Composite Bearish Breakthrough”
Four Dimension Trading 