I think they want a little more on the upside. Possibly 1963 SPX Friday morning? If they do I’d look to short into next week. I suspect we are going to make an “inverted head and shoulder” and the drop next week should make the right shoulder of it.
The move down should go to 1920-1930 area to make that right shoulder but I wouldn’t rule out a lower area like 1900 or so simply by the fact that they will want to scare out the bulls and lure in the bears before they make another move back higher later next week.
The meeting was 9 days long so it appeared that since the 15th was a bottom and today or tomorrow is a top that you can call it either way. If you think we are going a lot higher then the 15th was a bottom and it was near the end of the Legatus meeting.
If you think that it was a top (like today) then you can say that it happened 3 trading days after the meeting ended. The meetings produce turns in the market about 70% of the time I’ve noticed. And while it usually happens on one of the day inside the meeting occasionally I’ve seen it happen shortly after one.
Regardless, I see one more move up… tomorrow morning hopefully? The jobless claims should be used to move the market up or down at the open tomorrow. If it’s up then it’s an easy short. If it’s down then the rest of the day should rally back up and make a lower high or higher high, which I’d then short into Friday. A short is coming either way…
I think they’ll use the jobless claims numbers to get one more spike higher and then we drop. This TVIX chart shows it breaking out of a falling wedge. It’s common to see a backtest of the trendline before the real move up. So a gap up in the SPX allows a backtest of this chart, which should be at a lower level then today’s low in it.
I am looking for a bounce to around SP 1960 or the 50 day moving average or slightly above it around the time of the Fed meeting next week but it’s already practically shot up to that target. We have three large white candles in a row with today being the biggest of them all which is sometimes a reversal pattern in bear phases but breadth momentum appears to be too strong for a sudden reversal. Maybe see a few days of up and down chop.
Fomer stalmarts KO, IBM, and CMG got whacked today despite the huge move upward. The upcoming solar eclipse is the only unusual astro activity that I see in this period. There is a cluster of activity later. Now all we need to see is the CNBC commentators blather endlessly about the upcoming strong NOV-March seasonal period like they did back in 2000 which saw a top also in September. It looks like the market took the route of the lesser grand ritual with a bottom 19 trading days out although the form into the bottom and the subsequent bounce are taking the form of double ninen. We have reached 27, now on to 85…
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I think they want a little more on the upside. Possibly 1963 SPX Friday morning? If they do I’d look to short into next week. I suspect we are going to make an “inverted head and shoulder” and the drop next week should make the right shoulder of it.
The move down should go to 1920-1930 area to make that right shoulder but I wouldn’t rule out a lower area like 1900 or so simply by the fact that they will want to scare out the bulls and lure in the bears before they make another move back higher later next week.
Getting really close to a short I think: http://screencast.com/t/w3hig9XttzQm
The meeting was 9 days long so it appeared that since the 15th was a bottom and today or tomorrow is a top that you can call it either way. If you think we are going a lot higher then the 15th was a bottom and it was near the end of the Legatus meeting.
If you think that it was a top (like today) then you can say that it happened 3 trading days after the meeting ended. The meetings produce turns in the market about 70% of the time I’ve noticed. And while it usually happens on one of the day inside the meeting occasionally I’ve seen it happen shortly after one.
Regardless, I see one more move up… tomorrow morning hopefully? The jobless claims should be used to move the market up or down at the open tomorrow. If it’s up then it’s an easy short. If it’s down then the rest of the day should rally back up and make a lower high or higher high, which I’d then short into Friday. A short is coming either way…
lol yesterday you said it was a short term top
I think they’ll use the jobless claims numbers to get one more spike higher and then we drop. This TVIX chart shows it breaking out of a falling wedge. It’s common to see a backtest of the trendline before the real move up. So a gap up in the SPX allows a backtest of this chart, which should be at a lower level then today’s low in it.
http://screencast.com/t/eHPcBYP627Eb
Legatus just ended the 9 day meeting from October 8th-17th… so I guess was a bottom this time? At least a short term bottom.
I am looking for a bounce to around SP 1960 or the 50 day moving average or slightly above it around the time of the Fed meeting next week but it’s already practically shot up to that target. We have three large white candles in a row with today being the biggest of them all which is sometimes a reversal pattern in bear phases but breadth momentum appears to be too strong for a sudden reversal. Maybe see a few days of up and down chop.
Fomer stalmarts KO, IBM, and CMG got whacked today despite the huge move upward. The upcoming solar eclipse is the only unusual astro activity that I see in this period. There is a cluster of activity later. Now all we need to see is the CNBC commentators blather endlessly about the upcoming strong NOV-March seasonal period like they did back in 2000 which saw a top also in September. It looks like the market took the route of the lesser grand ritual with a bottom 19 trading days out although the form into the bottom and the subsequent bounce are taking the form of double ninen. We have reached 27, now on to 85…
JOIN THE NEW WORLD OF ILLUMINATI TODAY: Are you a politician, student, business man, or woman,if you desire WEALTH, POWER, INFLUENCE,want TO be A STAR, and to be an influential celebrity and you want your dreams to come through,you have the chance to do that.join the great illuminati today to get $15000 every 3 days and $200000 membership blessing for doing and joining what you love to do best.Contact: illuminatiworldmembership@hotmail.com and be rich forever.
Market should be getting close to a short term top here as Jim Cramer says it’s safe to buy now.
ES Futures/SPX Cash Quick 5 minute video: http://screencast.com/t/ncIV0SiwZfa