Market Data 
Markets
Replies to post #89640 on Triple 000 and Sub-penny Chart Plays
Monday Update
Posted on June 13, 2016
LONG TERM: Neutral
MEDIUM TERM: Uptrend
SHORT TERM: pullback continues, DOW -133
The market opened lower today,
as foreign markets sold off.
Then after turning slightly positive
the market headed even lower after Europe closed.
Thus far we are still counting three waves down
from the SPX 2121 high: 2108-2118-2078,
during this largest pullback
since the uptrend began at SPX 2026.
Currently we observe
a double positive divergence short term,
but no bounces yet, and an oversold daily RSI.
Normally this should be enough
for a reversal to the upside soon.
Short term support
drops to the 2070 and 2043 pivots,
with resistance at the 2085 pivot and SPX 2121.
Best to your trading!
Tuesday Update
Posted on June 14, 2016
LONG TERM: Neutral
MEDIUM TERM: Uptrend under pressure
SHORT TERM: pullback continues, DOW -58
The market opened lower again today
for the fourth day in a row.
And for the third day in a row
it tried to rally after the open
but gradually headed lower.
At today’s SPX 2064 low
the market had retraced nearly 61.8%
of the entire 2026-2121 uptrend.
Quite a four day decline after a three week advance.
Currently the market is at an interesting juncture.
Should the market decline to SPX 2026,
it would display three completed trends up
from the February 1810 low
which could be labeled all of Major wave B.
Should the market find support above that level,
then rally above SPX 2121,
the uptrend would be extending
and the market dynamics would be far more positive.
Short term support
is at the 2070 and 2043 pivots,
with resistance at the 2085 and 2131 pivots.
Short term momentum
ignored yesterday’s positive divergence,
was extremely oversold at the low,
then bounced to neutral.
Best to your trading!
AI
