Despite concerns and volatility, SPX was up 1.39% this past week.
SPX also closed above its 2022 trendline for a second week.
The upswing from the March low looks corrective so far, unless a triangle wave four is in progress.
An interesting possibility is that there was a failure and we have an orthodox low to conclude an irregular flat since the Jan high (Chart 2 and 3, blue C(2).
I note NASDAQ lows of Jun, Oct & Dec 2022 is trading below the 50% support level of the 2020-2021 up wave. And its only rallied just above them. RUT similar.
ReplyDeleteIf LT future trend for it was up then one would expect those lows to be around 0.618 or 50% not have broken them. (Your comments MTU ?)
But DJIA SPX NYA RUI W5000 have remained above those % levels.
I note on RUI that there is 5 waves down from the 2021 peak to Oct 22 and just past 3 waves up wit the last wave only retracing 50% before declining. Chart from 2009-2021 is interesting.
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EU Indexes
UKX (FTSE 100) saw substantial decline the past few weeks after some type of 5 wave seq from the 2020 low to late 2021 or early 2022 followed by what looks like a 5 wave decline in compressed format to Oct 22, then a 3 wave rally from Oct 22 so far.
German DAX saw a modest decline the past few weeks after some type of 5 wave seq from the 2020 low to late 2021 or early 2022 followed by what looks like a clear 5 wave decline to Oct 22, then a 3 wave rally from Oct 22 so far.
Both have min req. now for a large deg 5 wave seq from 2009 to 2021-22 peaks. NIKKI 225 too.
SMAC Update 24 March Week End Mkt Close -
ReplyDeleteMy SPX & DJIA SMAC trend indicators are both still declining.
DJIA one gave down signal on 22 Feb.
SPX one gave down signal on 28 Feb.