Triple 000 and Sub-penny Chart Plays

[trader53]

ADTM - S&P 500 - Symmetrical Triangle

for Wednesday, May 09, 2018


ADTM - S&P 500 - To make New Highs


ADTM - Follows the Market as measured by the S&P 500

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Key Tops: March / August / January


S&P 500 - Key Tops: 2400 / 2490 / 2872

ADTM - Key Tops: 0.0004 / 0.0012 / 0.0023


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Tuesday update

Posted on May 08, 2018

by tony caldaro

REVIEW

https://caldaro.wordpress.com/


LONG TERM: Uptrend

The DOW, NYSE and DJ Global index
still require at least one more new high
to end their bull markets.

No bear market yet!



MEDIUM TERM: Downtrend

We continue to track two possible scenarios:

triangle and double three .

The triangle pattern
suggest a rally to exceed SPX 2717
in the coming days/weeks
to complete a wave D.

Then a decline to about the mid-2550 level
to end wave E
and a triangular Int. wave iv.

The double three pattern
suggests a drop to the mid-2550’s or so
without ever rallying above SPX 2717
to complete a 3-3-3 pattern.

Either way
it appears the mid-2550’s would be hit
before the market enters a new uptrend.



In January 2018,

Minor wave 5 completed,
along with Intermediate wave iii,
and an Intermediate wave iv correction began.

We are still expecting at least one more uptrend,
and series of New all-time highs.

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SHORT TERM: US pulls of out Iran nuclear deal, DOW +3

The market traded lower overnight
in an anticipation that the US
would pull out of the Iran deal.

At 2pm today
Trump’s uncanny streak of campaign promises kept,
notched another one.

The market was quite choppy all day
and didn’t panic on the news.

In fact the economy is just humming along
despite all the short term news glitches.

Today job openings were reported at a record high,
while unemployment is already at 3.9%.

No slowdown in the labor market.

Monday’s rally to SPX 2683
double topped the 83/84 resistance area
noted in the weekend update.

And the pullback,
thus far,
is to today’s low at SPX 2655 (2656 pivot).

If tomorrow takes out today’s high,
the market could be resuming the rally from SPX 2595.

Short term support
remains at the 2656 and 2632 pivots,
with resistance at the 2731 and 2780 pivots.

Short term momentum
was oversold at the low
then rebounded above neutral.


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Key Tops: - are Labeled


Key Tops: March / August / January


S&P 500 - Key Tops: 2400 / 2490 / 2872

ADTM - Key Tops: 0.0004 / 0.0012 / 0.0023


http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=3&mn=0&dy=0&id=p16291900332

https://www.stockscores.com/charts/charts/?ticker=ADTM


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