Market Data 
Markets
Replies to post #80284 on Triple 000 and Sub-penny Chart Plays
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!
Tuesday Update
Posted on December 29, 2015
SHORT TERM: gap up and go Tuesday, DOW +193
The market gapped up at the open to a new rally high,
then after a small pullback
moved above the mid-December SPX 2077 high.
Holding above the SPX 2042 support level yesterday
and clearing the 2070 pivot range today,
are both positives for this potential uptrend.
The next objective, of course,
would be to clear the 2085 pivot range (2092).
Short term support is now at the 2070 pivot and SPX 2042,
with resistance at the 2085 pivot and SPX 2104.
Short term momentum rose
from yesterday’s oversold condition
to quite overbought today.
Best to your holiday week trading!
Wednesday Update
Posted on December 30, 2015
SHORT TERM: pullback day, DOW -117
After yesterday’s gap up and go rally,
when the market became quite overbought short term,
today’s pullback fits.
From last week’s SPX 2006 low,
we have five waves up to SPX 2067
which we have temporarily labeled Minor 1
A pullback to SPX 2042, labeled Minor 2
And now a two wave rally SPX: 2082-2062 ?
We would expect this pullback to find support soon,
and then the rally to resume if we are in an uptrend.
Keep in mind
SPX 2044 still remains the up/down trend fulcrum point.
Short term support is at SPX 2042 and the 2019 pivot,
with resistance at the 2070 and 2085 pivots.
Short term momentum declined
from yesterday’s quite overbought condition
to oversold today.
Best to your last day of trading in 2015!
AI
