Market Data 
Markets
Replies to post #81399 on Triple 000 and Sub-penny Chart Plays
Thursday Update
Posted on January 21, 2016
SHORT TERM: volatility continues, DOW +116
The market broke its gap opening streak today,
ending it at 13 days in a row.
After a quiet opening the volatility began.
After hitting a low of SPX 1849,
the market rallied to 1890, dropped to 1860,
and rallied to 1878 just before the close.
From yesterday’s potential downtrend low at SPX 1812
the market has rallied in a series of corrective waves.
Three up to SPX 1876,
three down to 1849,
three more up to 1890,
down to 1860,
and now on the rise again.
Normal bear market uptrends
retrace anywhere from 38.2% to 61.8%
of the previous downtrend (i.e. 2116-1812).
So far the retracement has been 25.6%.
Short term support
remains at the 1841 and 1828 pivots,
with resistance at the 1869 and 1901 pivots.
Short term momentum
hit overbought
during today’s rally and ended the day at neutral.
Best to your trading!
Friday Update
Posted on January 22, 2016
SHORT TERM: gap up and go, DOW +211
Wild week!
After opening on Tuesday at SPX 1901
the market dropped to 1812 by Wednesday.
Yet after today’s gap up opening
the market has made the round trip
back to where it started ending at SPX 1907.
Yesterday we noted a seven wave sequence up
from the recent SPX 1812 low to 1890,
then a drop to SPX 1860.
After that we have rallied: 1877-1865-1907-1891-1909.
If we tentatively count
the rally to SPX 1890 as Minor a,
the decline to SPX 1860 as Minor b,
we are currently in Minor c of Intermediate wave A,
of a Major wave B uptrend.
More on this in the weekend update.
That daily RSI positive divergence
certainly has kicked off a good rally.
Best to your weekend!
