PR Signals- 11/9/18- Level 3 intra-month peak likely in place for SP500. Watching 200d and faster averages and retracements for potential support. There are two gaps for the cash index that could be filled this month. Seeking a related low starting sometime next week. If the larger intermediate/intra-year/Level 1-2 trend is not up, then the market can test or even violate recent low. Currently considering a retracement.
Addendum 11/8/18- An intra-month trend low can cause a setback next week. Is the glass half full or half empty? How well was the support seen since the prior week? Volume declined for some of the recovery seen in recent days that may signal more of a lack of sellers than robust demand. For now staying with L1 bottom week of Nov 2, but question upside potential and overall trend structure.
QR Signal- 11/8/18-Major intra-year low (Level 1) likely placed the week of Nov 2. This type of trend may be up into early next year. Currently following the next smaller trend that offers a chance for a rally into Thanksgiving, if not Dec.
SP500 near-term objective is 2870-2936. Trends may be sloppy as volatility continues. Manage risk.
Could this market fully recover this year? The long-term bull market trend since the 2009 super-cycle was intact as of today.