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The SPX appears to be in the mid phase of an Elliott wave Expanding Flat. If a peak is made it will be labeled as Primary wave “B”. The next move could be a multi-month drop to at least the October 2022 bottom. A Common Fibonacci relationship between wave “B” and wave “A” in an Expanding Flat is wave “B” 1.382 the size of wave “A”. The January 2022 to...

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Assuming the SPX continues to trend lower an important bottom could be made on 05/17/24. The bull phase from 01/05/24 to 03/28/24 was 57 trading days multiplied by the Fibonacci ratio of .618 equals 35 trading days. Adding 35 trading days to 03/28/24 targets 05/17/24 for a potential SPX turn.

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The breakdown action of NVDA on 04/18/24 and 04/19/24 could have long-term consequences. Monthly RSI has a bearish cross of its moving average line. Also Monthly Stochastic has bearish lines cross. These signals have not occurred since December 2021. Subsequently NVDA decline 69% from its November 2021 top. If NVDA now has a similar decline it could fall...

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Just one week ago NVDA looked like it could reach 1,000. Todays massive break of support now makes it more likely to reach 500. Only one Stochastic line has reached the overbought zone. RSI is above the oversold zone.

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My 03/12/24 post noted that NVDA could reach 1157.74. On 04/09/24 it appears NVDA may have completed a shallow month-long correction. Daily Stochastic has a bullish line cross. Its possible NVDA could reach the 1150 zone sometime in the next two weeks.

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The Dow Jones Equity REIT Trust is near important support at 2,288.51. A break below this level could open the door to a move back to its October 2023 bottom. Weekly RSI is below 50% which is bearish. Recently Weekly Stochastic had a bearish lines cross.

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A break of the DJU trendlines could determine its course for the next several weeks. A break above the DJU declining trendline from the December 2022 peak could open the door for a rally to 1,000. A break below the DJU rising trendline from its October 2023 bottom could trigger a move back down to the October 2023 bottom. A move below the weekly RSI moving...

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My 03/11/24 post illustrated NVDA may have bottomed out. Today NVDA rallied 7.16% which could be the start of a move to a significant peak. NVDA could be completing an Elliott Impulse wave from its November 2008 bottom. Within an Impulse wave there’s usually a Fibonacci relationship between the first and fifth waves. Primary wave “1” had a growth rate of ...

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NVDA bottomed close to Volume Profile – POC and a .618 retracement of its most recent rally. POC the widest part of Volume Profile is usually strong support or resistance. Next rally could at a minimum reach 1,000.

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The Semiconductor Index Elliott wave count since January 2022 is similar to the S&P 500. The SOX rally from the October 2022 bottom appears to be a developing Double Zigzag. The presumed Minor WAVE “C” looks like it could continue higher for one or two weeks.

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Of the” Magnificent Seven” thee of them are now in bear trends. The “Terrible Three” are Tesla (TSLA). Apple (AAPL), and Alphabet (GOOGL). TSLA made its high in November 2021. AAPL topped in December 2023. GOOGL peaked in January 2024. The big question now is - how long the other four “Magnificent Seven” stocks can keep pushing up the broader U.S. stock...

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Apple Inc (AAPL) has broken below price support at 179.25, and the widest part of the Volume Profile called Point of Control (POC). Price tends to move towards or away from POC. The downside break of POC could be very bearish. Note there is minimal support below 179.25. AAPL could quickly move down to its October 2023 bottom. Note RSI still has not reached...

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Nvidia (NVDA) is probably the most powerful U.S. stock and could make a significant top weeks after the main U.S. stock indices peak. Elliott wave analysis indicates an intermediate top could soon occur, then a correction before a 5th wave advance. Perhaps near 1,000. Weekly RSI supports this theory, usually stocks and stock indices have at least one RSI...

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A break below the 02/02/24 bottom at 179.23 could open the door for a move back down to the 10/26/23 bottom at 165.67. There’s no chart support below 179.23. CCI is now below its 02/02/24 reading and RSI is at it’s 02/02/24 reading. The momentum indicators and air below 179.23 implies a drop could be rapid. AAPL was a major leader in the post October 2023...

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Microsoft (MSFT) appears to have completed a textbook Elliott extended five wave pattern. If so, the next bear phase could ultimately take the stock down to the bottom made in October 2022. CCI has a bearish divergence with RSI deep in the overbought zone. This is frequently a signal for a potentially large decline. The first support is in the 310 to 325 area.

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On 02/09/66 the DJI made a major top at 1000.00. One month later it was down 9% by October 1966 the DJI fell by more than 26%. Tomorrow is 02/09/24 the 58 – year anniversary of this historic peak. Today the SPX hit 5000.00. It’s possible another major top at round number resistance could start on an important anniversary.

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Typically, when the SPX makes a significant top it occurs with a rising VIX. This happened at the SPX early 2022 top. The VIX made a primary bottom more than a month before the SPX ultimate top. When the SPX made its final high on 01/04/22, the VIX made a higher bottom. This is a subtle sign of increased bearish sentiment. The VIX rises when there’s...

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Since October 2023 the Nasdaq 100 (NDQ) has been much more bullish than the S&P 500 (SPX). NDQ rallied 25.7% while the SPX rallied 19.5%. On 01/26/24 something different happened, the SPX made a new high unconfirmed by NDQ. Also note the daily RSI for SPX has a significant bearish divergence and is in the over bought zone! A decline in the SPX down to at...