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Replies to post #86080 on Triple 000 and Sub-penny Chart Plays
Tuesday Update
Posted on May 3, 2016
LONG TERM: Bear Market Rally
MEDIUM TERM: downtrend may be underway
SHORT TERM: gap down opening, DOW -140
The market gapped down at the open
for the first time since early April.
The decline came within three points
of Friday’s SPX 2052 low
before the market rebounded.
The rebound fell one point shy
of the SPX 2070 gap down opening level.
This kind of action
did not usually occur during the two month uptrend.
As noted in the weekend update,
the NDX/NAZ are currently
probably the least noisiest indices
due to their limited exposure to energy and commodities.
They are both suggesting
a general market downtrend is underway.
As a result
we are posting a tentative green Major wave B label
at the SPX 2111 high.
Short term support
is back to the 2043 and 2019 pivots,
with resistance at the 2070 and 2085 pivots.
Short term momentum
hit oversold during today’s initial decline,
bounced to neutral during the rally,
and ended the day just below neutral.
Trade what’s in front of you!
