Today 11/29/16 the Nasdaq Composite made a new 2016 high that was unconfirmed by the other two main US stock indices; DJIA and SPX . This combined with the VIX non confirmation, FTSE bearish pattern and evidence of a significant Copper peak indicate US stocks may have reached an important top.
The SPX high on 11/29/16 may have been the termination point of a rare Running Flat. In this formation wave (c) fails to exceed the termination point of wave (a). This is a very bearish pattern and if correct the SPX could quickly drop significantly below the bottom labeled (b) at SPX 2198.
Stop loss point for shorts is a move above SPX 2210.50.
If the SPX closes down on 11/30/16 I will post a daily SPX chart with down side price target.
Mark
The SPX high on 11/29/16 may have been the termination point of a rare Running Flat. In this formation wave (c) fails to exceed the termination point of wave (a). This is a very bearish pattern and if correct the SPX could quickly drop significantly below the bottom labeled (b) at SPX 2198.
Stop loss point for shorts is a move above SPX 2210.50.
If the SPX closes down on 11/30/16 I will post a daily SPX chart with down side price target.
Mark
Pattern in place in the S+P is also a textbook" Reverse Head and Shoulder's "pattern, with 2200 Base Support.
2210 is resistance, and a move above that neckline could bring a quick move up to 2219-2220
Stock futures are rallying, as there is talk of an OPEC agreement, with crude oil futures spiking higher by $2.00
Joe
Thanks for the comment. The move up in S&P futures looks like the H&S pattern is correct.
If the stop level I noted in the post is hit the SPX could rally to the next Fib resistance at SPX 2219.
Mark