S&P 500 EOD Review 08 Feb 2012

Another day of slow moves. The market is chugging along like a slow coach. But with every upwards move, the MACD is diverging downwards. The blue line that I mentioned yesterday has once again proved to be a support. The longer the S&P 500 stays above this line, the more likely hood of this move holding up.

S&P 500 EOD Elliott Wave Chart 08 Feb 2012

S&P Fibonacci Confluence

Nothing much to add for the Fibonacci Confluence Band. The S&P 500 is sitting in the mid of the band between 1338 and 1362.

S&P 500 Daily Fibonacci Chart 08 Feb 2012

S&P 500 Volume and MACD

The volume is still light and the daily MACD is starting to turn up. But there is still divergence with the peak of 28 Oct 2011.

S&P 500 Daily Volume Chart 08 Feb 2012

S&P 500 EOD Review 6 Feb 2012

Well it’s another sideways day. Sideways move is usually consolidation days and it is likely we will see one more leg up before a correction. Target is around 1360. Point to note that the hourly MACD has broken through the resistance formed by the amber line. The 200 D MA has flattened and is starting to turn up.

S&P 500 EOD Elliott Wave Chart 06 Feb 2012

S&P 500 Fibonacci Confluence

The S&P has pierced the lower end of the Fibonacci band at 1338. It is now sitting in the middle of this band.

S&P 500 Daily Fibonacci Chart 06 Feb 2012

S&P 500 Volume and MACD

The volume is relatively low compared to the previous session which was a up day indicating that there are more buyers in the market. The divergence on the daily MACD is still there but it is flattening.

S&P 500 Daily Volume Chart 06 Feb 2012

 

S&P 500 EOD Review 23 Dec 2011

It looked like another lacklustre day but if we take a look into the details, one can find subtle indications that gives us valuable insight into the market. Firstly, the 200 MA was breached and the market closed higher that the 200 MA. This is a bullish move but the volume is very low which means that this move is not going to hold. It also closed above the red line that has formed since early July 2011. This also looks bullish but it is most likely a throwover which is quite common.

I’m expecting the S&P 500 to head lower from here to 1225 or 1200 region. This move up is likely the Subminuette b of Minuette (x). After this, we can expect Subminuette c to kick in. Only after that, we can expect the Minuette (y) to bring the S&P 500 to 1370.

The MACD is diverging which is also another indication that the momentum is waning and is likely to result in a downwards correction.

S&P 500 EOD Elliott Wave Chart 23 Dec 2011

S&P 50o Fibonacci Confluence

The S&P 500 is sitting between two major bands. This is the same situation it was in in early Nov and early Dec.

S&P 500 Daily Fibonacci Chart 23 Dec 2011

S&P 500 Volume

Volume was very light and this is typical character at major market turns. It looks very likely that a top is in for this move.

S&P 500 Daily Volume Chart 23 Dec 2011