This chart from Columbia shows the fibo levels from the high @1372 to the previous low @ 1294
He shows Support @ 1332
and
moving ave @ 1318
but not shown on this graph
39 hours at 10am could be a defining high & turn or a low leading to
positive energy at 11:33 which could provide a high today
Jay
at 10am the 39 hr cycle bumped the dow to +$19.00, but the spx holding under water.
Thanks John
ReplyDeleteAt 10am we got the rebound high
at 11;33- 11;45, we got a rebound high
And at 1pm falling deeper into the red.
TODAY should end with a thud, and tomrrow should DITTO gap open down.
IF we are looking at WAVE E as Ive projected, and May 27th is the target low at spx 1160, then there is very little time to FUTZ around.
As mentioned previously, Erik Hadik calls this a CRITICAL WEEK
and if we start taking out support levels, it shows that way.
Commentators on CNBC says he's ALL In as a bull, and Im sure that is the sentiment across the board.
Jay
one has to wonder. The market has gone up and up and up in the face of the lousiest news one could imagine. Finally we get some good news (Bin Laden) and the result is we sell? That's not a terribly good sign.
ReplyDeleteYou all know, this whole market is a ponzi scheme with no basis in reality. The "musical chairs" market, and at some point the music will stop. I'm not about to say I know it's stopping now...but this is some strange action.
For the last 20 months, the game has been to "buy the dip" no matter how stupid it looked, because at the end of the day, you'd be proven smart. We all know that one day you'll buy the dip, and it will just dip again. and again. Is that now? I have no way of knowing. My original "guess" about the overall market direction was that we'd be okay for the spring, but sometime in May - June, they'd go into hiding a bit. Well it is May, so it's got my attention.
126bar cycle pivot at 3pm
ReplyDeletegives us 204 bars at 3pm tomrrow
Jay
GOLD hits highs AT 1575, hmmm thats a very familiar number for the SPX
ReplyDeleteJay