Some technical analysis for your weekend reading:
With the markets entering correction territory this week, I figured it would be a good time to check with with Tony and the Elliot Wave Lives On blog. He does not disappoint.
Another volatile week. While the range for the week was not that wide, (SPX 1770-1799), the wild swings every day, and sometimes intraday, were. For the week the SPX/DOW were -0.75%, the NDX/NAZ were -0.60%, and the DJ World index was down 1.20%. Economic reports for the week were about two to one on the positive side. On the uptick: Q4 GDP, Case-Shiller, consumer confidence/sentiment, personal spending, PCE prices, Chicago PMI, monetary base, and the WLEI. On the downtick: new/pending home sales, durable goods orders, the M1-multiplier, and weekly jobless claims rose. Next week will be highlighted by Payrolls, ISM and Auto sales.
LONG TERM: bull market
In the wonderful world of Elliott Wave analysis there are now, and have been before, counts floating around suggesting this bull market ended with an ABC up from 2009 at the recent DOW 16,588 high. Two comments on this count with historical references. First. For…
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