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Intraday Flash



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.


The move below key Fibonacci support in the SPX and INDU today alters the posibility for a bottom in those two indices by delaying the bottom for 1-3 sessions. Other than that, there is no change to my AM note: I still think that we are close to some sort of bottom in the markets that could produce a multi-session, multi-percent move up depending on what the intermediate term trend is.

For now, this intraday flash should serve as a warning to be patient in looking for any moves to an uptrend in the SPX/INDU until more ideal bottoming action sets up. Further, I would note that these markets are at oversold levels. The same holds true for the NDX: the short term pattern has become cloudy; as a result I am trying to key off the SPX and INDU markets for clues to a possible bottom. As stated before, any move above the 7/15 highs in any of the markets would indicate that a possible bottom has already been registered. For now, with prices stuck between oversold and not quite bottomed, patience is key.

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