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Advanced Technical Analysis

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Note: the following analysis is formulated as an assimilation of Fibonacci, DeMark, Elliott Wave and other technical indicators. It is offered as education and not intended as advice in any way.

Overnight futures spiked higher exceeding the important SPX 1171 level and putting in a new swing peak for this corrective bounce off the lows from the 24th. This bounce - so far - does nothing to change our view that this move sets the table for a move to the downside and ultimately will likely resolve in a swift move to new lows.

All last week we had cited the Fibonacci resistance areas of SPX 1176-1184, NDX 1516-1546, and INDU 10470-10540 as well as the open gaps left on the daily charts from SPX 1185 and NDX 1546. As long as the peaks from January 19th are not exceeded (they remain key stop levels based on the analysis) we will maintain our bearish view of this bounce from the 24th and look to position for a move to our lower targets in this bearish interpretation which remain "at least SPX 1140, NDX 1445, and INDU 10200" over the next several weeks.

No positions in stocks mentioned.

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