Monday, 13 June 2016

Blog post: S&P 500 peaking, turning lower, next move toward 1800?

Toward the end of May I titled a post "S&P 500 beginning new up trend? Or range bound and peaking?". In my view the evidence presented by the market since that time favours the latter option, as we've seen a brief foray higher quickly reversed..

Daily chart shows my favoured Elliott Wave count for the S&P cash futures. The coming wave C could be much larger than illustrated. Of course, there are more bullish alternate counts. A return by the market to the prior trading channel will further favour the bearish case.

Weekly chart next. The bearish MACDH divergence favours that the market is peaking.

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