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Daily update 08.09.2018: Well, we’ve been watching paint dry for the last three days (the market is so far only higher due to Monday’s rally), but the close each day has been down not up. Today we were presented with an even larger pullback and the micro count suggests -for the SPX as the NAS/NDX made new highs- that wave (2/b) completed today and wave (3/c) is underway.
Daily update 08.08.2018: Today was an >7p pullback which could suggest the uptrend off the SPX2796 low has ended (see Figure 1). In addition, it appears there are five micro-waves down from yesterday’s high to today’s low followed by a corrective bounce. This suggests we should see lower prices tomorrow. If so, then we should see at least a retest of today’s low for a c=a or up to SPX2842 on a 2.00x Fib extension for a standard impulse down, which is at support (blue band). Other than that, not much to add.
Daily update 08.06.2018: In the weekend update I mentioned “This would mean the S&P could go all the way back to SPX2848 or even a bit higher as the micro-waves off the orange 4 low suggest price can reach as high as SPX2852 to complete wave-5 …, but it’s not necessary as price reached the 5=1 relationship. This would then make for a flat to irregular flat and wave-c can then either reach to SPX2796 once again or possible as low as SPX2770 (assuming c=1.618x a; but it can even extend to c=2.618x a but we don’t know this yet).”
Daily update 08.02.2018: Corrections are always very hard to correctly forecast and foresee due to the many twists and turns a, b, and c waves can take (the are simple many different types of corrections while there’s only two types of impulse: diagonal and regular). Thus today’s lower open and rally (turn around) most likely presents us with the Elliot Wave counts shown in Fig 1A and B for the S&P and NAS.