Monday, October 20, 2014

Market Dashboard - little change

Not much has changed in market conditions.  A mild upswing is probably underway as a "B" wave in this correction.  I still consider the market risky for Bulls.

Saturday, October 18, 2014

Market Dashboard - Bounce, but not the end of downdraft

I think Friday's bounce was the start of an intermediate "B" wave, in Elliot Wave terms.  That said, we could see some more upside out of it, but I don't think we are done with Primary Wave IV.  Think 2011 for reference.  

The SPY chart below looks like it is approaching a low point with regard to price volume, so I'm considering that as a potential point of resistance for bulls.

Monday, October 13, 2014

A quick selloff late this trading day continued to confirm EW theory that we are in Primary Wave 4. This means we are likely in a downtrend that will continue to last for a couple months.  Intermediate rallies are a possibility, but they are risky and difficult to predict.  The failure of the market to move into the overbought range of the RUM Wave indicators confirms the EW theory.  Overall, bullish market bets are risky.

Tuesday, October 7, 2014

Market Dashboard - Neutral

Another brutal day for bulls in the market.  EW suggests more downward movements to come.  It is hard to say with conviction that a bullish rally is imminent given the recent declines.  Any decisions to make a bullish bet on the market should be considered very high risk.

Monday, October 6, 2014

Market Dashboard - Bullish

RUM Wave indicators are still suggesting a bullish trend.  Tomorrow's action will be a good tell for which way the market wants to move.

Sunday, October 5, 2014

Wednesday, October 1, 2014

Market Update-bearish

All signs point to a large corrective wave.  Indicators are at very low levels, but the failure of the market to move higher and the Elliot Wave count are signaling continued bearish overtones.