Tuesday, May 31, 2011
Market Timing-Whats Next -May 31st Closing report
Power data shows potential for higher open as we see from the spx futures
but what happens afterward
58 X 62% = 36 + 1312 = 1348 potential
I did publish a series of price levels b4 based on the 58 pt drop.
Previous projections indicated May 31st as a low with subsequent rebounds.
That projection appears to need adjusting depending on HOW long spx 1348 stays on the boards.
If 258 bars & neg energy at 10am produces only a minor dip off the open high,
then we could consider higher afterward as a normal consequence of the 258 bar pivot.
There are other reasons to be bearish overall since May 2nd and as soon as this downtrend
ends at the 1296 level or lower, it still looks like JUNE-JULY & till Aug8th has bullish potential
AS a WAVE "4" off 1312 low as wave "3" weve seen rebounds as high as 78.6%, and have offered
those levels as potential targets. that does not guarantee we will see those levels
Others have indicated mid day highs at or near the 1350 level today, before selling off from there.
Check out the LINKS on the main page to get other views of this up move from 1312.
and just what the alternatives show.
IT looks like that LOW on May 24th at 1312 shown on the qtrly graph as May31st has already occured.
Thus we need to adjust our thinking & outlook to reflect that possibility.
The graph then shows a HIGH on what is still indicated for June1st, or it could be May31st- just the
opposite of my prognostications. SO we need to be vigilant of the possible directional moves this week, after reaching that peak either today and or tomorrow.
I dont hedge or get wishy washy saying if this happens or if that happens then we get-------.
BUT as indicated, adjustments are quick and up to the moment given fresh data.