Mini SP500 Intraday Gyrations Review

The SP500 is far from breaking new record highs. It is only the Nasdaq that is getting close to breaking out into new world record highs.

Just incase I have beaten the Cycle degree flat drum too long, the above chart would be the beginnings of a zigzag in Cycle degree.  The markets would have to show us another 5 waves down in Minute degree which would then end up at wave 1 in Intermediate degree.

Any top trend line is worthless to use and any invisible bottom trend line is still a bit away from getting hit.  Another Shock&Awe move would help to confirm the bigger bearish phase, but I would throw this wave count out the window in a flash, if these markets do not perform like a bearish phase should.

Dow tumbles nearly 300 points on new Fed chair’s comments | New York Post

Jerome Powell is the new man in charge and the mass of investors, listen to his every word, when they want to!  They didn’t care that much when Janet Yellen was raising rates, but now they seemed to care. If rates are not an issue just yet, then this market could still soar.

If good news no longer pushes the markets up,  then we are over on the big bearish side already. Tomorrow is the full moon and employment numbers should come out on Frida as well. These reports can send the markets into a tizzy, but other times they get completely ignored.