Market Update

by Avi Gilburt

Avi Gilburt

This page features Avi Gilburt's nightly analysis of the S&P 500. Articles are made available on this public page 72 hours after posted live for subscribers to Avi's Flagship and Nightly services. For Avi's complete coverage, which includes analysis of the S&P 500, Metals (GDX, GLD, YI), Oil (USO), and US Dollar, plus a wide range of market coverage by our analyst team and a live member discussion forum, please login.

Market Going Nowhere Slowly

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by Mike Golembesky - 3 hours ago

Market Leaves Us Hanging for Another Day

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by Mike Golembesky - 1 day ago

Market Still Trading Between the Lines

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by Mike Golembesky - 2 days ago

Market Testing Previous High

Today we saw the market move higher overnight and continue to grind higher throughout the session. We are currently testing the high that was struck on 7/6, which is making the most immediately bearish path less probable at the moment. With that being said, until we see a break of that level, I will keep this path on the board, as the overall action is still very sloppy and the alternate counts I am watching are still far from ideal from an Elliott Wave perspective. If we are going to see an imminent top, this would need to start turning down sooner rather than later and do so in five waves.
by Mike Golembesky - 6 days ago

Another Bounce Before Final Lows?

With the downside follow through, and GDX seeing a lower low just under 72, there is some potential that this correction could be completing sooner rather than later. But, for now, I still think we go lower and it could take a bit more time to get there as we could conceivably see one more loop higher before lower lows are struck.So, let’s look at GDX first. The first point I want to note is that we came within less than a dollar of the ideal 64-71 target in GDX, as the market struck a low of 71.89 on this decline. Moreover, I want to note the very nice positive divergences we are seeing on the daily MACD as well.
by Avi Gilburt - 6 days ago

The Pattern Is Suggestive That There Is Still Some Unfinished Business to the Downside

We saw the market gap lower overnight, only to whipsaw around most of the day. We are currently trading up significantly off of the lows. However, the move up off of the lows is so far only three waves in nature and is still sitting well inside of the retracement zone that could still swing this lower in the coming days. In fact, the pattern to the downside still looks incomplete in nature, which has me leaning toward lower levels still to come in the days ahead before we see any sort of breakout to new highs.
by Mike Golembesky - 1 week ago

Everyone Hates Diagonals - Market Analysis for Jul 7th, 2026

Today the market opened flat but held under the key resistance zone that I had been watching over the past several days, keeping the wave 2 of the larger wave (c) down topping count in play. We began to move lower in the late morning session, but the move stalled out and developed a three-wave move down off of the highs. So while holding resistance is keeping the wave 2 count in play, the fact that we have a three-wave start is certainly less than ideal for the most immediately bearish path.
by Mike Golembesky - 1 week ago

Market Closing In on Upper Resistance

Today the market continued its grind higher on what remains sloppy action as we approach the upper end of the resistance zone, still keeping the potential wave 2 alive. If we continue to push higher and break resistance, it will make it more likely that we are following the yellow count over the 7646 level before seeing even a local top.Overall, there really is not much change to the counts as they have been laid out over the past several days. With today's push back over last week's high, we have invalidated the potential 1-2 i-ii setup to the downside and are now closing in on the larger upper resistance zone at the 7614 level for the larger wave 2.
by Mike Golembesky - 1 week ago

Market Tests Resistance and Holds For Now

Today we saw the market open lower only to push higher in the afternoon session, testing the 76.4% retrace level of the move down off of the 6/15 high. So far that level has held almost to the penny and turned down, but we still do not have any indication that we have put in any sort of top just yet. This leaves us pretty much where we were yesterday, and if this is going to push higher per the yellow count, we will need to see a break over resistance. If we are going to move lower, we will need to see a break of support below.Currently, the 76.4% retrace level comes in at the 7579 level just overhead.
by Mike Golembesky - 2 weeks ago

Not Much To Add To Metals Analysis

With the market simply meandering back and forth near the lows there really is not much more for me to add.  My primary view I still expecting lower lows.Should something occur in the coming days before I need to do the weekend update I will do another mid-week update since there is nothing for me to really add at this time.
by Avi Gilburt - 2 weeks ago
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