AI
Tuesday, August 02, 2016 4:45:32 AM
https://caldaro.wordpress.com/
Monday Update
Posted on August 1, 2016
LONG TERM: Uptrend
MEDIUM TERM: Uptrend
SHORT TERM: New High then pullback, DOW -28
The market opened unchanged today,
pulled back,
then made a marginal new high at SPX 2178.
After that it pulled back for the rest of the day.
As noted over the weekend,
the minimum target for Minor 5/Int. iii
is SPX 2180 +/- 2 points.
That was hit this morning.
If Int. three has completed
we would expect the SPX to drop to 2159
to confirm Int. iv is underway.
Then support for Int. iv
would be in the 2131 pivot range.
If the market holds above SPX 2159
and starts making new highs,
then the recent action
is only waves 1 and 2 of Minor wave 5
Either way
still expecting higher prices before this uptrend ends.
Short term support
is at the 2131 and 2085 pivots,
with resistance at the 2177 and 2212 pivots.
Short term momentum
displayed another negative divergence at today’s new high.
Trade what is in front of you!
S&P 500 - Futures Charts (Hourly)
S&P 500 - Futures Charts (Daily)
* Note - The October 2015 Bottom, resembles 1998 and 2011 Bottoms
LONG TERM: uptrend
MEDIUM TERM: uptrend
* 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: uptrend
MEDIUM TERM: uptrend
* 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
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
http://finviz.com/futures_charts.ashx?t=ES&p=h1
http://finviz.com/futures_charts.ashx?t=ES&p=d1
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
