Stocks Analysis by Dr. Arnout ter Schure covering: Nasdaq 100, Invesco QQQ Trust, Nasdaq 100 Futures, ProShares UltraShort QQQ. Read Dr. Arnout ter Schure 's latest article on Investing.com
Those who read my articles regularly know that over the past month, we have been tracking an Elliott Wave Principle impulse move lower from the September 4 high. Back then, we foundthe index was most likely working on a five-wave move lower to ideally $14435-14500 as long as it stayed below $15600So far, so good, as the index bottomed out last week at $14432 and has staged a rally since into today’s high.
We can now determine that if the index stays above the October 6 low, with a first warning for the Bulls below the $14800-900 zone, it should ideally be on its way to $16660. That price level is where red W-v equals the length of red W-i , a typical relationship for a 5wave. Although we prefer W-v to comprise a standard, non-overlapping impulse higher, as those are relatively easy to forecast, track, and trade, we also know the markets don’t owe us anything the W-v can morph into an aberrant, i.
Thus, while the index did not bottom precisely where we would have liked it to, as we say in the Elliott Wave Community, “”, we have precise price levels below which we know our assessment is wrong. Until then, we prefer to look higher.The stock market's performance so far this year has been very positive Tech giants are driving S&P 500 gains, while small caps are languishing But, the real buying opportunity...
In a nutshell, so far so good. Here’s a quick look at the trend in 2024’s S&P 500 EPS: Source: IBES data by Refinitiv 2023 EPS estimates along with Q3 ’23 expectations will be...We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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