Mars puts in an exact square to Uranus tomorrow while the moon moves into the location of the grand reunion last year. Some oldtimers even say this area is the 7th house.
I see a move above the FP of 170.46 SPY of .50 cents to 1.00 before stopping and rolling over. Don’t expect a big move down from it as this could be a wave 3 up of some type. That means a wave 4 down of 20 points or so seems likely and then a wave 5 up into next week should follow.
This assumes that this is a wave 3 up and not a wave 5… which I’m unsure of at this point. There is a pivot point at 1717 SPX but I’m not counting on that to be hit. It really is more about how many bears have stops above 1700 or so. The more stops the higher it goes, but 1705-1710 seems likely for the first level I think.
I get the feeling that we are going to chop here for the next 3 and a half hours until Bernanke speaks. But make no mistake about it they will hit the FP on the SPY of 170.46 as they always support the bulls. In fact I’d expect them to go past it a little like they usually do…. maybe 171.00?
I expect them still to do so Geccko but it’s a 2 day meeting and the minutes aren’t released until tomorrow around 2:30 pm… so look for the FP on the SPY of 170.46 to be hit either before or after that time period.
Either today, Wednesday or Thursday the penny stock I mentioned should have put in it’s bottom. Then next week you’re going to be wishing you had bought it or held on to it “if” you panicked and sold today. Believe me, someone is trying to shake out all the bulls before something big happens!
This market seems to be always waiting on God to speak (Ben Bernanke) and doesn’t move very far in either direction until he feeds them more crack or deprives them from it. I’m still looking for the FP on the SPY from last week of 170.46 to be hit. We should go up past it some too if it’s like most FP’s.
At that point I would just exit longs (if you have any?) and go to the sidelines until we see a clearer short signal. Right now it’s just not there. Next week we’ll be into August and I’m expecting it to continue to be choppy as “first of the month” money comes into the market. But by the 2nd week I’m expecting a final top for this 5 wave pattern from the 1343 SPX low last November.
Then I’m expecting a 10% correction (mini-crash?) in the market to play out into early September. The move should be fast (3-4 weeks… or less) as I’m also expecting a move up from there into the next Legatus meeting this coming October for a very important top. In fact it “could” be the final top before the real crash starts? If not this October meeting then the meeting in February of 2014. Either way the August move down needs to happen fast so they’ll have time to rally back up to make new highs again.
Mars puts in an exact square to Uranus tomorrow while the moon moves into the location of the grand reunion last year. Some oldtimers even say this area is the 7th house.
I see a move above the FP of 170.46 SPY of .50 cents to 1.00 before stopping and rolling over. Don’t expect a big move down from it as this could be a wave 3 up of some type. That means a wave 4 down of 20 points or so seems likely and then a wave 5 up into next week should follow.
This assumes that this is a wave 3 up and not a wave 5… which I’m unsure of at this point. There is a pivot point at 1717 SPX but I’m not counting on that to be hit. It really is more about how many bears have stops above 1700 or so. The more stops the higher it goes, but 1705-1710 seems likely for the first level I think.
what u see now
I get the feeling that we are going to chop here for the next 3 and a half hours until Bernanke speaks. But make no mistake about it they will hit the FP on the SPY of 170.46 as they always support the bulls. In fact I’d expect them to go past it a little like they usually do…. maybe 171.00?
BAC Pennant: http://niftychartsandpatterns.blogspot.in/2013/07/bank-of-america-bullish-pennant.html
GLD Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/07/gld-chart-analysis.html
I expect them still to do so Geccko but it’s a 2 day meeting and the minutes aren’t released until tomorrow around 2:30 pm… so look for the FP on the SPY of 170.46 to be hit either before or after that time period.
In the good old days, they would have blasted the indices to the moon on a Fed day like today. Crude oil down again giving the appropriate tell.
Either today, Wednesday or Thursday the penny stock I mentioned should have put in it’s bottom. Then next week you’re going to be wishing you had bought it or held on to it “if” you panicked and sold today. Believe me, someone is trying to shake out all the bulls before something big happens!
This market seems to be always waiting on God to speak (Ben Bernanke) and doesn’t move very far in either direction until he feeds them more crack or deprives them from it. I’m still looking for the FP on the SPY from last week of 170.46 to be hit. We should go up past it some too if it’s like most FP’s.
At that point I would just exit longs (if you have any?) and go to the sidelines until we see a clearer short signal. Right now it’s just not there. Next week we’ll be into August and I’m expecting it to continue to be choppy as “first of the month” money comes into the market. But by the 2nd week I’m expecting a final top for this 5 wave pattern from the 1343 SPX low last November.
Then I’m expecting a 10% correction (mini-crash?) in the market to play out into early September. The move should be fast (3-4 weeks… or less) as I’m also expecting a move up from there into the next Legatus meeting this coming October for a very important top. In fact it “could” be the final top before the real crash starts? If not this October meeting then the meeting in February of 2014. Either way the August move down needs to happen fast so they’ll have time to rally back up to make new highs again.