S&P 500 EOD Review 24 Feb 2012

The S&P 500 moved higher than expected and invalidated the previous downwards move that I had been following for the past few days. But the Ending Diagonal scenario is still valid. It is likely that the current leg of the Ending Diagonal is panning out in a flat correction rather than a zig-zag. After this leg which is expected to go as low as 1346 is over, the leg E is anticipated with a target of 1380 region. This market is really hard to track which is typical of corrections.

S&P 500 EOD Elliott Wave Chart 24 Feb 2012

S&P 500 Fibonacci Confluence

Once again the market broke the upper band at 1362 and closed above it.

S&P 500 Daily Fibonacci Chart 24 Feb 2012

S&P 500 Volume and MACD

No change in the volume, it is still light. The MACD is getting lower by the day.

S&P 500 Daily Volume Chart 24 Feb 2012

S&P 500 EOD Review 21 Feb 2012

The S&P 500 made another higher high at 1367 before heading lower in what looks like an impulsive move. It looks like waves 1-2-3-4 completed and 5 will get underway. It could also be just a corrective a-b-c which means that we’re likely to see another higher high.

The hourly MACD is still diverging with this peak at 1367.

S&P 500 EOD Elliott Wave Chart 21 Feb 2012

S&P 500 Fibonacci Confluence

The S&P 500 broke through the upper boundary of the current Fibonacci band at 1362 and came back down to close within band.

S&P 500 Daily Fibonacci Chart 21 Feb 2012

S&P 500 Volume and MACD

No change in the daily volume. The daily MACD is turning down but no major change in that as well.

S&P 500 Daily Volume Chart 21 Feb 2012

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