Nasdaq 100 Intraday Bull Market Record High Review


As usual, The Nasdaq walks to a different drummer. It has push higher at the intraday level, creating this new record top. So far we ended at about the 5440 price level, before the Nasdaq made a mad reversal.  These are the types of tops I look for, and hopefully no double top comes along and tries to make it more difficult.  In the end the markets will always react in such a fashion,  to never allow the majority to make any money. Some cry manipulation right away, but then the “manipulators” must manipulate the Elliott Wave Principles as well.

It is impossible for the majority to make any money from the very majority that are trying to do the same thing.   They think they are up and in the green with their portfolios, but in the end that is where the paper profits stay for the majority.

If this continues down this week and next, then I may have room to find a home for Cycle degree wave 3, otherwise we have to take one day at a time. 

This 8 year bull market with the Nasdaq, fits into an impulse much better that any other index.  Even a good expanded wave 4  in 2015 was thrown in for dramatic effect.  

I have been recording many Gold/Nasdaq ratios which work a bit differently, by figuring out how many ounces it takes to buy one unit of the Nsadaq.

The more ounces it takes to buy the Nasdaq, the more expensive it becomes.  This ratio is sitting at 4.40:1 today.  One of my lowest readings was a ratio of  1.18:1. This establishes two extreme ratios, we can use. Using ratios is a more objective approach in looking at the markets, and I have integrated them into my version of the EWP.  

Many of the stats today, are far worse than any top since 2000 so that alone can make this market become very bearish. 

I also receive a weekly report from Market Vane  which started in 1964. They survey many participants to establish how many bulls are in the market on any day.  These sentiment readings also have extremes which show during the last 24 month period. Out of 100 %,  we will never get zero, or 100% readings.  A low bull count can be anything below 10% and a high count can be anything above 90%.  Basically at the high end all the bulls are in, and only the stragglers are left.

With the Nasdaq we have registered 91% bulls, with a high of 87 last week. I think that this 91% number is it, and that we are going down the slope of  the disappearing bulls.  Just like all gold ratios, the Market Vane Bullish Concensous Report is also another objective method to use, when looking at the markets. 

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