• 347 days Will The ECB Continue To Hike Rates?
  • 347 days Forbes: Aramco Remains Largest Company In The Middle East
  • 349 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 749 days Could Crypto Overtake Traditional Investment?
  • 753 days Americans Still Quitting Jobs At Record Pace
  • 755 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 758 days Is The Dollar Too Strong?
  • 759 days Big Tech Disappoints Investors on Earnings Calls
  • 760 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 761 days China Is Quietly Trying To Distance Itself From Russia
  • 762 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 766 days Crypto Investors Won Big In 2021
  • 766 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 767 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 769 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 769 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 773 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 773 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 773 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 776 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Weekly Analysis

This weekend, family has kept me away from the screens, so this one is going to be a short one:

On Friday (OPEX day) SPX achieved a powerful break out above the critical 1230.71 resistance and the 100 dsma.

Now it remains to be seen if next week price will be able to continue the break out move.

As mentioned on Friday, my working scenario remains the same:

"I am expecting a 3 -wave up leg off the October 4 low.
The end of the first up leg (wave A) is in a pending confirmation status.
Once the wave (A) is confirmed in place, a wave (B) pullback has a potential target range = 1177 - 1155"

Larger Image

In my opinion the risk/reward favours a pull back.


1. We have a potential impulsive thrust out of a Triangle wave (4):

Larger Image

The same count can be applied also to the DOW:

Larger Image

If this count is correct, price is on the verge of ending the wave (A) of the assumed Zig Zag off the October 4 low.

(The alt count = Triangle wave (B) which would imply that the countertrend rebound is almost over)

2. NDX is showing relative weakness because it should have already completed the first up leg off the October 4 low:

Larger Image

3.Breadth and momentum indicators are overbought & we have negative divergences:

  1. Overbought RSI of the Summation Index
  2. NYSE Summation Index

  3. Overbought daily Stochastic (ES Globex)
  4. No higher high in the daily RSI (14) (ES Globex)
  5. Negative divergence in the daily RSI (5) (ES Globex)
  6. Overbought
    Larger Image

  7. Overbought McClellan oscillator & with negative divergence

4. CPCE is at an extreme low reading (eod print below the BB)

5. NYSE TICK eod print = 861 (overbought)

6. SPX weekly Hanging Man is a potential "toppish" candlestick

Larger Image


Back to homepage

Leave a comment

Leave a comment