Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - for Wednesday, June 15, 2016

https://caldaro.wordpress.com/

Tuesday Update

Posted on June 14, 2016

LONG TERM: Neutral

MEDIUM TERM: Uptrend under pressure

SHORT TERM: pullback continues, DOW -58

The market opened lower again today
for the fourth day in a row.

And for the third day in a row
it tried to rally after the open
but gradually headed lower.

At today’s SPX 2064 low
the market had retraced nearly 61.8%
of the entire 2026-2121 uptrend.

Quite a four day decline after a three week advance.

Currently the market is at an interesting juncture.

Should the market decline to SPX 2026,
it would display three completed trends up
from the February 1810 low
which could be labeled all of Major wave B.

Should the market find support above that level,
then rally above SPX 2121,
the uptrend would be extending
and the market dynamics would be far more positive.

Short term support
is at the 2070 and 2043 pivots,
with resistance at the 2085 and 2131 pivots.

Short term momentum
ignored yesterday’s positive divergence,
was extremely oversold at the low,
then bounced to neutral.

Best to your trading!

S&P 500 - Futures Charts (Hourly)



S&P 500 - Futures Charts (Daily)













* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms


LONG TERM: Neutral

MEDIUM TERM: Uptrend under pressure

* Primary Waves I and II - completed in 2011

* Primary Waves III and IV - completed in 2015

* Primary Wave V - Failed


















* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms





































LONG TERM: Neutral

MEDIUM TERM: Uptrend under pressure

* Primary Waves I and II - completed in 2011

* Primary Waves III and IV - completed in 2015

* Primary Wave V - Failed








Since 1929 there have been 13 bull markets
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