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Thursday, August 25, 2011

$SPX - 10min Update

The geometry charted on the previous 10min chart worked out quite well with a direct hit this morning at the crossing white lines. 

There are several patterns that I am monitoring, and the behaviour of the Financial sector recently provides an important clue about what is coming next.  I am waiting for a further development, and will have specifics shortly.       

10min Chart

41 comments:

  1. SC, are you planning to trade metals at all? Taking any positions in gold or silver?

    1550 target for gold seems possible in the near term, if 1830 gives us strong rejection.

    New moon this weekend too.

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  2. There are a couple events that I am still waiting to see on the metals.

    SPX plunged on FED as suspected yesterday.

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  3. Hi SC... Do you expect another plunge or did it set a low today?

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  4. That did not seem like a plunge really. The S&P went down only 12 points from the open or 20 points from the close yesterday. That was very small move considering the S&P has been moving at bigger chunks as of late. I am also wondering if there will be a bigger move down at the end of the day or if that was that it.

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  5. Let's see how it shapes up here now. This upswing quite powerful at the moment. A lot can happen in a day like today though.

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  6. Bernanke offers no new stimulus. http://www.cbc.ca/news/world/story/2011/08/26/bernanke-jackson-hole.html

    Is SPX ready to decline soon, SC? Thanks.

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  7. No real surprize here as I have been looking and posting this turn date for the EMINI/DOW .......lower range for today was 1130 DEC, now chasing upper midand upper range at 1169 and 1182! Good trading!

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  8. I am leaning towards some selloff into the close.

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  9. Is it a good timing to pick up some SPX if it does sell of into the close? Or we could watch until next Monday before the bounce happen in next week? How do you think fellows?

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  10. i think the bottom is in early this morning, sell off into the close wont do a whole lot if there is even a sell of, mostly people selling it off cause they worry and not sure what happen over the weekend. It looks like it may bounce higher beginning next week though, what you think SC?

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  11. Most of my cycle work looks quite bullish for next week.

    I suppose there is hurricane risk holding over the weekend, but unlikely to be major problem. Never can say for sure with those kind of things.

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  12. thank SC, I guess I will see you all next week.

    Thank care and have a great weekend.

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  13. 3 tries into the posted mid upper day range......took my 1135 Emini day trades entries out against 1169 mid range! Night all! Good trading!

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  14. Don't see any significant sell off before the close. Maybe just some position closing before the weekend. Markets and gold up together today. Thanks guys, have a good weekend.

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  15. The dollar has had every reason to rally and continues to languish. In fact, the Euro is very close to breaking out short term (dollar breakdown) which could cause a currency crisis. Any thoughts?

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  16. Here is my prediction: S&P500 drifting lower until Wednesday. After that I will reassess.

    Why? Part of the reason is that all of the world markets are selling off right now. ^GDAXI, ^HSI, ^BSESN, ^FTSE, ^BVSP.

    Going long on stocks now is like picking up nickels on the train track. The Orange Blossom Special is already rattling the rails.

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  17. Hi SC, hope you had a good weekend. What are your thoughts on SPX today and for this week. Do you have any chart updates on targets etc. Look forward to seeing your analysis. Thanks SC

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  18. Thanks Muzz. Yes, will have updates shortly. SPX likely to find resistance at this level and flatten off for now.

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  19. Hello everyone, so are we looking at crossing the 1200 on SP today.. it has tried a few times already and failed

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  20. SC, any updates on metals this week? The ride is starting to get bumpy..

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  21. Working on the metal charts, yes starting to get more interesting.

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  22. SC, What are your thoughts on the S&P for the next couple of days. Are you still bullish?

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  23. Interested in your thought too SC with S&P for the next couple days.

    Thanks!

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  24. The mkt should run into more difficulty moving higher now short term. So while we saw a solid day today, I'll be watching for signs that the mkt could start to taper off.

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  25. Bought TZA and took all longs of EMINI's off now..........looking for early morning high and will add tomorrow to the short side of both! Good trading!

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  26. Hi Gaberocks11

    curious when you mention looking for early morning high, are you looking for higher S&P and then add more to the short side?


    Thanks!

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  27. I sold my SP longs too..

    Gabe do you have any target limits for tomorrow and after tomorrow for the EMINI

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  28. investbb

    I am looking for todays high to be taken out either in night session or morn, tha twould be perfect as it would satisfy a bar setup I use.....either way I am looking to short the market and a high in the morn and set back!

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  29. Hi Gaberocks11

    Do you foresee the rest of this week will be weak for S&P? wondering how long is this set back you hinting?

    Thanks!

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  30. investbb

    No hinting if you have been folowing my comments I talked about the lows coming out. This is both day trade and what I see as the next swing! You might want to go back and review ny prior ansers to your questions!

    fivir

    Yes I will have ranges and targets in the morn....but if you mean targets on the down side ....once again I see this as a swing trade down! Read above!

    What I am stating here is a continuation of what I said weeks ago.....nothing in my cycle work has changed!

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  31. Gaberocks- impressive trading

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  32. blake

    Tx for the kind words! joed

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  33. thx gabe... plz update us on the targets when you have them...

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  34. fivir

    If you are asking for the swing target it will be first at 950 DEC EMINI....so it's mute for a while! I will post the day target range in morn! Good trading!~ joed

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  35. Gabe your saying we go down like 240 handles from these levels?

    I guess something is gonna have to implode somewhere.. maybe its greece again who knows

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  36. Night session in watching 1208 DEC EMINI with any price above, failure at this level!

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  37. Thanks Gabe. Does that mean a down pressure is applied on SPX?

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  38. roger

    Yes.......I trade EMINI, sp, TNA, SPY etc. off the EMINI/SP

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  39. If my master cycle is correct and it has been all year............SPY will hit 96 in by OCT!

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  40. Thanks gabe... keep us posted.. that is a hell of a call

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