Posts Tagged ‘S&P 500 chart’

SP Weekly Chart Updated

SP Weekly Chart Updated

ponzi schemeCourtesy of Jesse’s Café Américain

Here is the chart we have been keeping through this decline and now into the bounce.

The bounce will end when it ends. It is a ‘false flag’ intended to spark a recovery in confidence and the economy. It is fueled by an enormous infusion of liquidity by the Treasury and Federal Reserve into a few favored banks, who are making the bulk of their newly found profits by trading.

The rally cannot be sustained without continuous printing of money. The difficulty with this tried and true monetary approach which has lifted the economy out of the last two bubble breaks is that the financial sector is closer to the heart of the credit bubble than tech or housing, which were just vehicles for the Ponzi scheme.

And the largesse is not being distributed evenly, as relative outsiders like Ken Lewis are finding out. "Not all animals are equal." And not all the pigs have purchased premier positions at the trough.

So, when will it end? On the charts, the area between 1060 and 1100 is likely, since it is in the area of a valid and confirmed neckline. But given the strength with which the SP has penetrated the prior resistance, one has to approach any forecast of an end to a rally like this with fear and trembling, and a generous portion of caution.

Still, our point is not to make a killing for the punters, but rather to help to illuminate the perfidy at the heart of the US financial system. It is truly amazing at how brazen it has become, especially under their token reformer.

The comments on this chart are those that had already been there. All that has been done is to update the chart from July, and to clean it up a bit for readability.

SP 500 Weekly

[click on chart for larger view]

 


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Daily S&P500 analysis using Ichimoku charts for August 18th 2009

Daily S&P500 analysis using Ichimoku charts for August 18th 2009

Courtesy of Larry at Ichimoku Charts 
 

 


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Large Scale Monthly Elliott Wave Chart of SP500

Large Scale Monthly Elliott Wave Chart of SP500

Courtesy of Corey at Afraid to Trade

Per multiple reader request, I’m providing the “bigger picture” backdrop against which to classify past and possibly future price structure in the S&P 500.  Let’s take a look at one of the most mainstream Elliott Wave counts and projections on the S&P 500 Index (monthly).

S&P 500 Chart
(Click for Larger Chart)

Many Elliotticians agree that we completed a large-scale Third Wave into the 2000 highs and that we are now in a 10-year Fourth Wave correction phase that began off the 2000 highs.

This Fourth Wave will (has) subdivide into a three-wave corrective phase as all fourth waves do.  Wave A was the move from 2000 – 2002; Wave B up was the bull market from 2003 – 2007.  We are now structurally in Wave C down.

To step it into more detail, Wave C subdivides into a Five-Wave sub-structure (fractal). We have already moved four waves of that expected five wave structure.

Technically, the entire move from 2000 to present has been an “Expanded Flat” where Wave B made a nominal high and Wave C is expected (has already) made a new low beneath the “A” Wave.

That is the historical count in which we trade and invest currently.  Wave C is much, much closer to its end than its beginning, but many Elliotticians agree that we have one more wave to the downside to finish-out the C wave before putting in a bottom and rallying off these levels – perhaps as low as 550 on the S&P 500 (an exact discussion on targeting is beyond the scope of this post).

With that being said, the rally from the March 2009 lows to present (if not even the November 2008 lows) has been a fractal Primary 4th Wave rally that targeted the 1,000 index level.

It now appears this rally is also coming to an end… if not has already ended already.

Whether or not we pop higher from here to challenge the 1,000 level, the future Elliott Wave pathway seems to call for one more swing down to test – at a minimum – the 666 lows from March (which would be a 5th wave truncation).  I get the sense that most seem to believe we will be breaking these lows.

Any Elliott Wave posts I do will be based on this…
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Phil's Favorites

Tell Me a Story

 

Tell Me a Story

Courtesy of Scott Galloway, No Mercy/No Malice,@profgalloway

“A man’s reach should exceed his grasp, or what’s a heaven for?”

                                                    — Robert Browning

Entrepreneur is a synonym for salesperson, and salesperson is the pedestrian term for storyteller. Pro tip: No startup makes sense. We (entrepreneurs) are all impostors who must deploy a fiction (i.e. story) that captures imaginations and capital to pull the future forward and turn rhyme into reason. No business I have started, at the m...



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Zero Hedge

US To Close Borders To Unvaccinated Canadian, Mexican Truckers On Saturday

Courtesy of ZeroHedge View original post here.

By Nate Tabak of FreightWaves,

The U.S. will close its borders to unvaccinated and partially vaccinated Canadian and Mexican truck drivers on Saturday, the Department of Homeland Security said on Thursday.

“These updated travel requirements reflect the Biden...



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Biotech/COVID-19

Long COVID: For the 1 in 10 patients who become long-haulers, COVID-19 has lasting effects

 

Long COVID: For the 1 in 10 patients who become long-haulers, COVID-19 has lasting effects

Long COVID appears to affect about one in 10 people who have recovered from a COVID-19 infection. (Shutterstock)

Courtesy of Manali Mukherjee, McMaster University and Zain Chagla, McMaster University

Even as the unpredictable rise and fall of COVID-19 infections continues at home and around the world, a new and ugly pandemic-related problem is emerging.

We know it generically as “...



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Chart School

Bitcoin Swings Down to Support

Courtesy of Read the Ticker

Come on! Seriously do you think a 400% rally for Bitcoin was going to be given to the public easily. Without any pain! Come on muppets!

The uniformed (public) buy when price is rising or breaking new highs, the informed buy when price is falling or breaking lows.

The informed have to do it this way as they are large volume players and the only way they can buy large volume is to create chaos. The chaos brings to the market the weak holders and a forced sell. Price is moved to where the volume can be accumulated, in a bull trend that is down to critical support.

Of course if price is in a true bull market the 'chaos' created should not break critical long term trend signals, the short and intermediate term signals are fair game. The next fe...

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ValueWalk

Elm Ridge 4Q21 Commentary: The Punch You Don't See

By Jacob Wolinsky. Originally published at ValueWalk.

Elm Ridge commentary for the fourth quarter ended December 31, 2021, titled, “The Punch You Don’t See.”

Q4 2021 hedge fund letters, conferences and more

“Graham and Dodd investors are people who place a very high value on having the last laugh. In exchange for the privilege they have missed out on a lot of laughs in between.” – Michael Lewis

“It’s the punch you don’t see coming that knocks ...



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Kimble Charting Solutions

Nasdaq Weakness Has Bears Circling Tech Stocks!

Courtesy of Chris Kimble

One theme over the past several months has been tech stock’s under-performance. And 2022 seems to be amplifying this theme as we kick off the new year.

Today’s chart focus is on the ratio of the Nasdaq Composite to the S&P 500 Index. We have shared this ratio a few times recently as the price pattern has become a concern.

As you can see in the chart, there’s a potential that the ratio double topped last year at the 2000 highs. And weakness this month has it attempting to break dual support at...



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Politics

What Supreme Court's block of vaccine mandate for large businesses will mean for public health: 4 questions answered

 

What Supreme Court’s block of vaccine mandate for large businesses will mean for public health: 4 questions answered

New York City’s vaccine mandates are unaffected by the court ruling. AP Photo/Mary Altaffer

Courtesy of Debbie Kaminer, Baruch College, CUNY

The U.S. Supreme Court on Jan. 13, 2022, blocke...



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Digital Currencies

The metaverse is money and crypto is king - why you'll be on a blockchain when you're hopping

 

The metaverse is money and crypto is king – why you’ll be on a blockchain when you’re virtual-world hopping

In the metaverse, your avatar, the clothes it wears and the things it carries belong to you thanks to blockchain. Duncan Rawlinson - Duncan.co/Flickr, CC BY-NC

Courtesy of Rabindra Ratan, Michigan State University and Dar Meshi, Michigan State University ...



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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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