SPX Premarket is Higher, But No Stock Market Breakout
Stock-Markets / Stock Markets 2016 Dec 09, 2016 - 02:05 PM GMT
Good Morning!
The SPX Premarket has held steady all night. It is currently challenging the 2-hour Cycle Top at 2247.18, but no breakout has occurred.
ZeroHedge reports, “European and Asian shares rose again and S&P futures were little changed, as world stocks were set for a weekly gain and held near 16-month highs on Friday, while the euro steadied after swings following the European Central Bank’s decision to extend its stimulus program. Oil rose a second day before a meeting between OPEC and other major producers on output cuts, industrial metals gain.”
SPX conformation with Elliott Wave guidelines does not mean it cannot go higher. However, be aware that guidelines have been met and it may just be a matter of time, if the reversal hasn’t already happened.
Meanwhile, VIX futures appear to be ramping up for another positive day.
Schaeffer’s Investment Research comments on the VIX, “Record highs for the S&P 500 Index (SPX) have grown almost commonplace since the presidential election, and today is no exception. However, what is unusual is that while the SPX is flirting with all-time highs, the CBOE Volatility Index (VIX) -- or the "fear gauge," as some call it -- is also set to close notably higher. According to data from Schaeffer's Senior Quantitative Analyst Rocky White and Quantitative Analyst Chris Prybal, this could set off a bearish signal seen just twice since 1999.”
TNX is higher, but not above yesterday’s high. I would expect to see TNX decline as the stock reversal becomes apparent.
Regards,
Tony
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