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

S&P 500 EOD Review 30 Jan 2012

The S&P 500 made a sharp move downwards to 1300 region and recovered to 1312. There is a few support lines at 1300 and it is not surprising to see the market bouncing off this level. A new development to note is that the hourly MACD has crossed into negative territory for the first time since 20 Dec 2012. Further downside is likely and the market is expected to correct to around 1260 as that is where the 200D MA is sitting at the current moment.

The market could also snap up from this support region and head higher still.

S&P 500 EOD Elliott Wave Chart 30 Jan 2012

S&P Fibonacci Confluence

The Fibonacci band at 1282 – 1296 is likely to provide support as the S&P 500 heads lower. If this band holds and the S&P 500 moves higher from there, we could see the market reaching for 1400 or even 1500.

S&P 500 Daily Fibonacci Chart 30 Jan 2012

S&P 500 Volume and MACD

The volume is still very light. The daily MACD is turning down and there is also divergence with the top made on 28 Oct 2011.

S&P 500 Daily Volume Chart 30 Jan 2012

S&P 500 EOD Review 24-Jan-2012

The market is edging itself slowly higher with low volume. It is looking very lethargic. There was two small downwards spike in the last two days which the market corrected. Is it the beginning of a 1-2-i-ii downwards structure? There needs to be more evidence to confirm that. The next session would likely make the path of analysis more clearer.

The 200 D MA is at 1257 and is flattening out indicating that  a base is being formed. The S&P could correct to that level and move upwards. That would likely be the final leg of this upwards move.

S&P 500 EOD Elliott Wave Chart 24 Jan 2012

S&P 500 Fibonacci Confluence

The Fibonacci band at 1282 – 1296 was broken which I did not expect. The next level is at 1235.

S&P 500 Daily Fibonacci Chart 24 Jan 2012

S&P 500 Volume

The volume is very light and is looking very dangerous for the bulls.

S&P 500 Daily Volume Chart 24 Jan 2012