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Nasdaq 100 Severe Bearish Divergence

TVC:DJI   Dow Jones Industrial Average Index
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For several months the Nasdaq 100 (NDX) has been one of the strongest US stock indexes. Since the sharp drop on 6/9/17 the NDX has underperformed both the Dow Jones Industrial Average (DJIA) and the S&P 500 .

Very short term the DJIA appears to be completing an Elliott wave - Ending Diagonal Triangle. *see the trend lines on the DJIA bar chart.

IMPORTANT! Watch the DJIA in the first five to ten minutes of trading on 6/19/17. If the DJIA is in the area of 21,400 there is a very high probability this could be a significant top.

Mark

Comments

Thanks, I agree with you. I have seen my graphs and I could see in my opinion three positive divergences on s&P500:on macd Lines and macd-histogram and on the volume too (force index). So It will take another week to have a confirmation of the triple bearish divergence that could take the s&p 500 to 2300-2350 (according to Alexander Elder's Theory).
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markrivest daliscar
Hi @daliscar,

Thanks for the information.

Mark
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bassalej markrivest
@markrivest, thx! Your thoughts on spx. Still 2450/60? Thx
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markrivest bassalej
Hi @bassalej,

There could be a major SPX top in place at 2446. Evidence is not conclusive.
Watch 6/19/17 If the SPX can't exceed 2446 it would be more evidence of a top in place.
A break of NDX below 5533-5534 bottoms could be very bearish.

Mark
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bassalej markrivest
@markrivest, looks like spx did blow thru the 2446! Wats your next fib level now? Thx and i appreciate your work
Reply
markrivest bassalej
Hi @bassalej,

SPX 2446 was not a Fib target. When using long term Fib targets allow for leeway. SPX 2446 was within leeway for a major 6 year Fib target at 2454.10 which
was virtually hit today!!!

There's a two year Fib target at SPX 2459, any move up on 6/20/17 could be marginal.
Daily SPX wave count is complete.
There's many sentiment and momentum indicators that are bearish, most prominent is the NDX bearish divergence.

I will have more posts later in the week.

Get short stocks!
Get short stocks!!
Get short stocks!!!

Mark
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