Yesterday’s bearish short-term divergence between price and both of the AD line and inverted VIX suggested downwards movement for today’s session. The target for a small pullback was 3,004.97. The low for the session was 3.82 points below this target.
A small range day makes a new all time high.
Today RSI, the AD line and VIX are used to indicate which of two Elliott wave counts may be most likely.
The upwards trend was expected to resume with strength this week, which is exactly what is happening so far. The Elliott wave count targets remain the same.
A small upwards day fits expectations for the short term. At the end of the week, volume and breadth are pointing to the direction for next week.
For the short term, a little more downwards movement was expected. Price has moved sideways in a very small range for the session, which overall fits the Elliott wave count.
For the short term, a little more downwards movement was expected. Another red daily candlestick has printed with a lower low and a lower high, fitting expectations.
For the very short term, a small pullback was expected to begin the new trading week, which is what has happened. The Elliott wave count and targets remain the same.
Upwards movement was expected to continue and to show an increase in strength. A new all time high was expected.
Volume for the NY Comp today at 3.8 billion shares is well above the 30 day average of 3.4 billion shares, fitting the expectation of strength in this upwards trend.