Squawk Morning Briefing: Decision Time

After a big up day on Thursday, U. S. equities are testing their February 18th highs and are forcing a decision since the short-term bearish case does not allow for prices to rise above this prior peak.  In the DJIA, Thursday’s advance slowed as it reached the 76.4% retracement level and this may turn out to be a good target.  However, any turn down from below the February high would suffice.

While the extent of the recent rise is not a problem for the bearish case, the wave structure is troublesome.  There is now conflicting evidence about whether prices should turn down or not and we need to respect that.  Our video briefing discusses this situation in more detail and what we will be looking for.

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Elliott Squawk delivers thorough market preparation every morning in time to take action during the trading day. By combining up-to-the-minute futures activity with traditional end-of-day analysis from cash indices, you receive analysis based on the latest conditions as the trading day sets to open. Each issue of Elliott Squawk goes beyond traditional Elliott Wave analysis because we recognize that trading Elliott Waves is much more than just looking at the most likely current count. Squawk will prepare traders to assess the market action as it unfolds by answering questions that any Elliott Wave trader should consider:

• What price levels and wave motions would confirm an expected move?
• What price levels would make an alternate scenario more likely?
• What technical indicators should be watched throughout the day to interpret wave action?
• What intermarket movements merit special attention to understand likely price trends?

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From time-to-time when circumstances warrant, Squawk will present analyses of other markets that help interpret wave action in a covered market. For example:

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Kevin McEwen and David Starr are best known to First Wave chat room participants as Kevy99 and Managematics and by their reputation for their Elliott Wave counts that have predicted market turning points. Kevin has been counting Elliott Waves for 28 years, successfully forecasting market moves in virtually every financial environment. David brings together talents in financial market analysis and software development to his wave counting. He has authored many of the studies used by First Wave Traders as well as a number of proprietary studies to aid in counting waves.

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