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The mother of all benchmarks is on the hot-seat As we pen this market update, the S&P has yet to close above 1553.11. Perhaps it will do so by today – perhaps not. We suspect the recent surge in out-performance by the NASDAQ (leadership?) might simply be a matter of funds chasing after the most undervalued laggards relative to the levels of advance achieved in most other major indices. For longer-term investors, position traders, and the most astute Elliott Wave connoisseurs, we have laid out specific forecasts and price targets for the Intermediate, Primary, Cycle, Super-Cycle, and GRAND SUPER CYCLE Degrees of trend in force from 1696! Yes, we have acquired and exhaustively analyzed data spliced to the Dow from the British All-Shares Index 1693-1853. Thereafter, we spliced the Clement Burgess Index from 1854-1895! From 1896 forward, we follow the Dow Jones Industrials in its present form. To our knowledge, no charting service presents a more robust, organized, and accurate historical accounting of the wave structures at the largest degree of trend than Elliott Wave Technology. With proven mastery over such large-scale time horizons, it stands to reason that we are equally adept at calling the short-moves in the market with similar levels of skill, patience, and accuracy. For active index traders, we continue to identify and capture - with near-perfection - virtually all of the swings, trade-triggers, and short-term price targets in our Near Term Outlook publication. To get a grip (and keep it) on where the major markets are heading in both the long and short-term, there is simply no better venue than Elliott Wave Technology. That said – let’s take a look at where the weekly charts are trading… markets
at a glance
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TRADERS EDGE Vol.
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U.S DOLLAR DOW JONES INDUSTRIALS The Dollar is at its own level of critical mass, which vibrates about the 80.39-80.14 levels. Should these levels soon become “price-ceilings,” hold on to your hats! The Dow has broken out of its recent range with a “summer-rally” resolution following the well telegraphed, “June Swoon.” Who knew?
GOLD and S&P 500 As we anticipated, Gold broke to the upside side quite nicely from a nest of falling wedges, and is now approaching a key eight-week resistance level just under 680. Like the Dow, the S&P has also broken to the upside, now vibrating at its critical- mass closing resistance of 1553.11. Until next time …
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