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US Stocks Struggle to go Lower

TVC:SPX   S&P 500 Index
May is a bearish month for US stocks and on cue the SPX post crash rally topped on 4/29/20. After its initial decline a double top was formed on 5/11/20. The next wave down only exceeded the first bottom by a small amount. Even in a bearish time zone the bulls are fighting back strong. As of 5/15/20 the SPX is only down 3% from its 4/29/20 peak.

So far the entire decline has taken the shape of a clear Elliott wave Zigzag - (a-b-c).

The decline could be complete at the second bottom, however the daily Stochastic has yet to reach the oversold zone. The seasonally bearish time zone can last at least until early June. Momentum and Time dimensions indicate there could be more downside action.

Caution bears, the total SPX decline may only be 7 to 8% from the 4/29/20 high.

Mark

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