Moving Averages

The cash S&p500 is having a hard time at resistance provided by the "red" moving average. Notice how this was also at a cluster of many open and closing prices between Aug 9-14. 1447 is also 180 degrees up (1/2 the circle) from the bottom.

There was also a negative reversal in the RSI chart yesterday at this resistance; target of 1399. I don't feel quite as confident in this signal as the last one since my other momentum indicator is not confirming. However; I do feel a pullback here would not be surprising. A pullback for a day or two would set us up for a run towards the blue and green moving averages.

Math is Beautiful

We have arrived at Thursday. I do expect a bounce from here but the larger decline is not over; as indicated by our momentum indicator (top line in red) which is making a new low along with price.

However; we do have the second side of a 3-D pyramid in place and the Elliott wave iii decline was 3.618 times that of wave i.

So a bounce. Maybe we should keep our eyes peeled for a quick (over the next couple of days) move towards 1500 on the cash s&p. Maybe.

Market Geometry

It is always comforting, when you are expecting a market turn, to see a Fibonacci Triangle appear.