that DOWN close expected MIGHT show up on open tomrrowJay
Today is a Bradley turn date, BUT that turn may have come yesterday middayPC ratios are 80% bearish
Jaywiz index @ .56= borderline
Anyone got a good handle on wave direction?
are they IMPULSING in wave 1 lower
OR
making 3 waves in a wave 4 retreat
NOv 5th this year might be comparable to Nov 4th, 2008
making March a possible important pivot low as did March 2009
One big reason for that, IMO, is an abundance of NEG energy on March 28th
more later
Jay
10 comments:
I want to say we're going to sink from here. I really do. My gut is screaming that it's time for a massive pull down. But.. my gut doesn't have a brain that says "Unlimited Fed printing". So, the thinking part of me says.. we're only 6 weeks out to the end of the year. People probably won't want to take profits and pay taxes on it. The FED wants everyone to hemorrhage cash at the retailers. So, they'll probably try and keep this puppy up through Christmas.
As per previous posts, as long as the spx is under the
13 day ma sell the rallies.
Janeva - why is the 13 day ma is your indicator? I use both 9 & 20 days ma. Just curious.
just as I mentioned about a previous time in history when there were successive rate cuts until the next rate which was NOT WELL received and the mkt sold off
We NOW have a similar scenario with
QE2-
BUY the rumor, sell the news
Confusion reigns
IS it good for the mkt is it bad??
ITS just a SIGN of the month's trend which has DOUBT pouring out from all corners- due mainly because of the NEG energy spreading down on the world
And whats funny is that REAL neg energy PEAKED on NOV 5th, and now it has abated EXCEPT in terms of MONEY & MKTS
INVERSE relationship
Jay
Jay - we broke below all indices support level and it's not looking good for the BULLS at least this month.
Fibo & Energy convergence on NOV 30,
then rally to Mid Dec
Convergence also on NOV 18th at 10am
then option rally
Jay
Abdullah
SPX price levels could be 1027 and or 1110 by months end
Wave4 correction in an ongoing uptrend till Jan 4th
OR
Wave 1 Down breaks under the above to indicate a new downtrend has begun
Jay
Jay - its still being counted as a 3 wave down ....
we got a lot of positive divergence on the 15 min chart - so should see a pop tomm - need to see how the mkt reacts to 1992-1200 level ...
Howver longer terms 60 min etc showing more downside ...
Just to keep things in perspective we moved 1040 - 1227 - 18% move up .... and right now have given up 4.5% to 1175 ... so lets not start talking about crash .... and try to focus on the trend which is still up ... so that we can make some money
for this to be a W4 - need to hold above minimum 1129 ... but ideally should hold 1150 ... after 1129 all bets are off ...
AS
thanks
thats whats being postulated at my Yahoo group
by my math 1155 is fibo support, maybe today
1129 likely by Nov 30 if Wv 4
if other than W4, then 1110 or lower is possible
Should continue lower today
and make a pivot Thsday at 10am to rebound into options Friday
Jay
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