The FP of 1269 has now been hit during regular hours on both the ES Futures and the SPX and pierced through slightly. This is common of FP’s as the momentum in whichever direction seems to push it a little past the print.
Looking at the charts right now I see that this move down is from the 30 and 60 minute charts getting overbought on the ES Futures. The SPX is still buried at the -10 area on most all of the short term time frames (on the MACD’s) but should turn up soon.
Once the ES Futures and the SPX Cash line up together as “bottomed out” and start to point up we should see our rally. I guess the name “Turn-around Tuesday” will be accurate if this market follows the charts and rallies strongly tomorrow.
Since the thing that is holding the market down right now is the 30 and 60 minute charts on the ES, I’d expect that there will be enough time left to close in the green today. I see a FP on the ES of 1310, but I’m not sure if it’s real or not. I don’t usually see them on the futures as they usually show up on the SPX Cash, but never ignore them… especially when the market is ripe for a rally.
Sorry old buddy… been busy with other stuff. We hit the 1269 FP in the futures tonight (Sunday) and seem too be very oversold on all the short term charts. The 4 hour, 2 hour, and 60 minute charts are all buried and look exactly like May 6th. Back then when the MACD’s were in the negative 10-12 range we had a rally from 1342 to 1370 before heading south again.
I think we are at the same point at the open on Monday and we should rally. However, at this point I see a clear 5 wave pattern completed from the April 2nd high. So, we could be in for some choppy moves up and down this week but it’s looking overall bullish. The only wild card is if they don’t make a similar type rally like May 6th. If they choppy sideways all day Monday then they’ll make a bear flag and the low isn’t in yet.
This 5th wave down from the 1334 high on 5/29 is a shorten “truncated” wave so far, and I think we have bottomed for a few weeks. Monday is important as the bulls need to get a good rally started on it or else they will lose their biggest chance.
Rallying from an extremely oversold position on all the short term charts is like being kicked off the mountain and you’re near the bottom. Have they had enough rest? They should have by now. But they have too come out strong on Monday and Tuesday or else they’ll be giving the ball back to the bears.
Put simply… a strong rally on Monday/Tuesday means we have strong odds that a low is in for a few weeks (3-5 I’m guessing, but could fall short at 2 weeks). The failure to get going early this week we result in another leg down as any stalling here will just work off the oversold conditions and allow for the newly formed bear flag to play out within 2-3 days.
We are at 9 weeks now since the April 2nd high, and 5 weeks since the May 1st high. Unless “The Big One” is coming I think we’ll about bottomed for the short term. A multi-week rally should be expected. But I’d still be cautious on June 11th, 22nd, and 29th as those days are clearly ritual days and there could be something big happen on them. The question will be what? …and does it affect the stock market?
My review for TSP below was incomplete. I missed one capitalized letter on CP’s Bad Santa cardboard sign. The letters on the bottom should be TTLF. I missed the F because it was below the other letters and hard to notice on the small youtube screen.
So his sign should go as follows:
G
G
G
followed by: T T L F
or 777(666-777 since the Gs look like 6s also) then 20-20-12-6……212-6???…7-6?…..48-6????Whatever it does hint at 6-12….2012….24etc. etc. It does make more sense with the F in there……also has the 62 FB combo…..
After reviewing the Cramer Code (mentally—haven’t viewed it in quite a while), 6-4 does seem to embedded it in several ways as well as being one of the numbers presented (as 15-04……in fact 2 years ago I was looking at these 2 dates/numbers (including the one that follows it). But there is no 54 in 64. So if the Cramer Code is correct then this decline could be quite extended. 6-2 (today)shouldn’t meaning anything. And I am beginning to think that 67 probably refers to June July. If that is the case with the market already oversold as it is, this could be one heck of a historic decline that makes ’87 look like a pleasant memory.
This first obvious point for a target low would be 7-11 (haven’t checked what day that falls on). Great bear market lows like to fall around the 7-4 holiday date although I think a 5 wave will occur into the end of the year/ early 2013.
Better yet just fade Lindsay William’s forecast that there won’t be a stock decline through June—early July?????
June 4 is 888 trading days from 11-21-08 low and 818 tds from 3-6-9 and 1170 tds from 10-11-2007 high.
The FP of 1269 has now been hit during regular hours on both the ES Futures and the SPX and pierced through slightly. This is common of FP’s as the momentum in whichever direction seems to push it a little past the print.
Looking at the charts right now I see that this move down is from the 30 and 60 minute charts getting overbought on the ES Futures. The SPX is still buried at the -10 area on most all of the short term time frames (on the MACD’s) but should turn up soon.
Once the ES Futures and the SPX Cash line up together as “bottomed out” and start to point up we should see our rally. I guess the name “Turn-around Tuesday” will be accurate if this market follows the charts and rallies strongly tomorrow.
Since the thing that is holding the market down right now is the 30 and 60 minute charts on the ES, I’d expect that there will be enough time left to close in the green today. I see a FP on the ES of 1310, but I’m not sure if it’s real or not. I don’t usually see them on the futures as they usually show up on the SPX Cash, but never ignore them… especially when the market is ripe for a rally.
Channel of crude oil:
http://niftychartsandpatterns.blogspot.in/2012/06/channel-of-crude-oil.html
COPPER at weekly support levels:
http://niftychartsandpatterns.blogspot.in/2012/06/copper-at-weekly-support-level.html
Sorry old buddy… been busy with other stuff. We hit the 1269 FP in the futures tonight (Sunday) and seem too be very oversold on all the short term charts. The 4 hour, 2 hour, and 60 minute charts are all buried and look exactly like May 6th. Back then when the MACD’s were in the negative 10-12 range we had a rally from 1342 to 1370 before heading south again.
I think we are at the same point at the open on Monday and we should rally. However, at this point I see a clear 5 wave pattern completed from the April 2nd high. So, we could be in for some choppy moves up and down this week but it’s looking overall bullish. The only wild card is if they don’t make a similar type rally like May 6th. If they choppy sideways all day Monday then they’ll make a bear flag and the low isn’t in yet.
This 5th wave down from the 1334 high on 5/29 is a shorten “truncated” wave so far, and I think we have bottomed for a few weeks. Monday is important as the bulls need to get a good rally started on it or else they will lose their biggest chance.
Rallying from an extremely oversold position on all the short term charts is like being kicked off the mountain and you’re near the bottom. Have they had enough rest? They should have by now. But they have too come out strong on Monday and Tuesday or else they’ll be giving the ball back to the bears.
Put simply… a strong rally on Monday/Tuesday means we have strong odds that a low is in for a few weeks (3-5 I’m guessing, but could fall short at 2 weeks). The failure to get going early this week we result in another leg down as any stalling here will just work off the oversold conditions and allow for the newly formed bear flag to play out within 2-3 days.
We are at 9 weeks now since the April 2nd high, and 5 weeks since the May 1st high. Unless “The Big One” is coming I think we’ll about bottomed for the short term. A multi-week rally should be expected. But I’d still be cautious on June 11th, 22nd, and 29th as those days are clearly ritual days and there could be something big happen on them. The question will be what? …and does it affect the stock market?
full moon shining in my window.
no Sunday update?
SPY Weekend update:
http://niftychartsandpatterns.blogspot.in/2012/06/spy-weekend-update.html
you have my support
The Tebow pied piper occultic entourage number also forms 64:
15 (Tebow)
19 87
23 88
____ ____
42—-6 175—85—or—4
My review for TSP below was incomplete. I missed one capitalized letter on CP’s Bad Santa cardboard sign. The letters on the bottom should be TTLF. I missed the F because it was below the other letters and hard to notice on the small youtube screen.
So his sign should go as follows:
G
G
G
followed by: T T L F
or 777(666-777 since the Gs look like 6s also) then 20-20-12-6……212-6???…7-6?…..48-6????Whatever it does hint at 6-12….2012….24etc. etc. It does make more sense with the F in there……also has the 62 FB combo…..
After reviewing the Cramer Code (mentally—haven’t viewed it in quite a while), 6-4 does seem to embedded it in several ways as well as being one of the numbers presented (as 15-04……in fact 2 years ago I was looking at these 2 dates/numbers (including the one that follows it). But there is no 54 in 64. So if the Cramer Code is correct then this decline could be quite extended. 6-2 (today)shouldn’t meaning anything. And I am beginning to think that 67 probably refers to June July. If that is the case with the market already oversold as it is, this could be one heck of a historic decline that makes ’87 look like a pleasant memory.
This first obvious point for a target low would be 7-11 (haven’t checked what day that falls on). Great bear market lows like to fall around the 7-4 holiday date although I think a 5 wave will occur into the end of the year/ early 2013.
Better yet just fade Lindsay William’s forecast that there won’t be a stock decline through June—early July?????
June 4 is 888 trading days from 11-21-08 low and 818 tds from 3-6-9 and 1170 tds from 10-11-2007 high.
2/6====.333333333333333333
6s in years that end in 2 aren’t very favorable.
SPX Analysis after close:
http://niftychartsandpatterns.blogspot.in/2012/06/s-500-analysis-after-closing-bell_02.html