Avi Gilburt is a widely followed Elliott Wave technical analyst and author of ElliottWaveTrader.net, a live trading room featuring his intraday market analysis (including Emini S&P 500, metals, oil, U.S. dollar and VXX), an interactive member-analyst forum, and a detailed library of Elliott Wave education.
The market looks like it is in a corrective mode for the time being.
Elliott Wave Theory shows the stock market is still in an upward trend, but some traders' continued insistence that a top is near has cost them dearly.
As long as the S&P 500 does not break upper support, the bellwether U.S. stock index will remain on track to reach targets greater than 2500 in 2017.
The market is getting close to the next resistance zone. Here is the scoop.
While there is still more wiggle room in the S&P 500's latest move up, the market will likely soon need to consolidate.
It's still not clear whether the S&P 500 wants to take the direct route to the 2280-2300 area or the indirect route with a bigger wave-2 pullback.
For now, the heart of the resistance seems to be 2135 to 2140 on the S&P 500 (^GSPC).
Trading the market to the short side should be done nimbly, taking profits where you can, while setting up for the bigger move higher in the months to come.
Yes, it's that time of the month again -- the Fed announcement.
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