Market Summary

Elliott wave counting is a hobby of mine and I often look for waves to count when I look at a chart. The chart below of the daily S&P 500 shows a very long wave from the beginning of September to the beginning of November. In Elliott wave counting the 3rd wave is the longest wave of the five waves that make up a complete Elliott wave count. Click on chart to enlarge.

A better view of the complete wave count can be seen on the weekly S&P 500 chart below showing a low of 1010.91 to the end of wave 1 at 1129.24, wave 2 at 1039.70, wave 3 at 1227.08, wave 4 at 1173.00, and now we are in wave 5. Since markets move together there should be many other examples of 5th waves in markets. This is a time to tighten up your stops if you are long the market however the market looks very bullish. Click on chart to enlarge.

Gold and the small cap index continue to lead for the year. For the week the Dow, gas, and oil were up the most although it was a very flat week with nothing changing by over 1%. Click on table to enlarge.