AI
Tuesday, December 15, 2015 5:03:03 AM
https://caldaro.wordpress.com/
Monday Update
Posted on December 14, 2015
SHORT TERM: volatile day to start week, DOW +103
The market opened about flat today,
bounced, pulled back, rallied, sold off,
then rallied again.
A volatile day swinging between SPX 1994 and 2023.
Oddly enough, the index futures had a 28 point range overnight.
But today’s cash market increased the daily futures range
to 36 points.
A volatile day.
The low for the day found support
at the 50% uptrend retracement level of SPX 1993.
A 30 point rally followed that low.
While this could be the low of the downtrend,
a few technical factors we have been tracking,
are still not aligned.
Possibly an inside trading day,
retest of the low or even lower,
tomorrow will set things up.
Short term support rises to the 2019 pivot and SPX 1992/1993, with resistance at SPX 2034/2037 and SPX 2050/2056.
Short term momentum hit extremely oversold
at the low then rebounded to above neutral.
* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms
LONG TERM: bull market
MEDIUM TERM: Uptrend
* Primary Waves I and II - completed in 2011
* Primary Waves III and IV - completed in 2015
* Primary Wave V should carry the market
to All time New Highs.
* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms
LONG TERM: bull market
MEDIUM TERM: Uptrend
* Primary Waves I and II - completed in 2011
* Primary Waves III and IV - completed in 2015
* Primary Wave V should carry the market
to All time New Highs.
Since 1929 there have been 13 bull markets
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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
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