Market Data 
Markets
Replies to post #80581 on Triple 000 and Sub-penny Chart Plays
Monday Update
Posted on January 5, 2016
SHORT TERM: 2016 off to rough start, DOW -276
The market gapped down at the open today,
jumping completely below support at SPX 2034/2044,
and opened at 2012.
It then traded down to SPX 1990
before it had its first notable rally of the day.
A somewhat disturbing way to start the new year.
During the second half of December
the market gyrated between a continuing downtrend
and a potential new uptrend.
The up/down trend inflection point was at SPX 2044,
and the uptrend needed to clear the 2085 pivot.
Today’s action finally cleared the pattern:
a continuing downtrend.
It is now clear that SPX 1993 was a complex Int. A,
SPX 2082 completed Int. B,
and Int. C has been underway,
for the past three days,
for the Major wave 2 downtrend.
This correction has certainly taken longer than expected.
At today’s low the market could have completed a flat:
1993-2082-1990.
Or it could extend into a zigzag with equal A and C waves:
1993-2082-1971 ?
The short term MACD is already oversold,
like it was during Int. ii and Int. iv
of Major 1, and Int. A of Major 2
Short term support is at SPX 1990/1993 and 1973 pivot,
with resistance at the 2019 pivot and SPX 2044/46.
Short term momentum hit extremely oversold at today’s low.
Best to your trading this volatile market!
Wednesday Update
Posted on January 6, 2016
SHORT TERM: another gap down opening, DOW -252
The market gapped down at the open today
for the third time in the past four days.
After making a new low for the downtrend
at SPX 1986 the market rallied to 2003.
Then in the afternoon it made an even lower low
at SPX 1979 after the FOMC minutes.
Despite the steady selling so far this week,
SPX down ~2.5%,
we see a cluster of support levels just below the market
that could end this Major 2 downtrend.
At SPX 1971 Int. C = Int. A,
at SPX 1965 Minor C = 0.62 Minor A,
and at SPX 1967 Minute C = Minute A.
All three of these levels
are nearly within the lower end
of the 1973 pivot range (1966-1980).
With short term momentum getting oversold
and displaying a positive divergence.
And medium term momentum
reaching the typical oversold condition
for downtrends in this bull market.
We could be approaching the end to this downtrend soon,
with good support in the 1973 pivot range.
Short term support is at the 1973 and 1956 pivots,
with resistance at SPX 2003 and the 2019 pivot.
Best to your trading in this volatile market!
Thursday Update
Posted on January 7, 2016
SHORT TERM: gap down opening again, DOW -392
The market gapped down at the open today
for the fourth time in the last five trading days.
At the open the market dropped below the 1973 pivot
and the potential support levels we noted yesterday.
Then after hitting the 1956 pivot
the market rallied to the 1973 pivot
before heading even lower.
This market has remained in sell mode
since the last two days of 2015.
The turmoil in China’s market
has overflowed into world markets yet again.
The market action in China tonight
could be quite important heading into the US open tomorrow.
Be careful!
Short term support is at the 1929 and 1901 pivots,
with resistance at the 1956 and 1973 pivots.
Short term momentum
continues to display a positive divergence,
but thus far the market has not reacted positively.
Best to your trading with China
and monthly Payrolls on tap!
AI
