Market Comments for 2.11.19

SP00s – I mentioned last Friday that the SP00s 60-min chart had given a reversal signal, but it did not also come on the 240-min chart…

With the choppy market conditions for the past couple of weeks, and the inability for the SP00s to even tag the 200-DMA, I’m wanting to see another challenge of the higher DTL as a possible signal of a continuation upward – and that hasn’t happened yet…

My SAR swing system remains short from 2729… watching.

 

 

 

PFIZER – continuing down the path of components in the Dow Jones Industrial Average, the next on the list is PFE…

I last featured PFE in October of last year, and at the time thought it had completed an ending diagonal triangle Wave-e:V…

However, as with all the Dow components, I’ve reconsidered my take, and with the belief that the bull market in US equities will extend beyond 2021, I’m revising my fractal interpretations…

That said, it seems to me that wave-a:V and wave-b:V are complete, with wave-c:V now in work, with higher targets that include: ~47.08 and ~58.60, with the latter seeming most likely for now… watching.

 

 

Link to larger chart:  Link 

 

NIKE – it was last September, as I was featuring all the components in the Dow Jones Industrial Average, that I featured NKE…

The chart I prepared at that time was similar to this, though I have revised the ending of Wave-IV, which makes it just a bit higher, and so the targets I gave then, which have yet to be hit, are also just a bit higher…

At thiz time, I see wave-4:V as complete and probably wave-(i) and wave-(ii) of Wave-5 also complete, though that will be determined as the fractal formation continues to play out…

Higher targets include: ~92.28, ~107.15 and ~131.24… watching.

 

 

Link to larger chart:  Link

 

SP00s – I don’t always show you everything I’m looking at as I attempt to determine whether a change in trend has triggered, or not…

This morning I simply shared the 240-min SP00s chart, saying I was now waiting for a break of the higher DTL, despite there being a smaller DTL break (not shown on the chart), that sometimes triggers a SAR reversal signal…

Here’s the 60-min SP00s chart that I didn’t show this morning, that shows why I was waiting for more conviction in the upward move – the momentum indicator line was rejected by the top of the gray zone – twice…

It seems the SP00s still need another leg down, and the daily SPX chart also seems to suggest the same, with another NR (narrow range) day, spinning top candle – 14.6-points versus last Wednesday’s range of only 13.93-points… plus there was rotation into small caps, as the RUT was up about 1% today…

Regardless of how this plays out, my SAR swing system remains short from 2729… watching.

 

One thought on “Market Comments for 2.11.19

Leave a Reply

Your email address will not be published. Required fields are marked *