Hey guys, today I explain the market action both fundamentally and using charts. The SPY broke the support of the channel and found support at my lower ascending support and came back up right at the end of the day to test the channel support as resistance. The bears might take that price action as bearish, but the bulls might want to keep pushing this market higher to test that resistance once again. With the new ascending support serving more support than the channel, we might be starting to trade in a new symmetrical triangle (same resistance, but lower support). Again, in order for me to be a full blown bear, i would like to see 92.80 support broken on strong volume. I suggest also to look at the dollar as it has been a great indictor for whether a rally or a sell off is sustained. In this video i look at the SPY, GS, XLF, UUP and SRS.
I think we will go higher tomorrow, circa SPX 950. This move will end close to 1,000 and then the anticipated correction.
This is fascinating, but is it true? (I can’t believe it)
http://markettimingcycles.wordpress.com/
The fun comes in when you try to keep it going thru earlier weeks and find intervals of 12 or 14 or 9 or 22 weeks until the whole thing breaks down. It looks like mostly an interesting coincidence. I’m currently short, but without a lot of conviction; mostly just trading the swings every few days based on default Bollinger Bands, RSI, and MACD on a 60-min chart.
me too.
EWI’s short term forecast of today says that we are moving up to a minimum SPX 950. Daneric and Kenny show similar targets in the 990 area for a top. Kenny says later in June.
In my opinion this is not a coincidence. At critical junctures – most of the times – you will find these numbers and triangles coming back. Be alert to it.
Sometimes these triangles are based on Fibonacci Numbers, somtimes on the Lucas sequence(2,1,3,4,7,11,18,29,47,76 etc). Why? Sometimes the stockmarket is more influenced by the natural cycles(Fibonacci related) and sometimes the stock market more influenced by planet cycles(Lucas related).
Sometimes the numbers are not exact they might deviate a week(on a weekly scale), as the low or high might not precisely fall on a Friday, but e.g. instead on a Monday, just 1 day after the week, but adds another full week and distorts the view(and vice versa). Sometime you have to look voor de highest/lowest close, sometime for the highest high or lowest low.
So, in your example: 12 or 14 or 9 or 22 weeks are very close to the fibonacci numbers: 13, 8 and 21. This is probablyty caused by the end of week effect.
Anyway, when you see any of these fibonacci triangles like: 1-2-3, 3-5-8, 5-8-13, 8-13-21etc), and they might not always be repeating in this way, as now: 8-13-21, repeatedly) be alerted. Look at Lucas numbers as well, as also double fibonacci, you will see at critical junctures they are there most of the times.
Webmaster MarketTimingCycles.com
http://markettimingcycles.wordpress.com/
Be very suprised to see a gap up at the open after this mornings failure.I think the bulls will have to see some gradual momo to go
Oh and by the way were is the cad that was doubting the small move in the Mc.C oscillator that portends to big moves in stocks ,did he check the range today?? This by the way has never failed in the last 2 years.I learned this from McHugh and started tracking this on my own the last couple months
As I said, the market will end around 1000.
Mo being built on ES…945 now. 950′s by morning. We’ll see.
End at 1000-1050 dip to 875 then off to 1200 late summer early fall,then we get ugly P3
I doubt 950 after last night
Boy, 10 bullish comments in a row. Now that IS bearish!
and you just HAD to go and spoil the mojo