Market Updates

Market Update Thursday 4/14

April 14, 2011
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The June SP500 Emini futures (full-session) are trading down about 6 points premarket, or about 7 point below fair value. They now are showing a completed 5 wave structure exactly at the wave 5 projection (wave 5 = wave 1), coincident with the significant 38% retracement support level and previous intermediate low (1300.25). The futures traded to 1299.75. They are now at OS levels where recent lows have been formed.  This sets the stage for at least a short term low this morning.

 

Market Update Wednesday 4/13

April 13, 2011
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The SPX found support yesterday at the 1310 level and is at levels on the OBOS osc where recent lows have been formed. Resistance is now the neckline from the topping pattern at 1324.5

 

Followup: SPX 1310

April 12, 2011
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The SPX has reached initial support at 1310 and is OS. Need to see evidence and confirmation of a short term low before action.

Market Update Tuesday 4/12: SPX Projection 1305-1310

April 12, 2011
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With the futures down this morning the SPX will likely confirm the break of it’s short term HS top, neckline 1324.5. This will complete the wave 5 structure we were looking for (see 4/8 Elliott and Current market video post). Support now the general area of wave 4, with the  daily 50ma at 1314, the HS projection of 1310 and the 38% retracement at 1305. The Int Term OBOS osc points to at least a short term low in this area.

 

Market Update Monday 4/11

April 11, 2011
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Futures (day session e-mini) still defending gap area from 3/30, although NYSE cumtick (purple) is showing seller anxiety (stocks trading on the bid). However…market has worked off a quite  an OB condition without much damage  (less than 20% ret.) and is now is slightly OS.

Market Update: Gold and Silver

April 5, 2011
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Seeing a lot of breakout activity in secondary and small cap gold and silver stocks today. On watch list: AAU, AUMN, AZC, CDY, ESPZF, EXK, GBG, KBX, MDW, MGH, NSU , UXG

Market Update

April 4, 2011
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The market seems to be stalling/finding expected resistance at wave 5 target and old highs.  Note the market OB and OSC turning down.  Also note OB turning lower on 55-minute intermediate term  momentum oscillator (yellow).

Given above situation…  If we break Friday’s lows now it would probably confirm a wave five high, and we’d look for a pullback to the 1304-1310 area.  This area also coincides with:

1.  Wave 4 low

2. 50ma and 20ma

3.  38% retracement level

SPX Weekly Wave Counts and Projections

March 31, 2011
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