S&P 500 - for Wednesday, February 10, 2016 https://caldaro.wordpress.com/ Tuesday Update Posted on February 9, 2016 SHORT TERM: gap down opening then rebound, DOW -13 Another volatile day. The market opened with a gap down (1835), quickly reversed to turn positive on the day (1862), sold off again to retest the lows (1835), then rallied to break through the highs of the day (1868). Pivot (1828 ad 1869) ping pong ? This afternoon’s action looked similar to yesterday afternoon’s action: low of the day, then ramp up 30+ SPX points. Yesterday we updated the SPX daily chart with a potential, unfinished, five Intermediate waves down for a Major A downtrend . The hourly chart we have left unchanged since the SPX has not broken the downtrends range SPX: 1812-2116. Under the daily count, today’s action would be considered part of a Minor wave 4 of Int. v Short term support remains at the 1841 and 1828 pivots, with resistance at the 1869 and 1901 pivots. Short term momentum nearly hit overbought during this afternoon’s rally. FED chair Yellen testifies before an economically challenged Congress tomorrow in an election year. Sets up to be quite a circus. Best to your trading! http://stockcharts.com/c-sc/sc?s=%24SPX&p=60&b=1&g=0&id=p92268866708&a=67036679&r=483 * Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms LONG TERM: Bear market MEDIUM TERM: uptrend may be underway * Primary Waves I and II - completed in 2011 * Primary Waves III and IV - completed in 2015 * Primary Wave V - Failed http://stockcharts.com/c-sc/sc?s=%24SPX&p=M&st=1980-01-01&en=today&id=p83353239257&a=128596702&r=538 http://stockcharts.com/c-sc/sc?s=%24SPX&p=M&yr=20&mn=0&dy=3&id=p64474151622&a=224249946&r=597 http://stockcharts.com/c-sc/sc?s=%24SPX&p=60&b=1&g=0&id=p92268866708&a=67036679&r=483 http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&b=3&g=0&id=p52398868039&a=67199587&r=383 http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&st=2009-01-01&en=today&id=p16878970123&a=67200081&r=258 http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&st=2002-10-01&en=(today)&id=p59154566248&a=67200081&r=185 http://stockcharts.com/c-sc/sc?s=%24SPX&p=M&st=1980-01-01&en=today&id=p83353239257&a=128596702&r=538 * Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms http://stockcharts.com/c-sc/sc?s=%24SPX&p=M&yr=20&mn=0&dy=3&id=p64474151622&a=224249946&r=597 http://stockcharts.com/c-sc/sc?s=%24SPX&p=60&b=1&g=0&id=p92268866708&a=67036679&r=483 http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&yr=0&mn=4&dy=0&i=p36042438215&r=1444465957012 http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&b=3&g=0&id=p52398868039&a=67199587&r=383 http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&st=2009-01-01&en=today&id=p16878970123&a=67200081&r=258 http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&yr=5&mn=0&dy=0&i=p77937833857&r=1446541369256 http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&b=3&g=0&id=p52398868039&a=67199587&r=383 http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&yr=1&mn=3&dy=0&i=p09678522003&r=1446542025168 http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&b=3&g=0&id=p52398868039&a=67199587&r=383 http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&yr=1&mn=3&dy=0&i=p37597622083&r=1446542134168 http://stockcharts.com/c-sc/sc?s=%24SPX&p=M&st=1980-01-01&en=today&id=p83353239257&a=128596702&r=538 LONG TERM: Bear market MEDIUM TERM: uptrend may be underway * Primary Waves I and II - completed in 2011 * Primary Waves III and IV - completed in 2015 * Primary Wave V - Failed http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&st=2009-01-01&en=today&id=p16878970123&a=67200081&r=258 http://stockcharts.com/c-sc/sc?s=%24SPX&p=W&st=2002-10-01&en=(today)&id=p59154566248&a=67200081&r=185 Since 1929 there have been 13 bull markets http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116564037 http://www.elliottwave.com/affiliates/images/AFFA-1407-Fig1.jpg http://www.elliottwave.com/affiliates/images/AFFA-1407-Fig3.jpg http://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=1&mn=1&dy=0&id=p83822707561 http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=1&dy=0&id=p43140782454