Traders will be talking about triangles breaking down, yet the stronger Financials is confirmation of consolidation prior to a large move up (short term only).
Once again, prices and dates should be considered a rough estimate.
10min Chart
Wednesday, March 9, 2011
$SPX - Short Term Update
Another test of 1303 may be in order before higher prices. Financials have been stronger over the last several days as I had previously suggested. Ideally, $Rifin should make a higher low versus March 7, while $SPX could test the low 1303.
Traders will be talking about triangles breaking down, yet the stronger Financials is confirmation of consolidation prior to a large move up (short term only).
Once again, prices and dates should be considered a rough estimate.
10min Chart
Traders will be talking about triangles breaking down, yet the stronger Financials is confirmation of consolidation prior to a large move up (short term only).
Once again, prices and dates should be considered a rough estimate.
10min Chart
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Well 1303 didn't hold which means that I will have to re-calculate my ABC math. B is finishing.
ReplyDeleteFinancials are holding quite well though and B has likely already completed on March 7th so I am looking for a higher low there vs March 7th. Stronger Financials still says to me that a rally is coming before any large declines.
I'll recalculate once things settle as I need the bottom figure.
I see risk down to 1282ish but if it holds here I think it goes higher in the next week or so.
ReplyDeleteYes, I agree. Most likely it will go to 1280's and bottom there. Then it should rally from there. The key is the financials.
ReplyDeleteMy 1340 target is going to be coming down lower.
If it holds here I see a bounce to 1335ish within 2 weeks.
ReplyDeleteLet's watch the 1294 Feb 24 low. As long as that holds then the next and final top would be 1295 plus 38 points. 1333.
ReplyDeleteAgree.
ReplyDeleteMy model indicates that Financials $Rifin will test the Feb high. It is just a strong spike that will burn the shorts and then collapse.
ReplyDelete$SPX has already topped in Feb according to this ABC move.
Like I said, this market is taking each move to the extreme in both directions.
Hanging on..........just barely.
ReplyDeleteFinancials were weaker since the opening and needed to capitulate. That dragged down SPX. Now that is done so the pressure should be to the upside.
ReplyDeleteBottom is right around here or we have one more leg down.
ReplyDeleteI favor one more leg down after a small bounce tues-wed.
Test, and retest today with a "cliffhanger" close.
ReplyDeleteOvernight, Sp touched 1284. Does this account for the last leg down or only regular hour market movement counts?
ReplyDeleteI follow overnight activity closely, but do not include it in my charting or calculations. It is a personal preference, but many do.
ReplyDeleteOften the regular hour tradng will test the overnight levels, but not always. For example, On the Sunday after "Egypt Friday" there was a roughly 9 point drop that recovered, and was not tested on the Monday.
We will have to give it some time and see how the markets react today considering the Japan news.
Thanks, SC. At what point, the blue print you listed will be invalidated? That we might not test the high and go straight down here? Break last night's low?
ReplyDeleteNot too sure on that just yet. This issue with Japan is an anomaly that certainly makes things tricky in this spot.
ReplyDeleteLooking for 1282-1286ish then a bounce
ReplyDelete