Replies to post #100130 on Triple 000 and Sub-penny Chart Plays
Friday Update
Posted on October 28, 2016
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LONG TERM: Uptrend
A New Bull Market - Primary III Underway
We are currently expecting SPX 3,000+
in the next 2 to 4 years
____________________________________________________________
MEDIUM TERM Downtrend
SHORT TERM: Recent Pullback Continues, DOW -8
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Quite a volatile day:
decline, rally, selloff, rally, then decline again.
At today’s low
the SPX came within 4 points of the recent 2115 low.
As we have been noting this week,
with all the choppy activity,
this downtrend does not appear to be done yet.
Two potential patterns are emerging
for this Minor Wave 2 Correction.
Should know more by next week.
Short term support
is now at the 2116 pivot, and SPX 2100,
with resistance at the 2131 pivot and the mid-SPX 2140’s.
Short term momentum
created a positive divergence early,
rallied, dropped,
then created another positive divergence at the low.
Best to your weekend!
Friday Update
Posted on October 28, 2016
____________________________________________________________
LONG TERM: Uptrend
A New Bull Market - Primary III Underway
We are currently expecting SPX 3,000+
in the next 2 to 4 years
____________________________________________________________
MEDIUM TERM Downtrend
SHORT TERM: Recent Pullback Continues, DOW -8
____________________________________________________________
Quite a volatile day:
decline, rally, selloff, rally, then decline again.
At today’s low
the SPX came within 4 points of the recent 2115 low.
As we have been noting this week,
with all the choppy activity,
this downtrend does not appear to be done yet.
Two potential patterns are emerging
for this Minor Wave 2 Correction.
Should know more by next week.
Short term support
is now at the 2116 pivot, and SPX 2100,
with resistance at the 2131 pivot and the mid-SPX 2140’s.
Short term momentum
created a positive divergence early,
rallied, dropped,
then created another positive divergence at the low.
Best to your weekend!
Friday / Saturday Update
Posted on October 28, 2016
____________________________________________________________
LONG TERM: Uptrend
A New Bull Market - Primary III Underway
We are currently expecting SPX 3,000+
in the next 2 to 4 years
____________________________________________________________
MEDIUM TERM Downtrend
SHORT TERM: Recent Pullback Continues, DOW -8
____________________________________________________________
Quite a volatile day:
decline, rally, selloff, rally, then decline again.
At today’s low
the SPX came within 4 points of the recent 2115 low.
As we have been noting this week,
with all the choppy activity,
this downtrend does not appear to be done yet.
Two potential patterns are emerging
for this Minor Wave 2 Correction.
Should know more by next week.
Short term support
is now at the 2116 pivot, and SPX 2100,
with resistance at the 2131 pivot and the mid-SPX 2140’s.
Short term momentum
created a positive divergence early,
rallied, dropped,
then created another positive divergence at the low.
The 2116 pivot range
represents a 38.2% retracement of the entire uptrend.
A 50% retracement
would occur just below the SPX 2100 level.
Then a 61.8% retracement
would drop the market down to around SPX 2070.
The key level to watch is of course SPX 1992.
Should the market drop that far
then the entire advance from the February low
would look like an a-b-c zigzag.
This is what bear market rallies look like,
not the beginning of bull markets.
Support then is the 2116 pivot, SPX 2100 and SPX 2070.
Best to your weekend!
Monday Update
Posted on October 31, 2016
____________________________________________________________
LONG TERM: Uptrend
A New Bull Market - Primary III Underway
We are currently expecting SPX 3,000+
in the next 2 to 4 years
____________________________________________________________
MEDIUM TERM Downtrend
SHORT TERM: consolidation day, DOW -19
____________________________________________________________
Quiet day after Friday’s FBI-probe selloff.
The market opened high,
dropped to unchanged, moved a bit higher,
than closed unchanged.
With the NAZ joining the SPX/DOW in downtrends,
it appears there is some more downside ahead.
Could be a bit moderate to the 2116 pivot
or around SPX 2100,
or a bit lower to the 2085 or 2070 pivots.
Market rallied 14 points higher
off Friday’s positive divergence,
and closed somewhat weak.
Best to your trading!
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