S&P 500 EOD Review 11 Jan 2012

Another lacklustre day with low volume and no clear direction. Market internals are weakening, the MACD is clearly heading down with every upwards move in the market. I’m maintaining a correction to 1250 region or even lower.

S&P 500 EOD Elliott Wave Chart 11 Jan 2012

S&P 500 Fibonacci Confluence

The S&P 500 is still stuck in the middle of the confluence band. There could be one more stab to touch 1300 before heading downwards.

S&P 500 Daily Fibonacci Chart 11 Jan 2012

S&P 500 Volume

The volume is still light. Market is undecided which way it wants to go.

S&P 500 Daily Volume Chart 11 Jan 2012

S&P 500 EOD Review 28 Dec 2011

Another indecisive day with low volume. The trading range is getting very narrow and would likely remain so until next week when most people come back from their holiday. The S&P 500 would likely stage a major move then. But it could go either way so caution is needed.

My count is still labelling the move up from 19 Dec 2011 as a Subminuette b and Subminuette c is underway to 1205 region.

S&P 500 EOD Elliott Wave Chart 28 Dec 2011

S&P 500 Fibonacci Confluence

The S&P 500 pierced through the Fibonacci band at 1252 – 1255 and came back down and closed right below this band.

S&P 500 Daily Fibonacci Chart 28 Dec 2011

S&P 500 Volume

The volume is very light with a lot of people still in holiday. Any major move can only be expected next week.

S&P 500 Daily Volume Chart 28 Dec 2011

S&P 500 EOD Review 12 Dec 2011

The S&P 500 headed lower and invalidated the 1-2 count that I had. The S&P 500 is still in the final leg e of the Expanding Triangle with the a portion of the a-b-c zig-zag done and b in progress. The b is likely to progress to about 1241 and then we can expect the c leg in impulsive pattern down to around 1225.

The MACD is getting weaker and the expected break through the zero line to the top did not materialise.

S&P 500 EOD Elliott Wave Chart 12 Dec 2011

Alternate View

The Alternate view is that the Subminuette iii has started with Submicron 1 and 2 completed and Submicron 3 in progress.

S&P 500 Fibonacci Confluence

The top of the Fibonacci Confluence band at 1219 – 1228 was tested and the market moved slightly higher but no able to retrace the down move.

S&P 500 Daily Fibonacci Chart 12 Dec 2011

S&P 500 Volume

The volume is decreasing still and this is typical of consolidation phase.

S&P 500 Daily Volume Chart 12 Dec 2011