MARKET Daily = 01.02.2022 #SPX #DowJones $SPY #SP500 $DIA #ES_F $NDX $QQQ #ElliottWave #RUT

Major indices closed today with the third green candle in a row. However, there is a concern from the candles perspective.

This MARKET overview contains the charts and covers:
– SP500, Nasdaq, Dow Jones, Russell 2000 – Japanese Candlesticks – analysis of monthly and daily candles and TA;
– short and long term charts and forecasts for SP500.

CANDLES

The monthly candles are strong bearish. The long term odds will stay this way until negated by a monthly candle or candle formation. The details were discussed in the Monthly analysis:
https://investingangles.com/2022/01/31/market-monthly-31-01-2022-spx-dowjones-spy-sp500-dia-es_f-ndx-qqq-elliottwave-rut/

Daily
Despite the green candles, the daily formed a Deliberation combo that is normally viewed as a harbinger of a short-term weakness. However, in certain scenarios, the Deliberation could lead to a major reversal. At this point, there is no indication of a major turn.


Volatility VIX
Today’s update was posted here:
https://investingangles.com/2022/02/01/vix-daily-update-01-02-2022-stockmarket-vxx-investing-trading-candlestick/

ELLIOTT WAVES SP500

SPX

At the micro level I track two paths:

  1. Purple (primary).
    SPX moves horizontally or slightly upwards for 1-2 weeks before moving lower in wave C.
    $4550-4740 would be the most typical target area. However, an advance to new ATH will not break the long term bearish structure that was discussed in the monthly update. So far, I view the wave off the lows as corrective.
  2. Blue.
    SPX develops a motive or a diagonal wave off the lows. Blue will become the primary as soon as the index develops clear 5 waves off the low.

Good Luck!

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