AI
Monday, December 28, 2015 8:33:38 PM
https://caldaro.wordpress.com/
Monday Update
Posted on December 28, 2015
SHORT TERM: gap down opening starts week, DOW -24
A gap down opening to start the New Year’s Eve week
took the market right down to support at SPX 2042 (2044).
Then after getting sufficiently oversold short term,
the market rallied to SPX 2057.
This sets up an interesting juncture.
We can count five waves up
from last week’s SPX 2006 low
and now a pullback to anticipated support.
Should the market hold the SPX 2044 low
it should resume its rally,
adding conviction to an uptrend.
Should the SPX 2044 low be breached on the downside
a retest of the recent lows is likely,
adding conviction to the downtrend continuing.
This looks like an inflection point for the market.
Short term support is at SPX 2042 and the 2019 pivot,
with resistance at the 2070 and 2085 pivots.
Short term momentum hit oversold
after Thursday’s negative divergence and rebounded.
Best to your trading this holiday week!
* 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
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116564037
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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