SPX Major Upcycle's Elliott Wave Count = Wave 5
The SPX (S & P 500) Major Upcycle/Cyclical Bull Market since 3-6-09 appears to be peaking, in the final Wave 5 Intermediate Term Upcycle now, see the new chart one at http://www.JoeFRocks.com/GoldStockCharts.html.
Labels: Business, Finance, Markets, Money, News, SPX, Trading
posted by Joe Ferrazzano at
9:49 PM
8 Comments:
SPX's (S & P 500) volume spiked dramatically today 3-19-10, at 4.765 billion shares (Google Finance says 4.810 bln sh right now, and, StockCharts' SPX volume will probably increase in the next hour) vs 3.579 billion shares yesterday 3-18-10 vs 60 day EMA at 3.899 bln sh, which suggests that the SPX (S & P 500) Monthly Upcycle since 2-5-10 probably/might have (massive Fed Credit delta of nearly +$30 Billion in 5 day period ending 3-17-10 is a major factor) peaked at 1169.84 on 3-17-10 (St Patrick's Day), because, a dramatic volume spike usually/almost always confirms/coincides closely with a price spike/cycle high (or an inverse price spike/cycle low), see the daily candlestick chart at http://bit.ly/i0nsT.
Note that SPX (S & P 500) put in a bearish slightly lower double top today at 1169.20 vs 1169.84 on 3-17-10.
By
Joe Ferrazzano, at 2:03 PM
Also, today 3-19's SPX daily candle is bearish/dark with a small spike.
By
Joe Ferrazzano, at 2:06 PM
There's also obviously a chance that SPX's Major Upcycle since 3-6-09 peaked at 1169.84 on 3-17-10 (St Patrick's Day).
By
Joe Ferrazzano, at 2:09 PM
Today 3-19-10's Fed Credit was well below the recent average (about $5.300 Billion average), at $3.862 Billion, see http://www.ny.frb.org/markets/seclend/sec_lendop.cfm, coinciding (no coincidence, Fed Credit/liquidity fuels the large index-related program traders) with significant SPX (S & P 500, http://stockcharts.com/charts/gallery.html?s=spx) weakness today.
By
Joe Ferrazzano, at 4:14 PM
SPX's (S & P 500, http://bit.ly/i0nsT) very flat downtrend since the 3-17-10 1169.84 cycle high (1169.20 bearish double top on 3-19-10) points to a substantial decline soon, because, it's probably the relatively flat part of a large Short Term Downcycle, see http://bit.ly/i0nsT.
By
Joe Ferrazzano, at 1:19 PM
SPX Wall of Worry (SPX vs VIX) very bearish collapse since yesterday 3-22, http://bit.ly/vryF4
By
Joe Ferrazzano, at 3:24 PM
Fed Securities Lending was a very light $2.895 Billion today/on 3-23, which is a bearish indication.
By
Joe Ferrazzano, at 3:26 PM
Fed Securities Lending was a very light $3.747/$2.895 Billion on 3-24, 3-23, which is a bearish indication.
By
Joe Ferrazzano, at 3:16 PM
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