POWER DATA ONE WEEK AHEAD - Provides an 80% Correlation to the SPX

Tuesday, May 10, 2011

Market Timing-Whats Next -May 10th Closing report

THATS A far cry from what was projected - GRRR

Impact Stream & EKG at 8:30am May10th
AS PROJECTED, the SPX is set up to open at 1350, at or near the upper resistance level.

From there, the day is called to lose steam, as we can see from the IMPACT STREAM.
Power data agrees also as it starts out at the 400 level and drops to 250 by days end.

SO, what is the lower limt??
From Fibo, we can look at the charts and see whats next.
lets look at it as an abc drop from the high=  3 legs
1370- 1329= 41 pts = wv" a" or leg 1
1329 to 1350 = 21 pts = 50% wv" b" or leg 2
IF wv "c" should occur today, we could look for 1350-41 = 1309
thus wv "c" would be equal to wv "a", fulfilling an Elliott principle of wave equality

Further more
IF May is going to perform as the monthly graph indicates, we should get a retracement wave UP
from 1310 to:                 1370-1310 = 60 pts lost
60pts X 50% = 30 + 1310 = 1340
60pts X 62% = 37 + 1310 = 1347
60pts X 78 % = 47 + 1310 = 1357
Anything higher than the above levels changes the outlook, but I dont think that will happen.



Jay Strauss said...

almost 1pm

Impact steam still fading, but mkt not responding in like.

11am--1pm & 3pm often become turns from highs.

doesnt seem likely we will see anything bearish at this moment, but power data does ned lower.


Power data level jumps to 500
all day


Abdullah said...

what a BS this market is!!!

Did you see it? At 2:30 those mysterious Programs kicked in and "booom" up we went. Amazing, just like yesterday.

Now tell me, why did that program fire off? Was there some ground breaking news? I have no idea, I don't see any. But it happened the same way Monday.

Jay Strauss said...

TOMRROW BLASTS to NEW highs by 11am,