At the open today 7/27/17 the SPX completed a extended five wave Elliott pattern illustrated in my last post.
The SPX top was less than two points above the short term Fibonacci target noted in my last post.
To understand the extreme bearish condition of the US stock market you must move beyond the dimension of price.
Please examine the new 52 - week highs for both the NYSE and Nasdaq Composite. Both were at insanely bearish levels today.
It would require a 1000 word post to sufficiently detail all the bearish evidence from the dimensions of Momentum, Time, and Sentiment.
The only significant bit of bullish evidence today was that all three main US stock indices; SPX, DJIA, and IXIC made all-time highs on the same day.
Normally at least on of the three main indices will fail to confirm at a significant top.
At the close on 7/27/17 the DJIA made a marginal new high unconfirmed by the SPX and IXIC.
If just after the open on 7/28/17 the DJIA was to continue above the closing level made on 7/27/17 and both the SPX and IXIC do not make new all-time
highs - this could be a terrific signal to get short US stocks.
Mark
The SPX top was less than two points above the short term Fibonacci target noted in my last post.
To understand the extreme bearish condition of the US stock market you must move beyond the dimension of price.
Please examine the new 52 - week highs for both the NYSE and Nasdaq Composite. Both were at insanely bearish levels today.
It would require a 1000 word post to sufficiently detail all the bearish evidence from the dimensions of Momentum, Time, and Sentiment.
The only significant bit of bullish evidence today was that all three main US stock indices; SPX, DJIA, and IXIC made all-time highs on the same day.
Normally at least on of the three main indices will fail to confirm at a significant top.
At the close on 7/27/17 the DJIA made a marginal new high unconfirmed by the SPX and IXIC.
If just after the open on 7/28/17 the DJIA was to continue above the closing level made on 7/27/17 and both the SPX and IXIC do not make new all-time
highs - this could be a terrific signal to get short US stocks.
Mark