#SP500 Daily = 03.02.2022 #SPX #DowJones $SPY $DIA #ES_F $NDX $QQQ #ElliottWave #RUT

Yesterday only NDX and RUT were talking bearish, but today we have a roaring unison among all four.

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 and Russell2000.

CANDLES

We remember that 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
The overall message is straightforward – bears in town.
DIA made a strong bearish candle.
SPX and NDX formed very similar combos. Note that the prices are below 8 EMA now. NDX also managed to fall below 200 DMA on a higher volume. Hmmm…
RUT confirmed the bearish Engulfing.
Not much to add. Expect the lower prices.

Path projection based on TA fractals:

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Volatility VIX
Today’s update was posted here:
https://investingangles.com/2022/02/03/vix-daily-update-03-02-2022-stockmarket-vxx-investing-trading-candlestick/

ELLIOTT WAVES SP500

SPX

At the micro level I track two paths:

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  1. Purple (primary).
    A complex wave B before the next leg down.
  2. Red
    Wave B completed, a direct move lower.

This is a long term perspective (bearish purple path) that was discussed multiple times previously. I’ll start sharing a bullish path that was discussed in the Monthly Analysis once there is an initial confirmation.

Russell2000

Long Term

Short Term

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Good Luck!

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