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The S&P Stock Market Index Vibrating At Critical Mass

Stock-Markets / US Stock Markets Jul 20, 2007 - 09:32 AM GMT

By: Joseph_Russo

Stock-Markets

Nearly a year ago, back in September of 2006, we shared a keen and timely awareness as The Dow Approached Critical Mass . Save for the miserable comparative retracement performance from the tech-sector off the 2002 lows, numerous equity indices have since broken decisively to the upside above their previous historic highs. The S&P is one of the last to arrive.

The mother of all benchmarks is on the hot-seat

As we pen this market update, the S&P has yet to close above 1553.11. Perhaps it will do so by today – perhaps not.


We suspect the recent surge in out-performance by the NASDAQ (leadership?) might simply be a matter of funds chasing after the most undervalued laggards relative to the levels of advance achieved in most other major indices.

For longer-term investors, position traders, and the most astute Elliott Wave connoisseurs, we have laid out specific forecasts and price targets for the Intermediate, Primary, Cycle, Super-Cycle, and GRAND SUPER CYCLE Degrees of trend in force from 1696!

Yes, we have acquired and exhaustively analyzed data spliced to the Dow from the British All-Shares Index 1693-1853. Thereafter, we spliced the Clement Burgess Index from 1854-1895! From 1896 forward, we follow the Dow Jones Industrials in its present form.

To our knowledge, no charting service presents a more robust, organized, and accurate historical accounting of the wave structures at the largest degree of trend than Elliott Wave Technology. With proven mastery over such large-scale time horizons, it stands to reason that we are equally adept at calling the short-moves in the market with similar levels of skill, patience, and accuracy.

For active index traders, we continue to identify and capture - with near-perfection - virtually all of the swings, trade-triggers, and short-term price targets in our Near Term Outlook publication.

To get a grip (and keep it) on where the major markets are heading in both the long and short-term, there is simply no better venue than Elliott Wave Technology.

That said – let's take a look at where the weekly charts are trading…

Markets at a glance INDEX TRADERS EDGE Vol. 7

Edit ChartEdit Chart

U.S DOLLAR DOW JONES INDUSTRIALS

The Dollar is at its own level of critical mass, which vibrates about the 80.39-80.14 levels. Should these levels soon become “price-ceilings,” hold on to your hats! The Dow has broken out of its recent range with a “summer-rally” resolution following the well telegraphed, “ June Swoon .” Who knew?

Edit ChartEdit Chart

GOLD S&P 500

As we anticipated, Gold broke to the upside side quite nicely from a nest of falling wedges, and is now approaching a key eight-week resistance level just under 680. Like the Dow, the S&P has also broken to the upside, now vibrating at its critical- mass closing resistance of 1553.11. Until next time …

Trade Better / Invest Smarter...

By Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Copyright © 2007 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

Joseph Russo Archive

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