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Point & Figure charts are great for illustrating support/resistance. A break below the 06/07/24 bottom implies a move down to primary support made on 05/03/24. A break below the 05/03/24 bottom could open the door for a rapid move down to the 2,165 to 2,185 area.

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Sometimes markets can turn on New/Full Moons plus or minus two trading days. There was a New Moon on 06/06/24. The next day SPX made a new all-time high unconfirmed by the Dow Jones Industrial Average and the Nasdaq Composite. Daily RSI and MACD had bearish divergences. The SPX moved marginally above the rising trendline of a bearish wedge. A multi- month...

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On 05/14/24 GME hit a manic peak at 64.83 then crashed 73%. GME then retrace a little more than .618 of its prior crash. The peak on 06/07/24 was 48.00 and it closed at 28.22. RSI and Stochastic are far from oversold. GME has a good chance of declining down to at least 10.00.

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Nvidia Corporation (NVDA) Elliott wave count from its major bottom made in October 2008 appears complete. On 05/30/24 NVDA high was 1,158.19. Major Fibonacci resistance is at 1,157.70 almost a bullseye hit. Daily MACD – Histogram has flattened out. Stochastic has bearish lines cross. None of the other “Magnificent Seven” stocks confirmed NVDA new high. None...

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Nvidia Corporation (NVDA) on 05/29/24 hit 1,154.92 major Fibonacci resistance is at 1,157.70. Just above that is the long – term rising trendline connecting the Oct 2018 and Nov 2021 peaks. MACD – Histogram and lines are still rising implying higher prices. NVDA could make a major top in one or two trading days.

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My 03/12/24 post illustrated that NVDA could reach 1157. Subsequently NVDA broke important support noted in 04/19/24 post. The NVDA 05/22/24 earnings report has put the stock back on track to hit what could be major resistance near 1,157.

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The SPX appears to be in the mid phase of an Elliott wave Expanding Flat. If a peak is made it will be labeled as Primary wave “B”. The next move could be a multi-month drop to at least the October 2022 bottom. A Common Fibonacci relationship between wave “B” and wave “A” in an Expanding Flat is wave “B” 1.382 the size of wave “A”. The January 2022 to...

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Assuming the SPX continues to trend lower an important bottom could be made on 05/17/24. The bull phase from 01/05/24 to 03/28/24 was 57 trading days multiplied by the Fibonacci ratio of .618 equals 35 trading days. Adding 35 trading days to 03/28/24 targets 05/17/24 for a potential SPX turn.

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The breakdown action of NVDA on 04/18/24 and 04/19/24 could have long-term consequences. Monthly RSI has a bearish cross of its moving average line. Also Monthly Stochastic has bearish lines cross. These signals have not occurred since December 2021. Subsequently NVDA decline 69% from its November 2021 top. If NVDA now has a similar decline it could fall...

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Just one week ago NVDA looked like it could reach 1,000. Todays massive break of support now makes it more likely to reach 500. Only one Stochastic line has reached the overbought zone. RSI is above the oversold zone.

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My 03/12/24 post noted that NVDA could reach 1157.74. On 04/09/24 it appears NVDA may have completed a shallow month-long correction. Daily Stochastic has a bullish line cross. Its possible NVDA could reach the 1150 zone sometime in the next two weeks.

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The Dow Jones Equity REIT Trust is near important support at 2,288.51. A break below this level could open the door to a move back to its October 2023 bottom. Weekly RSI is below 50% which is bearish. Recently Weekly Stochastic had a bearish lines cross.

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A break of the DJU trendlines could determine its course for the next several weeks. A break above the DJU declining trendline from the December 2022 peak could open the door for a rally to 1,000. A break below the DJU rising trendline from its October 2023 bottom could trigger a move back down to the October 2023 bottom. A move below the weekly RSI moving...

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My 03/11/24 post illustrated NVDA may have bottomed out. Today NVDA rallied 7.16% which could be the start of a move to a significant peak. NVDA could be completing an Elliott Impulse wave from its November 2008 bottom. Within an Impulse wave there’s usually a Fibonacci relationship between the first and fifth waves. Primary wave “1” had a growth rate of ...

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NVDA bottomed close to Volume Profile – POC and a .618 retracement of its most recent rally. POC the widest part of Volume Profile is usually strong support or resistance. Next rally could at a minimum reach 1,000.

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The Semiconductor Index Elliott wave count since January 2022 is similar to the S&P 500. The SOX rally from the October 2022 bottom appears to be a developing Double Zigzag. The presumed Minor WAVE “C” looks like it could continue higher for one or two weeks.

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Of the” Magnificent Seven” thee of them are now in bear trends. The “Terrible Three” are Tesla (TSLA). Apple (AAPL), and Alphabet (GOOGL). TSLA made its high in November 2021. AAPL topped in December 2023. GOOGL peaked in January 2024. The big question now is - how long the other four “Magnificent Seven” stocks can keep pushing up the broader U.S. stock...

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Apple Inc (AAPL) has broken below price support at 179.25, and the widest part of the Volume Profile called Point of Control (POC). Price tends to move towards or away from POC. The downside break of POC could be very bearish. Note there is minimal support below 179.25. AAPL could quickly move down to its October 2023 bottom. Note RSI still has not reached...