AI
Tuesday, December 15, 2015 6:01:59 PM
https://caldaro.wordpress.com/
Tuesday Update
Posted on December 15, 2015
SHORT TERM: gap up and go Tuesday, DOW +156
The market gapped up at the open today
and continued to rally into midday.
This was a bit of a surprise
as we somewhat expected an inside day today,
so that the rest of our technical indicators would align.
The market, however, obviously had other intentions
off the SPX 1993 50% retracement low.
The rebound in Crude did not hurt either.
With the two day rally reaching 60+ points,
it is now the best rally since the downtrend began.
Thus far the rally looks impulsive in the SPX,
but only four waves: 2018-2006-2054-2042 ?
The next two/three days, however,
could be quite volatile
with the FED and year end options expiration.
Short term support is at SPX 2034/37 and the 2019 pivot,
with resistance at SPX 2050/56 and the 2070 pivot.
Short term momentum hit quite overbought at today’s high
then began to decline.
* 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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