Technical Analysis of Stock Market
In this technical analysis of the stock market video I review the Dow Jones Industrial Average (INDU) and the S&P 500 (SPX) daily, and weekly charts and their Elliott wave picture.
We then review the price action in the VIX which exploded on Friday followed by an instrument that sometimes gives us a heads up on fake-out moves in the market.
We conclude the video by reviewing the Bloomberg Commodity Index (BCOM) and oil. For oil I use the United States 12 Month Oil ETF (USL). Oil had a huge move down on Friday with West Texas Intermediate futures dropping 12%.
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12 Comments
Thanks Joseph
❤️👍
Thank You
Excellent analysis…
We might have to go to the canary store and buy a new canary lol
Love from India. Sir.
Thanks for the weekend update. Deeply appreciate!
Thanks Joe, great stuff!
I do not disagree that the scenarios you’ve presented are very viable and could, ultimately, turn out to be correct. However, there is another scenario that I don’t think you’ve seriously considered. That is rather than wave 5 having just finished or is coming to a close, that it is wave 3 that has finished and that wave 4 from the March, 2020 low, has commenced. This is based on my own interpretation of the Elliott Wave structure, plus what I’m hearing from others, including non-Elliott Wavers. If this is indeed the case, which I believe it is, then wave 4 could fall to about 3528.03, which I believe that was the wave 1 high, before it would become invalidated. As you say we shall see.
As for oil, I’m in complete agreement with you. I’ve been expecting wave 2 down. It is interesting to note that while oil had a big down day on Friday, natural gas had a big up day. It appears to have just come out of wave 4 and has just started wave 5, which should see it rise to new highs before it enters wave 2.
it was so retarded that we got that vix explosion on a early market close day at 1pm ET.. I could have done things differently, but it ruined the chances of one of my favorite set ups from showing up 🙁
Thank you. Breakdown watch! Great job.
I bought $15k of IWM $220 calls expiring Monday. This is a buy the dip market until I'm proven otherwise. Maybe I'll be proven otherwise. But I'd be surprised.
Thanks for this- you introduced me to charts I've not followed before, such as the GSCI. Thank again.