Commentary and chart analysis featuring Elliott Wave Theory, classic TA, and frequent doses of sarcasm.
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Friday, April 16, 2021
SPX and COMPQ Updates
Wednesday, April 14, 2021
SPX and COMPQ Updates
Monday, April 12, 2021
SPX and COMPQ Updates
Last update didn't have much to add to the past few, except to note SPX was testing a near-term trend line... on Friday, it cleared that line and ran to the top of its newly-formed channel (in blue), where it appears to be meeting at least temporary resistance (per futures):
Big picture, SPX is now decidedly over the very long-term red trend line:
Interestingly, COMPQ has been lagging this rally, and has yet to clear its ATH:
In conclusion, there's still not much to add, though COMPQ means there's at least something of an inflection zone nearby, as it's hard to see the broader market rallying if COMPQ reacts strongly to the symmetry of its rally off the March low. Do note there is no guarantee COMPQ will react, though, which is why we call it an inflection -- it's one possible future, not set in stone. Trade safe.
Friday, April 9, 2021
SPX, Drugs, and Rock n' Roll (or not)
Wednesday, April 7, 2021
SPX and NYA: No Change (but a Note for Bears Included)
Monday, April 5, 2021
SPX, TRAN, and -- FINALLY -- the Updated NYA Chart
Last update was slightly leaning toward a more complex near-term correction, which appears to have failed to materialize, but noted that even if we got one, it wouldn't eliminate bigger bull options. On that note, TRAN has, so far, managed to hold its discussed breakout, and other markets are threatening to break out (which we'll get to momentarily):
Bigger picture, SPX has cleared near-term resistance, which means it may finally head up to test the red line we've discussed many times previously: