On 12/30/16 the SPX bottomed at 2233.60 in the area of three Fibonacci coordinates. .236 retrace of the rally from 11/3/16 at 2083.80 to 2277.50 = 2231.80 .50 retrace of the rally from 12/1/16 at 2187.40 to 2277.50 = 2232.40 wave (II) to .b is a near perfect 1.382 ratio to wave (I)
Additionally, both the 15 minute RSI and MACD have bullish divergences.
The best wave count has an Elliott wave Expanding Flat forming. *see page 47 of "Elliott Wave Principle" Upside target zone is SPX 2254 to 2258.
Three Fibonacci coordinates is powerful support and will take a powerful move down to break. If at any time during trading 1/3/17, the SPX goes below 2230 it will open the door to at least a 20 point move down either on 1/3/17 or 1/4/17.
Mark
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Hi Mark,
i agree with your idea. If ever this information might be true than there might be 10 B US-Dollar going to work in the first trading days of January. For my opinion Traders and Investors try to avoid to go long into the new year.
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Investors favor stock funds over bonds, reversing 2016 trend
"We probably could see this trend continue through the end of the year and then into the inauguration," said David Mazza, head of ETF and mutual fund research at State Street Global Advisors. "Then, from there, it's what will those first 100 days look like."
Thanks for the comment. Any possible rally on 1/3/17 could be brief and could come short of the target I illustrated in my 12/31/16 post
I will have another post explaining later today.
i agree with your idea. If ever this information might be true than there might be 10 B US-Dollar going to work in the first trading days of January. For my opinion Traders and Investors try to avoid to go long into the new year.
.
.
Investors favor stock funds over bonds, reversing 2016 trend
"We probably could see this trend continue through the end of the year and then into the inauguration," said David Mazza, head of ETF and mutual fund research at State Street Global Advisors. "Then, from there, it's what will those first 100 days look like."
Source: investing.com/news/economy-news/investors-favor-stock-funds-over-bonds,-reversing-2016-trend-450425