Today was 54 trading days from the July low. There was a 54 trading day rally from Feb low to April 26 high. Jeff Cooper and another cycles guy has mentioned the symmetry on a weekly basis. 54thtrading day on April 26 was a turn day. 60 min MACD lines still cannot cross higher despite the constant gap ups and this includes the Nasdaq.
The markets very weak today. I am worried it won’t even finish with a doji. It’s very easy for most markets to do a bear flip today except for the Nasdaq. Transports had a nice selloff yesterday and did nothing today. Crude oil continues to drop after its bear flip yesterday. XLF down. With all the exuberance of tech earnings last night, this isn’t a good sign for the market. Plus Nasdaq just hit a key retracement level. SP has a rising wedge with 11 straight closes above 4 closes earlier and close to doing a bear flip. I’d say the odds favor the bears.
A early morning pop up on Monday (if we don’t gap down from some false flag event over the weekend) will likely be the last point to get short.
I don’t know how high it could go, but I can’t see any higher then about the 1150 level. However, the current high might be it? Maybe a spike up to 1135-1140 on the opening of Mutual Fund Monday, and then the sell off we are all looking for.
Again, since we have that 114.18 spy FP, that may be all she wrote for the bulls? (That would be about 1140 on the spx).
Added to short positions today…………
$dax and $ftse had nasty reversals today. So maybe Monday does start off brutally and the front man in chief can blame it on Europe.
Today was 54 trading days from the July low. There was a 54 trading day rally from Feb low to April 26 high. Jeff Cooper and another cycles guy has mentioned the symmetry on a weekly basis. 54thtrading day on April 26 was a turn day. 60 min MACD lines still cannot cross higher despite the constant gap ups and this includes the Nasdaq.
It’s on CNBC.
http://zstock7.com/?p=3317
SNDA I had to look way back at it’s eps history, to determine it won’t be going to $30.
Here’s my theory.
I think we’ll get our high of 114.18 on Monday, and then it’s down hill from there.
Obama has a town hall meeting on Monday at 12pm. I can’t see the market cratering during that time even though there is a nasty cycle due that day.
The markets very weak today. I am worried it won’t even finish with a doji. It’s very easy for most markets to do a bear flip today except for the Nasdaq. Transports had a nice selloff yesterday and did nothing today. Crude oil continues to drop after its bear flip yesterday. XLF down. With all the exuberance of tech earnings last night, this isn’t a good sign for the market. Plus Nasdaq just hit a key retracement level. SP has a rising wedge with 11 straight closes above 4 closes earlier and close to doing a bear flip. I’d say the odds favor the bears.
Russell 2000 Trading in a range: CLICK HERE
Here’s latests Mr. TopStep with Danny Riley…
http://www.youtube.com/watch?v=FSyTE0Hm1us&feature=player_embedded
A early morning pop up on Monday (if we don’t gap down from some false flag event over the weekend) will likely be the last point to get short.
I don’t know how high it could go, but I can’t see any higher then about the 1150 level. However, the current high might be it? Maybe a spike up to 1135-1140 on the opening of Mutual Fund Monday, and then the sell off we are all looking for.
Again, since we have that 114.18 spy FP, that may be all she wrote for the bulls? (That would be about 1140 on the spx).