The NYA seems to work its way higher in a nice impulse wave that does not seem to be over. At least two more down-up sequences before we get somekind of top. Actually current advance could even subdivide even more driving the bears totally insane. Markets are patterned but labels come after....
Nevertheless, long term we are not in a topping mode as the McClellan...
In my last post I noted the SPX could be forming an Elliott wave Horizontal Triangle.
There are five sub types of Horizontal Triangles, the type I thought was forming is referred to
as a Running Triangle. In this pattern the wave "B" exceeds the point of origin of wave "A"
***See Figure 1-43 on page 50 of Elliott Wave Principle by Frost and Prechter.
The most...
Important to not NYA crossed the momentum line today on the daily. This mere cross shuts down bullish bets from a whole group of momentum traders. Something to keep top of the watch list.
Technical and Sentiment:
- NYSE continue to make higher highs and higher lows
- Market pattern suggests another buyer's swing up is forthcoming.
- ABCs are yet to be fulfilled in their completion.
- Middle of a Bull Cycle
- All time Highs week of February 20, 2017
Conclusion:
There is a higher Probability that any pullback will be seen as a bargain and bought...
There were tonnes of "Hoo Haa" from CNBC and etc when SPX, DJIA, DJTA, COMPQ and even RUT break out and make all time highs (ATH). I guess the "dump money" are pretty cruel to leave this broad base market index aside just because it has not break out and make new high!!!
There you are, why is it lagging when the counterparts are in cloud 9?
1st warning. Price...
The $NYA weekly with HA candles looks very nice. It looks like we might see the turn around the end of April. That is provided the resistance holds. Lets see.
The NYSE ( symbol NYA) or SP500 is about to turn over here. The harmonic pattern shown and resistance at the 200ma will make the down turn expected. RSI and %R both indicate near and longer term over bought conditions. Look for a retrace of 38.2% down to the raising 50sma for support.
