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Year-end Effort at Stock Market Elevation

Stock-Markets / Stock Markets 2015 Dec 29, 2015 - 05:57 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Good Morning!

SPX Premarket is higher today and threatens to break through the 50-day Moving Average at 2065.13. This is all part of the effort to have SPX close in the black for 2015. It fits the profile of a Wave [e], since these waves tend to be rogues and often advance beyond the Triangle trendline. The Cycles Model calls for a reversal tomorrow or Thursday. We’ll see if the efforts to keep the markets elevated can last the rest of this week..

David Stockman comments, “The S&P 500 closed at 2052 on November 18,2014. That was 405 days ago, and despite the rips and dips in the interim the broad market average has gone nowhere.


So two of the Wall Street bromides that have lured punters into the casino since the March 2009 bottom are now failing. To wit, there have been about 33 attempts to rally off the dip during that period, but that gambit is self-evidently no longer working.”

Normally a trendline is a line in the sand to take profits or avoid losses. However, I would advise caution, since the market may be on a hairpin trigger. The 50-day, 100-day, 200-day and Intermediate-term Support/resistance lines are all at 2061.00 to 2065.00.

VIX futures are down .25 at this time and may retest the Bullish flag trendline near 16.00.

The Hi-Lo is positive and off its sell signal.

Gold and Crude are both in a retracement rally, so if the connectedness between them and SPX remains, we may see a short-term rally in SPX as well. .

Wave (e) in the current TNX bearish Triangle does not appear finished yet. It may rally to the upper trendline, but that is not assured. Again, we are on notice of a potential hair trigger when TNX declines beneath the 50-day Moving Average at 22.04.

Regards,

Tony

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