Today was disappointing, BUT still very profitable
it also mean a change in the weather forecast for tomrrow
Still a strong start, and we are overdue for such anyway
however, It looks like any rally tomrrow wont survive the close
We still need to see SPX 816, the DEc 1st close, and dow 8000
Still on schedule for Friday, which NOW looks like it will set the 38tr day low in cement
Tomrrow's schedule
Bar cycle LOWS @
11:30 or 12:30
2pm or 2:30
HIGHS @
10:50 am
1pm
3:08pm
the above suggests a high Thursday at 1pm
heres some interesting math
Murrey math spx 878 yesterday
less 31 pts per level X 2 = 62 pts which then gets us to 816
NOW Use the 40 pt rule of thumb
The LOW at 755 on Nov 21
to the Hi on Jan 6th @ 935 = 180 pts
935 - 3 levels of 40 = 120 = spx 815
So now we have 2 methods to get to 815
Fascinating
2 of my most reliable gauges show a gain tomrrow, but not making to the end of day
Power index shows a rise part of the day and drop end of day
this confirms the above timing
More later
Jay
2 comments:
FYI. Retracement Levels show a high frequency of daily reversal starting 858 (on the up) and 832 (on the downside).
So, it might be that we see 816 on Friday.
In any case, I am started scaling into long positions starting today. Will increase over the next 2 days.
816 sounds likely on the 20th or 26th
the last week of January will be strong.
today Thursday closes on the high
kind regards
8
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