Market Comments for 3.29.19

MOMENTUM RESETS – here’s the SP00s daily chart dating back to the Wave-IV lows of 2009…

Note how low the momentum indicator line dropped all four times a reset was needed to push prices upward to the next trading range…

Last evening I said it appeared wave-b:(x):(iv) completed, and price would push up from there… so far, so good…

What I’m wanting to see to confirm is new swing highs in price and the momentum indicator line pushing upward through the next higher DTL….watching.

 

Link to larger chart:  Link 

 

 

 

 

Some of you may recall that I posted this same daily SP00s chart (above) set-up one week ago today, saying I was looking for a repeat pattern on the momentum indicator line…

I noted that the last time the momentum indicator line on the daily SP00s chart hit the DTL, pulled back and was stopped a second time, that it pulled back just a bit deeper, then was able to push upward through…

That same scenario played out again a week ago, which caused me to note the pattern and make the observation…

The momentum indicator line should be able to push upward and through the same DTL that stopped it a week ago, the push upward to the next and final DTL that dates back to the momentum peak for this phase, back in 2017… watching.

 

 

SP00s – 30-minutes into the regular trading session and the SP00s are coming back up to their globex highs…

I do anticipate they will hold their gains today, but also wanted to point out that the momentum indicator line on the daily SP00s chart is coming back up to the top of the gray zone resistance level and the same DTL that stopped it a week ago… watching.

 

 

SP00s  – Just before the 10:00 am bar MST, the SP00s have pulled back and pushed back up to just below their highs of the day, and are now pulling back a bit again…

Just a reminder that while I see the day remaining green, there’s still strong resistance just above for the momentum indicator line on the daily chart in the forms of the top of the gray zone resistance level and the DTL that halted the upward move a week ago… watching.

 

 

SP00s – I’m quite busy today with other business interests going on in the background today, and am being too lazy to create the 60-min and 240-min SP00s charts, but here’s the 15-min SP00s chart showing the price compression going on today, that the daily chart won’t show…

Price compression often takes place to build energy for a breakout (continuation of trend), and this makes sense in light of the overhead momentum resistance on the daily SP00s chart… watching.

 

 

SP00s – Here’s a look at the present price coiling on the 5-min SP00s chart… it seems it may be getting ready for that upward breakout, or simply adjusting for a larger coil… watching.

 

 

Fractals are things of such beauty and wonder… there are the new breakout highs on the day I suggested were going to happen… watching.

 

 

 

SP00s  – The SP00s closed the regular session near the highs of the day, and the momentum indicator line ended the day at the bottom of the gray zone resistance level and DTL…

The golden cross also took place on the daily SP00s chart, though the golden cross missed on the daily SPX by less than one point… it should happen on Monday for sure…

The SP00s stand about 20-points below the swing high on this move off the December 2018 lows… a move to new highs would go a long way to confirming my fractal interpretation that the b-wave completed yesterday…

My SAR swing system remains long from 2818… watching.

 

 

 

Today ended the first quarter of 2019; it was the strongest quarter in almost 10-years and the strongest first-quarter in over 20-years:

Best first-quarter in over twenty years:  Link 

Best quarter in nearly ten years:  Link 

Just a reminder of what I posted about market breadth in the first week of January:

 

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