SP00s (pre-opening comments) – the SP00s start the day at about where they ended yesterday, though have been slightly above and below, yet never hitting the 2940 mark during globex…
2947 is the former SP00 ATH, and that may be reached today, as there are many companies set to release earnings reports today, a few before the open, though most after the close…
The ST, IT and LT trends remain upward, and my SAR swing system remains long from 2910… watching.
SP00s (pre-opening comments) – the SP00s start the day slightly underwater, though essentially where my signal reversed back to long yesterday afternoon…
Short of a rally at the open, it appears my SAR swing system may be delivered its first back-to-back loss in the year I’ve been featuring its signals in real-time… watching.
SP00s (pre-opening comments) – the SP00s start the day near the lows of the globex session, and have printed new session lows this hour…
There’s potential for another diamond formation in this range, and with most earnings reports coming in better than expected, I’d say a shallow-sideways correction is what we’ll see here, then a breakout upward… but as always, the momentum indicator signal line rules the day…
My SAR swing system remains short from 2908… watching.
SPX – This is the SPX weekly chart with my revised forecast through 2020…
And though the SPX will go to new ATHs later this year, this is a reminder that corrections take many forms…
The last larger correction was a simple A-B-C corrective flat (3-3-5) lasting from 2000-2009 – the SPX went higher in Wave-B versus its Wave-THREE high in 2000, though Wave-C ended up lower than Wave-A…
This corrective wave will be shorter in duration – 2018-2020, and not a simple flat, but a double zig-zag [a-b-(w)-(x)-(y)] -(3-3-3-3-3), and the low of the correction is already in…
Here’s the daily SPX since the 2016 lows, and projecting out to later this year with the wave-(x):(iv) high, up in the ~3290 range…
Note how the last DTL on the momentum indicator line was broken to the upside last week…
Once this corrective phase completes next week, new ATHs will follow, and then a push upward to the top channel line UTL, which should also be in the ~3040 range…
Once there, a pullback to complete wave-b:(x):(iv), down to the ~2870 range, then a new push to yet new ATHs to the ~3290 range in late fall… watching.
Link to larger chart: Link
SP00s (4.17.19 evening) – Here’s how the 60-min SP00s chart ended the day…
Note how much earlier it generated the reversal signal – at the 8:00 am bar, versus the 10:00 am bar for the 240-min SP00s chart…
I suspect the momentum indicator line will work its way down to the zero support level to reset, so price can then move back upward to new ATHs… watching.
SP00s (from 4.16.19 evening) – I never want to leave the impression that I decide to adjust a trend line on a whim or arbitrarily…
When I run another business besides being a father to seven kiddos who still live at home and everything else that demands my attention, I do not show everything I’m watching at the time I’m making decisions…
Here’s the 60-min SP00s chart, and as you can see, the UTL is fairly flat and has just been broken, so there is a reversal on the 60-min SP00s chart at this time, and if prices don’t turn back upward soon, the 240-min chart is likely to join the reversal downward… watching.
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.
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.
SPX – The SPX chart I developed so many years ago to filter bull market conditions from bear market conditions continues to see the momentum indicator line move upward towards the highest DTL…
I don’t think it will reach there by the ~3040 peak, though may actually push through slightly in the second upward push to ~3290… watching.
Link to larger chart: Link