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Replies to post #90665 on Triple 000 and Sub-penny Chart Plays
Tuesday Update
Posted on June 28, 2016
LONG TERM: Neutral
MEDIUM TERM: Downtrend
SHORT TERM: gap up turnaround Tuesday, DOW +269
Yesterday we had noted three waves down
from the recent SPX 2113 high: 2055-2073-1992.
We also noted the third wave
had subdivided into five waves,
which ended with a positive divergence:
2033-2049-1992-2006-1992.
And the market had already reversed off that low to SPX 2004.
Today the market gapped up
and did three waves up: 2027-2016-2036.
Should the market continue higher
to the 2043 pivot tomorrow,
we have probably seen the completion
of three Minor waves down from the uptrend high
at SPX 2121: 2050-2113-1992.
This would suggest the rally could continue
to the 2070 pivot before heading lower again.
If the market fails to reach that pivot,
it will probably make new downtrend lows first
before rallying to the 2070 pivot.
Short term support
is at the 2019 and 1973 pivots,
with resistance at the 2043 and 2070 pivots.
Short term momentum
rose from a positive divergence to overbought.
Best to your trading!
Wednesday Update
Posted on June 29, 2016
LONG TERM: Neutral
MEDIUM TERM: Downtrend
SHORT TERM: another gap up rally, DOW +285
The market gapped up at the open today
for the second day in a row,
after two successive gap down openings.
With the SPX opening at 2055
it jumped right over the 2043 pivot,
suggesting the rally would continue to the 2070 pivot.
Which it did!
What we have now
is a two day 121 point decline (2113-1992),
followed by a two day 61.8%+ retracement (1992-2073).
With short term momentum hitting extremely overbought
further upside should be limited
to the 2070 pivot range,
if not the 2085 pivot range.
Then the market should pullback
at least to the 2019 pivot,
if not lower.
Volatility continues.
Best to your trading!
Thursday Update
Posted on June 30, 2016
LONG TERM: Neutral
MEDIUM TERM: uptrend may be underway
SHORT TERM: rally continues, DOW +235
The market opened higher again today
for the third day in a row.
From Monday’s double bottom SPX 1992 low,
the SPX has now rallied over 100 points in three days.
Quite an impressive rally,
when considering the largest pullback since that low
has been only 11 points.
While we were expecting this advance
to stop at the 2070 pivot,
or possibly the 2085 pivot,
the fact that it has exceeded both
suggests something else may be underway.
With the market currently less than 1% away
from fully retracing the entire Brexit meltdown,
and 2% from all time highs,
we’ll wait until new highs are made
before we drop the most bearish scenario.
This market has had four uptrends
since the May 2015 SPX 2135 high,
and all have ended between SPX 2111 and 2133.
This just may be another one.
Short term support
is at the 2085 and 2070 pivot,
with resistance at SPX 2113 and SPX 2121.
Short term momentum
is about as overbought as it ever gets.
Best to your trading!
Friday Update
Posted on July 1, 2016
LONG TERM: Neutral
MEDIUM TERM: uptrend probably underway
SHORT TERM: market back to resistance at 2100+, DOW +19
The market opened slightly lower today,
then rallied to SPX 2109
within 4 points of retracing
the entire Brexit decline.
From Monday’s SPX 1992 low
we now have four waves up:
2027-2016-2109-2099-xxxx.
A rally back to SPX 2109
would make it a bullish advance,
a decline from here a corrective one.
More on the current short/medium term action,
and other things,
in the weekend update.
Best to your three day weekend!
Friday Update
Posted on July 1, 2016
LONG TERM: Neutral
MEDIUM TERM: uptrend probably underway
SHORT TERM: market back to resistance at 2100+, DOW +19
The market opened slightly lower today,
then rallied to SPX 2109
within 4 points of retracing
the entire Brexit decline.
From Monday’s SPX 1992 low
we now have four waves up:
2027-2016-2109-2099-xxxx.
A rally back to SPX 2109
would make it a bullish advance,
a decline from here a corrective one.
More on the current short/medium term action,
and other things,
in the weekend update.
Best to your three day weekend!
