If the market fails to make a new high here I expect a nasty move down to follow that should break the recent 1859 SPX low. Here’s the scary thing for the bulls right now, the rising trendline of support on the weekly chart from the 2011 low is now around 1830 and once 1859 breaks there’s no support until 1814 area.
Since today is Thursday and the week is almost over with I’d expect any sell off to happen next week. Now if this plays out like I’m expecting we’ll break the rising trendline in the next 2 weeks. The first break should come in the middle of the week and then they should recapture it by the close on Friday to leave everyone guessing.
Will it happen next week or the week after? I don’t know? I am still expecting this choppy range for at least one more week but it could be stretched to 2 more weeks? You know how they love to tire us bears out and frustrate the bulls.
As far as important dates there’s only the 28th of this month as it’s the start of another Legatus meeting. Could it be the top before a nasty sell off and break of that all important trendline on the weekly chart? It’s possible. We’ve seen them stretch out topping patterns this long in the past so they could do it here too.
That would be 3 more weeks of this choppy crap but it’s not uncommon to see a long drawn out top before a big move down. However, if it doesn’t last that long then I’d look for the 22nd as a top since that’s an “eleven” and it’s a few days past option expiration week (next week) which is bullish around 80% of the time.
There nothing stating for sure that the high is in for sure yet either. They could put in a new high next week and then drop back for a wave 1 down the following week and a wave 2 up into the 28th… at which point I’d expect the nasty wave 3 down to start with the breaking of that rising trendline dating back to 2011.
Make no mistake about it… that trendline is the only thing keep the bulls in the game. Once it breaks the fence of protection is down and the hungry bears will be screaming into the cattle pen to rip the bulls to shreds.
More new V. Stivianos photos in the link below including some fabulous Cinco de Maya photos. I like how she drivers her Ferrari to the nail salon in the hood. (old photos) In the old nail salon photos, one can see UNION in the background. The SOYUZ rockets/ space vehicles featured in Gravity mean UNION in English.
I guess they’re spoofing the whole Hollywood entourage scene as well for Stivianos 15 seconds of fame as well as the kept mistress persona running around in a furnished Ferrari that somehow she’s allowed to keep.
Yellen spoke today so one reason for the pop today. She speaks tomorrow as well. Still the Nasdaq fared quite poorly. A certain little indicator, Nasdaq version still dropping at a brisk clip. NYSE version saw its component basically bounce to the 0 line.
To better understand the situation, the Yankees manager freaks out on a strike call when the count is 1-1, the score 1-1.
The graphics on the TV displayed it as such:
#36s pitch count: 101
The score: 1-1 8(th inning)
the hitter’s count 1-1
The batter’s #:11
Later on 3 different Yankees pitchers walk in runs with the bases loaded to 3 consecutive batters. The first pitcher is taken out of the game and then thrown out by the ump.
Tomorrow and Friday, the 8th and 9th will be 3 years 10 months from 7-8/9-2010, coincidentally a Thursday and Friday as well, of the major DECISION announcement and the unveiling of the Miami Thrice Number. 2 years 4 months from Tebow’s big 316 game/ 5 years 4months from the 2009 version. Basically the 4 year anniversary of you know what as well although another double ninen astro signature is featured later (basically the same thing I saw last November but let’s just say it’s rotated to the opposite side of the spectrum) Quetzi is also back in play again as a catalyst. Applying some Mayan mathematics to things, Monday, Cinco de Maya ie 5-5-5(14), was 13×55 days from the great Mayan solar eclipse of May 20,2010 although one can notice the 1356 number in the background of the Stavianos entourage photos I showed last Friday so maybe that number is more in play. Anyway there were many rituals featured on Cinco de Maya, most notably in the Yankees-Angels game on Derek Jeter night, most notably in the 8th inning.
Jeter playing in his swan song season seems to have some central role in the ongoing rituals. Popgun and Little Bro visited him in NYC on Sunday and then we had the special events on Jeter night in Anaheim the next day where he even had a key role but there were so many rituals in that inning that my head was spinning and left me a little disoriented. Pretty much too many to interpret properly.
But the key event of that inning occurred when the Yankees manager was thrown out of the game for arguing a strike call on hitter #11. The pitcher #36 had thrown 101 pitches at that point, the count was 1-1, and the score 1-1 in the eight inning. He proceeded to strike out #11 on an 87mph fastball. (on a 1-2 count for pitch #103?) A nice little 9 (36)–11 combo. The home plate umps # was 63…..Jeter was the next batter and grounded out into an inning ending double play. Jeter is 39 years old and they did mention he has won 5 world series and won an xamount of gold gloves. It’s also his 19th year in the majors. Anyway, more rituals were displayed during the eight inning, topped off by an Angels closer controversy ritual that saw pitcher #38 warming up in the 8th inning as the Angels built up a 4-1 lead on 3 bases loaded walks only to see pitcher #49 come into the game to close things out. Supposedly #38 got sick while warming up and couldn’t come into the game. It turns out 38+49=====87!!!! By the way, previously defrocked closer #49 lost the game the next night.
My bad……Sinko De Maya.
If the market fails to make a new high here I expect a nasty move down to follow that should break the recent 1859 SPX low. Here’s the scary thing for the bulls right now, the rising trendline of support on the weekly chart from the 2011 low is now around 1830 and once 1859 breaks there’s no support until 1814 area.
Since today is Thursday and the week is almost over with I’d expect any sell off to happen next week. Now if this plays out like I’m expecting we’ll break the rising trendline in the next 2 weeks. The first break should come in the middle of the week and then they should recapture it by the close on Friday to leave everyone guessing.
Will it happen next week or the week after? I don’t know? I am still expecting this choppy range for at least one more week but it could be stretched to 2 more weeks? You know how they love to tire us bears out and frustrate the bulls.
As far as important dates there’s only the 28th of this month as it’s the start of another Legatus meeting. Could it be the top before a nasty sell off and break of that all important trendline on the weekly chart? It’s possible. We’ve seen them stretch out topping patterns this long in the past so they could do it here too.
That would be 3 more weeks of this choppy crap but it’s not uncommon to see a long drawn out top before a big move down. However, if it doesn’t last that long then I’d look for the 22nd as a top since that’s an “eleven” and it’s a few days past option expiration week (next week) which is bullish around 80% of the time.
There nothing stating for sure that the high is in for sure yet either. They could put in a new high next week and then drop back for a wave 1 down the following week and a wave 2 up into the 28th… at which point I’d expect the nasty wave 3 down to start with the breaking of that rising trendline dating back to 2011.
Make no mistake about it… that trendline is the only thing keep the bulls in the game. Once it breaks the fence of protection is down and the hungry bears will be screaming into the cattle pen to rip the bulls to shreds.
More new V. Stivianos photos in the link below including some fabulous Cinco de Maya photos. I like how she drivers her Ferrari to the nail salon in the hood. (old photos) In the old nail salon photos, one can see UNION in the background. The SOYUZ rockets/ space vehicles featured in Gravity mean UNION in English.
I guess they’re spoofing the whole Hollywood entourage scene as well for Stivianos 15 seconds of fame as well as the kept mistress persona running around in a furnished Ferrari that somehow she’s allowed to keep.
IWM Analysis after close: http://niftychartsandpatterns.blogspot.in/2014/05/iwm-analysis-after-closing-bell.html
Yellen spoke today so one reason for the pop today. She speaks tomorrow as well. Still the Nasdaq fared quite poorly. A certain little indicator, Nasdaq version still dropping at a brisk clip. NYSE version saw its component basically bounce to the 0 line.
To better understand the situation, the Yankees manager freaks out on a strike call when the count is 1-1, the score 1-1.
The graphics on the TV displayed it as such:
#36s pitch count: 101
The score: 1-1 8(th inning)
the hitter’s count 1-1
The batter’s #:11
Later on 3 different Yankees pitchers walk in runs with the bases loaded to 3 consecutive batters. The first pitcher is taken out of the game and then thrown out by the ump.
Tomorrow and Friday, the 8th and 9th will be 3 years 10 months from 7-8/9-2010, coincidentally a Thursday and Friday as well, of the major DECISION announcement and the unveiling of the Miami Thrice Number. 2 years 4 months from Tebow’s big 316 game/ 5 years 4months from the 2009 version. Basically the 4 year anniversary of you know what as well although another double ninen astro signature is featured later (basically the same thing I saw last November but let’s just say it’s rotated to the opposite side of the spectrum) Quetzi is also back in play again as a catalyst. Applying some Mayan mathematics to things, Monday, Cinco de Maya ie 5-5-5(14), was 13×55 days from the great Mayan solar eclipse of May 20,2010 although one can notice the 1356 number in the background of the Stavianos entourage photos I showed last Friday so maybe that number is more in play. Anyway there were many rituals featured on Cinco de Maya, most notably in the Yankees-Angels game on Derek Jeter night, most notably in the 8th inning.
Jeter playing in his swan song season seems to have some central role in the ongoing rituals. Popgun and Little Bro visited him in NYC on Sunday and then we had the special events on Jeter night in Anaheim the next day where he even had a key role but there were so many rituals in that inning that my head was spinning and left me a little disoriented. Pretty much too many to interpret properly.
But the key event of that inning occurred when the Yankees manager was thrown out of the game for arguing a strike call on hitter #11. The pitcher #36 had thrown 101 pitches at that point, the count was 1-1, and the score 1-1 in the eight inning. He proceeded to strike out #11 on an 87mph fastball. (on a 1-2 count for pitch #103?) A nice little 9 (36)–11 combo. The home plate umps # was 63…..Jeter was the next batter and grounded out into an inning ending double play. Jeter is 39 years old and they did mention he has won 5 world series and won an xamount of gold gloves. It’s also his 19th year in the majors. Anyway, more rituals were displayed during the eight inning, topped off by an Angels closer controversy ritual that saw pitcher #38 warming up in the 8th inning as the Angels built up a 4-1 lead on 3 bases loaded walks only to see pitcher #49 come into the game to close things out. Supposedly #38 got sick while warming up and couldn’t come into the game. It turns out 38+49=====87!!!! By the way, previously defrocked closer #49 lost the game the next night.
Back now. Looks like we are hitting resistance now… http://screencast.com/t/L0tJOGL5DV
SPX near a short term bottom I think. http://screencast.com/t/znq7s16hW
The market is hitting a necktie of support now. http://screencast.com/t/aDp2SLpZUHn