Triple 000 and Sub-penny Chart Plays

[trader53]

S&P 500 - for Friday, July 1, 2016

https://caldaro.wordpress.com/

Thursday Update

Posted on June 30, 2016

LONG TERM: Neutral

MEDIUM TERM: uptrend may be underway

SHORT TERM: rally continues, DOW +235


The market opened higher again today
for the third day in a row.

From Monday’s double bottom SPX 1992 low,
the SPX has now rallied over 100 points in three days.

Quite an impressive rally,
when considering the largest pullback since that low
has been only 11 points.

While we were expecting this advance
to stop at the 2070 pivot,
or possibly the 2085 pivot,
the fact that it has exceeded both
suggests something else may be underway.

With the market currently less than 1% away
from fully retracing the entire Brexit meltdown,
and 2% from all time highs,
we’ll wait until new highs are made
before we drop the most bearish scenario.

This market has had four uptrends
since the May 2015 SPX 2135 high,
and all have ended between SPX 2111 and 2133.

This just may be another one.

Short term support
is at the 2085 and 2070 pivot,
with resistance at SPX 2113 and SPX 2121.

Short term momentum
is about as overbought as it ever gets.

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 may be underway

* 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 may be underway

* 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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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

http://finviz.com/futures_charts.ashx?t=ES&p=h1

http://finviz.com/futures_charts.ashx?t=ES&p=d1