S&P 500 EOD Review 17 Feb 2012

The S&P 500 has broken out of the mini triangle to the top and has found support at the top of the triangle line. Earlier I had mentioned that should the breakout to the top happen, the target is 1373. That is just another 12 points from here. Note that the move above 1370 would invalidate the count that labels the move since May 2011 as an impulsive Intermediate 1 of Primary C. I’ll be updating the longer term charts in next few days.

S&P 500 EOD Elliott Wave Chart 17 Feb 2012

S&P 500 Fibonacci Confluence

The S&P has hit the top of the current band at 1362. The next band is at 1415 – 1441.

S&P 500 Daily Fibonacci Chart 17 Feb 2012

S&P 500 Volume and MACD

The volume has increased slightly on the up days now. But there is no significant high volume which is typical at the end of the trend. The MACD pattern is like a rounded top and is slowly tapering down.

S&P 500 Daily Volume Chart 17 Feb 2012

 

S&P 500 EOD Review 16 Feb 2012

There is a slight breakout to the top of the horizontal move. If this holds, the target of 1373 is next. This horizontal move looks like a wave four or wave x rather than an ending wave. We can expect the final wave to pan out and hit 1373. The hourly MACD just bounced off the zero line again. The S&P 500 is tagging the bottom of the blue line and normally this would result in a move in the opposite direction which is up in this case.

S&P 500 EOD Elliott Wave Chart 16 Feb 2012

S&P 500 Fibonacci Confluence

The stock market is trying to make a move to the upper region of the current Fibonacci band. The top of the current band is at 1362.

S&P 500 Daily Fibonacci Chart 16 Feb 2012

S&P 500 Volume and MACD

The daily MACD is hovering at the same level oscillating up and down.

S&P 500 Daily Volume Chart 16 Feb 2012

S&P 500 EOD Review 13 Feb 2012

The market went down in what looks like an impulsive down move end of last week and today, the market recovered almost all of that down move. This upwards move could be called an impulsive move or a flat correction. Either way, the next more will likely be a downwards move and that would give us more clues as to whether has the trend changed.

The hourly MACD has bounced off the zero line which has been holding support since end of Dec 2011.

S&P 500 EOD Elliott Wave Chart 13 Feb 2012

S&P 500 Fibonacci Confluence

The S&P 500 went right back into the Fibonacci band having bounced off the lower band at 1338.

S&P 500 Daily Fibonacci Chart 13 Feb 2012

S&P 500 Volume and MACD

The Volume is relatively slightly lower than the down day end of last week. The daily MACD is flattening still. The market is holding on in a neutral manner. Let’s see what happens in the next session. That would give us indications of things to come.

S&P 500 Daily Volume Chart 13 Feb 2012