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SPX Reaches 61.8% Retracement

Stock-Markets / Stock Index Trading Mar 30, 2015 - 05:45 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX reached a high of 2088.25, just 9 ticks beneath the 61.8% retracement level and 65 ticks from the point at which Wave v equals Wave I (2088.80). It appears to be about to cross beneath Intermediate-term support/resistance at 2085.85. The likelihood of the retracement being complete is very high. No buy signal was given, so the only thing I might add is to add to any short positions at this time. This retracement was stronger than expected, but considering the end of the quarter is almost here, it makes sense that this rally could be engineered for large investors to take profits at the expense of retail investors.


VIX has made a reversal off its low today. Friday’s bottom looked awfully inviting, but today’s low was still only a fraction lower.

The NYSE Hi-Lo is above its 50-day Moving Average, so we will have to look for another day to get a sell signal confirmation from it. Its Slow Stochastic is at 100.00, so it is overbought to the extreme.

GLD has made three waves down. In order to be a reversal it needs five waves. This can be accomplished with a decline down to Short-term support at 112.93 before a retracement ensues. We’ll wait for the fifth wave and retracement before giving any sell signal at this time.

Regards,

Tony

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