It appears the SPX has completed Minute wave "ii" of Minor wave 5 in the form of an Expanding Flat.
Momentum evidence backs up this count as both 15 minute and have significant divergences at the low of the day.
There is a high probability 5/18/17 will be an up day for the SPX with the low of the day most likely soon after the open of the SPX at 9:30 AM - ET
Target for Minor Wave 5 remains SPX 2450-2460 probably in late May or early June.
Please see my prior SPX posts regarding Minor wave 5 calculations.
to finish the week at 2381.73
5/19 rally kept the trend of the S+P 500 in a Bullish Mode Weekly Close.
As to what is becoming normal, Mr. Rivest saw thru all the technical damage , and mini panic sentiment, as measured by the $VIX
as an opportunity to BUY, and with it came a 25 handle gain from 2355.84 Cl. on 5/17
All the more reason to continue to check back when Mr. Rivest writes a new market analysis, with insight you will not find anywhere else.
Thanks for the compliment.
Thanks, glad I can help.
The sharp break decline in the S+P on 5/17, coming just one day after historic all time high of S+P 2405.77,
is SERIOUS and needs to be respected for the technical damage that has just occurred.
S+P major uptrend line support at 2370 was violated on 5/17, leaving the price area of S+P 2405-2370 now as a BULL TRAP,
which is extremely BEARISH. A break below 2337.50 on a closing basis on Friday 5/19 would open up price to a move down to S+P 2260
On Balance Volume peaked in the S+P in March 2017, and the move to new highs was completely unconfirmed by BIG money.
The trade here is SHORT, with real potential downside risk down to S+P 2083.79, the 11/4/16 prior to Trump's election.
Thanks for the information.
Thanks for the info.