markrivest
Short

Possible SPX Top in Place

SP:SPX   S&P 500 Index
201 2 8
Today 11/29/16 the Nasdaq Composite             made a new 2016 high that was unconfirmed by the other two main US stock indices; DJIA             and SPX             . This combined with the VIX             non confirmation, FTSE             bearish pattern and evidence of a significant Copper             peak indicate US stocks may have reached an important top.

The SPX             high on 11/29/16 may have been the termination point of a rare Running Flat. In this formation wave (c) fails to exceed the termination point of wave (a). This is a very bearish pattern and if correct the SPX             could quickly drop significantly below the bottom labeled (b) at SPX             2198.

Stop loss point for shorts is a move above SPX             2210.50.

If the SPX             closes down on 11/30/16 I will post a daily SPX             chart with down side price target.

Mark
Mark,

Pattern in place in the S+P is also a textbook" Reverse Head and Shoulder's "pattern, with 2200 Base Support.
2210 is resistance, and a move above that neckline could bring a quick move up to 2219-2220

Stock futures are rallying, as there is talk of an OPEC agreement, with crude oil futures spiking higher by $2.00

Joe
Reply
markrivest The_Unwind
Hi Joe

Thanks for the comment. The move up in S&P futures looks like the H&S pattern is correct.
If the stop level I noted in the post is hit the SPX could rally to the next Fib resistance at SPX 2219.

Mark
Reply
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