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Thanksgiving Week

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It's my view than an interim low in the stock market will be registered during the next two cash sessions. Hence, a rally should begin to gather momentum as soon as today or Wednesday, or right after Thanksgiving at the latest. The reason why stocks are falling will be addressed in a separate writing.

Short-Term and Longer-Term Considerations

In terms of the $SPY (SPDR S&P 500 ETF), I'm anticipating the recovery off the October low to resume from near the 264.50 area. As for $AAPL (AAple, Inc.), an interim bottom should be printed in the [177.38 to 174.50] range. A full-fledged analysis will be published in the coming few days, expanding on the most recent market outlook published back on October 1st.  

 

SPY-1 SPY-2 SPY-3 AAPL-1

 

$SPY-1: a double zigzag is in its final stages, targeting the 264.50 area.
$SPY-2: the monthly auction depicts an October VAL (value area low) of 264.50, an ideal landing zone for the final wave c.
$SPY-3: a market correction, best described as the 4th wave of a 5-wave bull market that began in 2009, is now underway. Its likely target is the 2017 VAL (value area low). The mid 220's would be my best estimate. 
$AAPL: short covering and opportunistic buying should materialize somewhere in the 175-177 range.

Trade vigilantly,

Peter Ghostine (@peterghostine)


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