markrivest
Short

SPX on Target to 2450-2460 Resistance

TVC:SPX   S&P 500 Index
368 views
24
Please see my 2/19/17 post on SPX Fibonacci price targets.

June 9, 2017 the US stock market had a very sharp decline limited to the technology sector. The broader market, in particular the DJIA and Russell 2000 (RUT) were up on the day.



Very short term it appears the US stock bull market is still alive, at least for a few more days. The SPX broke above a short term Fib target at 2440 and is within striking distance of reaching two long term Fib targets in the 2450-2460 area. This zone could be reached on 6/13/17 or 6/14/17.

My last post speculated that the SPX may have formed a rare Expanding Diagonal Triangle. It now appears that a contracting Ending Diagonal Triangle is forming. *Note this is also a rare form of Ending Diagonal Triangle in which the supposed wave "four" does not cross into the territory of wave "one"

If the SPX can reach 2450-2460 on 6/13/17 or 6/14/17 this could be the best shorting opportunity for 2017.

Mark

Comments

Hi Mark, your analysis are very interesting and accurate. i would like to ask you which levels could the s&P500 have for the next months as it's on the verge on decling. I mean what in your opinion would be the next s&P500 targets? Thanks
Reply
markrivest daliscar
Hi @daliscar,

Thanks for your compliments. The SPX is still in what appears to be a topping pattern. It is too soon to forecast the next level.
I will have a new post about the US stock market either 6/17/17 or 6/18/17.

Mark
Reply
bassalej markrivest
@markrivest, thx...looking forward to it
Reply
Thanks Mark...thats what i was wondering! What about our deat RUT?
Reply
markrivest bassalej
Hi @bassalej,

RUT Closed June 9th up and has a good chance of going up for the next few days. Watch the SPX as a guide to short RUT.
If SPX reaches 2450-2460 that could be a great time to short RUT.

Mark
Reply
bassalej markrivest
@markrivest, thx for guidance! Things r on track! Lets see if we can Finally hit targrt! Very exhausting market
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out