Market Comments for 4.16.19

SP00s (pre-opening comments) – the SP00s start the day with most of their gains from the globex session…

As I said yesterday at about 11:00 am MST, that though the momentum indicator line had dropped through its UTL, it would likely hook back above by the 2:00 pm bar, and it did…

The ST trend is up for now, though the SP00s seem a bit toppy and negative divergence of price versus momentum is beginning to show on the 240-min SP00s chart…

My SAR swing system remains long from 2897… watching.

 

 

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Market Comments for 4.15.19

SP00s (pre-opening comments) – the SP00s 240-min price bars start the day with a potential bullish flag/pennant formation that targets the high 2930s…

The momentum indicator line on the 240-min SP00s chart paused at the lower of the two highest DTLs, which is to be expected, so now it is moving between two DTLs and two UTLs, and methinks the breakout will be upward again, as new ATHs beckon…

My SAR swing system remains long from 2897… watching.

 

 

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Weekend Observations for 4.13.19

Here’s an update of the daily SPX with my fractal count as of Friday’s close…

Please don’t get too enamored with the fractal count… fractals are fluid, adapting to real-life events and situations, so we must also adapt along with it – this is a variation of the last fractal count I offered for the daily SPX…

Last weekend is a case in point, I thought it was possible that wave-iiii:c:a:(x):(iv) was already underway, yet the SP00s did not actually break through the 2900 range until yesterday…

For now and over the next couple of weeks, earnings should help propel the SP00s upward to and through the former ATHs, in the ~2940s range, then a pullback to the same, then the final push upward to the ~3040 range to complete wave-a:(x):(iv)… watching.

 

Link to larger chart:  Link

 

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Market Comments for 4.10.19

SP00s (pre-opening comments) – good morning and happy Wednesday to all!

The SP00s open the regular trading session about 6-points higher than yesterday’s close, though still in a ST downward trend…

There is a potential for a hook to develop on the momentum indicator line of the 240-min SP00s chart, but it needs at least one more bar to see where this goes, if anywhere…

For now, my SAR swing system remains short from 2895… watching.

 

 

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Market Comments for 4.9.19

SP00s (pre-opening comments) – in last night’s globex session, the momentum indicator line for the 10:00 pm bar on the 240-min SP00s chart was rejected by both top DTLs, and the 2:00 am bar closed beneath both also…

The SP00s open the day beneath two additional UTLs, confirming the rejection from the DTLs overnight…

My SAR swing system reversed back to short from 2895… watching.

 

 

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Market Comments for 4.8.19

SP00s (pre-opening comments) – the SP00s start the day with some weakness, and it may be they don’t have the strength to gap over the ~2900 resistance zone, but will need a pullback first…

The momentum indicator line is also on the verge of dropping through its UTL, so there could be a SAR reversal today…

For now, my SAR swing system remains long from 2818… watching.

 

 

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Weekend Observations for 4.7.19

SPX – Yesterday I published the expanded view of this chart, the SPX weekly with my forecast out some 10-years…

This view focuses only on the completion of wave-(iv)…

With the recent alert from @armstrongeconomics that there may be a European liquidity panic in May, AND the continued upward move in the price of the SPX, it caused me to modify the fractal so that wave-b:(x):(iv) becomes a running b-wave, a bit like what happened last year…

 

 

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