Market Remarks

U.S. Major Indices: Uptrend Continues, Approaching Dec-Nov Resistance Levels

Sunil Sharma

S&P 500

Current Trend: Confirmed Uptrend
Monthly
  • Up-sloping channel; at the median of a regression channel
  • RSI made a Bearish Divergence in September 2018 and is below a downtrend line since
Weekly
  • Potential emergence of Arthur Merrill’s W7 or W11 or W12 wave patterns
  • RSI-9 made a Bearish Divergence on 17-Sep-18; trying to break above a downtrend line; coming off oversold on 24-Dec-18
Daily
  • At 78.6% retracement of decline from 2940.91 on 21-Sep-18 to 2346.58 on 26–Dec-18
  • Near resistance levels created by the high of 2800.18 on 3-Dec-18 and 2816.94 on 17-Oct-18
  • Need to move above 2815.15 to break the sequence of lower high and lower lows continuing since Sep-18
  • Stochastic (70,1,3) Pop since 11-Feb-19 previous one lasted from 5-Jul-18 to 4-Oct-18 and the index rose from 2736.61 to 2901.61

Swing Highs and Lows

Time Frame High Low
Last Swing Monthly 2940.91 (Sep-18) 2346.58 (Dec-18)
Weekly 2815.15 (11-Nov-18) 2346.58 (24-Dec-18)
Daily 2738.98
(5-Feb-19)		 2681.83
(8-Feb-19)

Pivots

Timeframe Pivot R1 R2 R3 S1 S2 S3
Monthly (Jan-19) 2619.00 2794.05 2883.99 3059.04 2529.06 2354.01 2264.07
Weekly (22-Feb-19) 2783.81 2803.06 2813.46 2832.71 2773.41 2754.16 2743.76

S&P 500 – Monthly

S&P 500 –  Weekly

S&P 500 – Daily

Dow Jones Industrial Average

Current Trend: Confirmed Uptrend
Monthly
  • Up-sloping channel; near the upper bound of a regression channel
  • Stochastics Spike in Dec-18
Weekly
  • Made a Double Top on 1-Oct-18; Break below the intermediate low did not sustain; nearing the top
  • RSI-9 nearing a downtrend line from 22-Jan-18 high
Daily
  • Above 78.6% retracement of decline from 2695181 on 03-Oct-18 to 21712.53 on 26-Dec-18
  • Near resistance levels created by the high of 26277.82 on 8-Nov-18
  • Need to move above 26277.82 to break the sequence of lower high and lower lows continuing since Oct-18
  • Stochastic (70,1,3) Pop since 12-Feb-19 previous one lasted from 16-Aug-18 to 08-Oct-18 and the index rose from 2736.61 to 2901.61

Swing Highs and Lows

Time Frame High Low
Last Swing Monthly 26951.81 (Oct-18) 21712.53 (Dec-18)
Weekly 26277.82 (5-Nov-18) 2346.21712.53(24-Dec-18)
Daily 25439.04
(6-Feb-19)		 24883.04
(8-Feb-19)

Pivots

Timeframe Pivot R1 R2 R3 S1 S2 S3
Monthly (Jan-19) 24249.23 25860.06 26720.44 28331.27 23388.85 21778.02 20917.64
Weekly (22-Feb-19) 25948.97 26135.74 26239.66 26426.43 25845.05 25658.28 25554.36

Dow Jones Industrial Average – Monthly

Dow Jones Industrial Average – Weekly

Dow Jones Industrial Average – Daily

NASDAQ Composite

Current Trend: Confirmed Uptrend
Monthly
  • Up-sloping channel; at the median of a regression channel
  • RSI made a Bearish Divergence in Sep-19 and is below a downtrend line since
Weekly
  • Broke above a down-sloping flag on 21-Jan-19
  • RSI-9 come off oversold on 17-Dec-18
Daily
  • Between 61.8% and 78.6% retracement of decline from 8133.30 on 30-Aug-18 to 619017 on 24–Dec-18
  • Near resistance levels created by the high of 7572.93 on 07-Nov-18 and 7670.49 on 17-Oct-18
  • Need to move above 7572.93 to break the sequence of lower high and lower lows continuing since Aug-18
  • RSI-9 moving along or near 70 since 18-Jan-19; above 40 and rising since 26-Dec-18

Swing Highs and Lows

Time Frame High Low
Last Swing Monthly 8133.30 (Aug-18) 6190.17 (Dec-18)
Weekly 7572.93 (5-Nov-18) 6190.17 (24-Dec-18)
Daily 7410.77 (6-Feb-19) 7225.14
(8-Feb-19)

Pivots

Timeframe Pivot R1 R2 R3 S1 S2 S3
Monthly (Jan-19) 7014.00 7570.86 7859.99 8416.85 6724.87 6168.01 5878.88
Weekly (22-Feb-19) 7495.32 7559.76 7591.97 7656.41 7463.11 7398.67 7366.46

NASDAQ Composite – Monthly

NASDAQ Composite – Weekly

NASDAQ Composite – Daily

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