Latest Market Update
Positive Reversal and Ninth Wave
Monday, June 17, 2013
The momentum indicator suggests that the broad stock market could have a positive reversal from its one-month-long pull back. It provides an opportunity for the S&P 500 index to potentially break out to a new high with the last impulse minute wave in the extension of minor wave 3. The broad stock market should be in a short-term bullish time-window until 7/3/2013. We continue monitoring the “Bump and Run Reversal Top” for the S&P 500 index and the “Bump and Run Reversal Bottom” for gold/silver mining stocks. More »
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This is a weekly newsletter providing market updates with technical review of the current market status for major indices of US and BRIC stock markets, gold and silver, oil, US Treasury, and US dollar.
Here is a short list of highlights covered this week:
- Momentum Indicator Suggests a Potential Positive Reversal
- Intermediate-Term Picture of the S&P500 Index
- Long-Term Picture of the S&P 500 Index
- Short-Term Picture of the S&P 500 Index
- Market Ratio and Competitive Strength
- Gold Forming 9-Week Horizontal Trading Range
- Long-Term Picture: Silver Has Room to Fall
- Gold/Silver Stocks in “Bump and Run Reversal Bottom” Pattern
- Crude Oil Forming 11-Month Trading Range
- US Dollar Broke Below 3-Month Ascending Broadening Triangle
- US Treasury Bond Formed 12-Month Bearish Downtrend Channel
- Asset Class Performance Ranking with Crude Oil Leading
- Sector Performance Ranking with Bank Sector Leading
- BRIC Stock Market Performance Ranking with the Brazilian Market Lagging
Click here to continue reading the full update of this week
Leave a Reply
Do you have an approximate target for the downside then on the S&P during the run phase?
Thanks!!
Dr Nu Yu, at the close today the S&P is now below the 1st parallel line and the bump trendline. Does this mean the bump and run pattern has been negated or can the S&P still touch the 2nd parallel line?
Thanks!!
Bradley,
Due to the S&P 500 index is below the bump trendline, the price target projected at the 2nd parallel line is negated. But the “Bump and Run Reversal Top” pattern is alive because there is still the “Run” phase after. The Tokyo Nikkei index is a good example. I have a chart track it at http://marketweeklyupdate.com/speical-mid-week-update-8242011/nikkei-bump-and-run-reversal-top-6-3-2013/.
Nu Yu