Stock Market Diamond Formation Breaks Down :: The Market Oracle …

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Stock Market Diamond Formation Breaks Down

Stock Markets 2015May 23, 2015 – 01:38 PM GMT

What do you know…the Megaphone formation has turned into a Diamond formation. It appears to have broken down beneath the Diamond in the final minutes of trading. In addition, the futures are lower after the close. We probably won’t have absolute certainty until Monday. A break beneath 2122.00 would likely verify the Diamond formation.

VIX is also at its lowest point since August 25, 2014. In fact, today is exactly 9 months (270 days) since then, giving us a bit of a longer Master Cycle. By the way, 270.2 is divisible by pi and 4.3.

Once it hit 11.82, it started to move higher, but BATS declared self- help and stopped trading. Could it be some algos got caught on the wrong side of that reversal? We may never know. VIX closed positive for the day.

The Hi-Lo started off on the right footing, but ramped back up above the 50-day Moving Average at 58.00. It did come down from its high at 105, but closed above the 50-day. No signal today, but it is getting very close!

Tuesday may be an interesting open, since the other world markets will be trading on Monday with the US markets closed. It could be pretty wild!

I am expecting a very eventful weekend, so the Weekend Update may not be out until Monday.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

Anthony M. Cherniawski

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