Yeah moon… It's going to fool a lot of people, just like the run up from 104 fooled people. I don't think anyone thought we could go as high as we have. We should have entered a wave 3 down last Friday when we were in the 1075-1080 area.
But, someone intervened and gapped up on Monday and stopped the fall from happening. Something is up, that is for sure.
That means it shouldn't take a breather, and sell off a little until Tuesday or Wednesday. If it goes higher again for 2 more days, it should be able to reach 1127.38.
Then sell off a little on Wednesday-Friday, but keep the close above 1116 on Friday to close the month of February out. That would leave March as the ? month. Would they try to push it on up to 1159-1160 to take out stops above 1150, or just start the big wave down from the 1127 high?
$SPX Daily currently has 4 consecutive higher closes than opens
5 out of the last 6 times the $SPX exhibited 4 consecutive higher closes than opens, it had a 5th consecutive higher close than open
The last 2 times the $SPX exhibited 4 consecutive higher closes than opens, it went on to 6 consecutive higher closes than opens before a 1 day reversal
Keep in mind the $SPX is in pursuit of it's gap @ 1127.38
next week is going to be most important week we've had in a while, given the monthly setup and potential weekly setup
There's a ton of different inputs all converging here
some clues to watch will be if they run the stops above 1150, but AAPL doesn't print a marginal new high.
Remember I pointed out a couple weeks ago that AAPL didn't make a new low on 2/5/2010 while the $SPX did.
The action in the $RUT is going to be very interesting given it's monthly setup.
I'd also like to see the $VIX hit 16.26 as indicated many months ago.
The monthly close is as important as the monthly open is, so the open on March 1st will be a marquee event.
Yeah moon… It's going to fool a lot of people, just like the run up from 104 fooled people. I don't think anyone thought we could go as high as we have. We should have entered a wave 3 down last Friday when we were in the 1075-1080 area.
But, someone intervened and gapped up on Monday and stopped the fall from happening. Something is up, that is for sure.
thanks for your efforts red next week is going to be interesting.
That means it shouldn't take a breather, and sell off a little until Tuesday or Wednesday. If it goes higher again for 2 more days, it should be able to reach 1127.38.
Then sell off a little on Wednesday-Friday, but keep the close above 1116 on Friday to close the month of February out. That would leave March as the ? month. Would they try to push it on up to 1159-1160 to take out stops above 1150, or just start the big wave down from the 1127 high?
$SPX Daily currently has 4 consecutive higher closes than opens
5 out of the last 6 times the $SPX exhibited 4 consecutive higher closes than opens, it had a 5th consecutive higher close than open
The last 2 times the $SPX exhibited 4 consecutive higher closes than opens, it went on to 6 consecutive higher closes than opens before a 1 day reversal
Keep in mind the $SPX is in pursuit of it's gap @ 1127.38
Sundancer
Cant read your chart – where is the tgt above?
thx
You are killing me Earl! Say it isn't so! You have been right unfortunately.
$RUT 720?
TZA closed down 0.6% today.
We are in a New Moon Trade (favors TZA).
[ After four days, this trade is DOWN 9.8% ]
(In the recent past, moon trades has been in the area of 10% down, only to bounce back to near even by the end of the trade.)
Volume today for TZA has been roughly the same these past 4 days (each of the 4 days lower than any of the the previous 20 days).
RVX (VIX for RUT) closed 0.6% higher, breaking a string of 7 lower days in a row.
TZA has now been down eight days in a row.
Ultimate Oscillator was 20.81 today — oversold.
Overall, it looks like TZA might fall again on Monday.
SPY daily chart
http://www.flickr.com/photos/47091634@N04/43706…
currently sitting on a springboard