SPX gave us plenty of warning that it was about to embark on an intermediate-term correction. As it usually does, it came suddenly and, as of Friday, the initial down-thrust is probably still incomplete and should continue into early next...
With the low of the 20-wk cycle about two weeks away, SPX has several options for the near term which are discussed above. One of these is still to extend its rally to the 2500 projection target, but it must start immediately, or it will...
Current Position of the Market: SPX Long-term trend: Uptrend continues with a serious loss of upside momentum in weekly indicators. SPX Intermediate trend: An ending pattern appears to be in its last stages of completion. This should be...
At the end of the week, SPX was ambiguous about its next near-term move. An immediate break-out could take it to the low 1480s, but it’s possible that it will choose to retest 1465 first. The longer-term prospects still point to the ca....
“There is some evidence – which will need to be confirmed next week – that SPX is getting ready to start the final wave of its terminal pattern, and that this could take it to about 2500 before we can start the long-awaited intermediate...
There is some evidence – which will need to be confirmed next week – that SPX is getting ready to start the final wave of its terminal pattern. Consequently, this could take it to about 2500 before we can start the long-awaited...
There are two possible courses of action for SPX over the near-term: 1) It is already at or near the low of a near-term correction - and will need to make another new high between 2480-2500 before starting an intermediate correction, or 2...
Structure suggests that SPX is near a correction, but could still make a slightly higher high if it can get past 2442. A move below 2430 should lead to a re-test of the 2416-20 support, at a minimum.
Although SPX was more affected than the Dow (which closed at a new high on Friday) by the tech correction it, too, is expected to continue its uptrend for a while longer. I believe that the 20-wk cycle, due to bottom in August, will put...
Friday’s spontaneous profit-taking in the overbought tech sector affected SPX more than it did the DJIA, because the former contains many more high flyers. However, considering the general market’s “yawn-ish” response to the sell-off, it...