SP00s (pre-opening remarks) – so far, nothing earth shattering was felt as a result of last night’s State of the Union speech…
The trend is still upward, so I am looking for a test or break of the 200-DMA, which is now at the ~2743 range…
My SAR swing system remains long from 2639… watching.
SP00s (pre-market) – as I said last night, the trend remains upward, and the minor pivot resistance that stood at ~2721 has been pushed through…
The next major resistance is at the 200-DMA , which stands at ~2743…
My SAR swing system remains long from 2639… watching.
WordPress had a foul-up today, so I lost this post from yesterday and am re-posting today; I am so sorry!
SP00s (pre-market) – the SP00s seem to still be stuck in that trading range between the two Fibonacci retrace levels of ~2696 and 2711, basis the SPX…
Trend is still up at the time of this post, and my SAR swing system remains long from 2639… watching.
CRUDE OIL – it’s been a while since I updated the chart for crude oil, so here it is…
At the last update, I said crude would find support no lower than ~40 in price, and the momentum indicator line would find support at either zero, or at the DTL from the two previous peaks…
Both forecasts came to pass, and now the price of crude is back up in the mid-50s, which is a huge prior pivot range of resistance, and the momentum indicator line is also at a previous UTL which is also in the zero range of resistance, so I would look for a potential stall in this range…
This is the monthly SPX with one of my set-ups I’ve been using for years…
It shows my momentum setting for the monthly time frame – the momentum indicator line came down to the 100 support level and bounced off it and the confluence of two UTLs…
This confirms what I’ve been saying, the the US equity markets are correcting, but have not yet rolled over in a bear market…
SP00s – I mentioned yesterday that the techs were doing the heavy lifting, and that if the Dow would get with the program, there could be quite the breakout…
Today there seems to be some rotation taking place, as the Dow is up nicely, while the techs are the laggard…
The trend remains upward for the SP00s, with the next minor resistance is at ~2721, then heavier resistance up at the 200-DMA, which is in the ~2743 range…
SPX – did you realize that January 2019 was one of the best gaining months ever for the SPX, and only one of eighteen times since 1939 that the SPX closed more than 9% higher for the month?
And from a point-perspective, the SPX has never seen a ~237 point gain in a single month (I computed the gain from where the month opened, with a gap-down from the December close)…
Of the 17 previous times there has been a gain of over 9% in a single month for the SPX, only five times did it end the year negative, and one of those times, 1939, it happened twice in that year (-.92% for the year)… the worst instance was in 2000 where the SPX ended -9.09% for the year…
Just a quick update of the SPX daily chart…
Last week, I mentioned a slight pause due to the DTL on the price bars, but today’s price action pushed right up and through…
The next resistance is ~2700, then ~2740 (200-DMA), but ultimately I see wave-a:(x):iv pushing upward to the ~2808 range… watching.
3M COMPANY – 3M reported earnings today that beat expectations and had a nice day – up almost 2%…
With the US equities markets extending their bull market, this is two possible interpretations of the fractal formation for MMM as of right now…
Before I start projecting higher targets, I need to know whether wave-4 is complete, so for now… just watching.
FACEBOOK – FB is scheduled to report earnings tomorrow, after the close of regular trading…
While I’ve not been a fan of FB over the past six months, I’m also bullish on the US equities markets in general, so find it necessary to view its leaders through a different lens, and consider alternate possibilities…