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Tuesday, November 1, 2011

$SPX - Update

As expected there was heavy selling pressure Oct 31st and Nov 1st.  SPX found support today at the red trendline.  There may still be some minimal downside, but the timing cycle for the low is due, and the latter part of this week looks quite positive.

A test of 1280's later this week is anticipated.  After that the next low in my cycle work is around Nov 8-9th.    

30min Chart

33 comments:

  1. SC, What is the blueprint that you see for this week alone? I am a little confused. You are calling for the S n P to go to 1280 later this week, which I assume is by the end of Friday. And then it will drop back down to form a low around what target on Nov 8-9. This cycle appears very short. Please correct me if I am interpreting this all wrong.

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  2. What I see are large whipsaws basically very similar to Aug-Sept period. So by end of the week, I think can test 1280's again (even if a little more downside here), and then next week around the current level or lower could be tested once again.

    No point getting too far ahead of things here though. Let's monitor and review again later in the week.

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  3. Nice to be aligned with you, SC (and Gabe, presumably, hopefully).

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  4. Thanks Jason, all the best.

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  5. Still possible that a test of 1202-1205 could occur. That is in the proximity of the yellow midfork.

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  6. SC, has silver completed your zig-zag - 35.6 down to 32 back up to 34+ now? may be a bit of upside a buck or two but should be close to the top, correct?

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  7. I do expect the rounded top to form for Silver once a bottom is in. The bottom for SLV yesterday was 50cents higher than my charted target. The futures did come closer. So I am not sure if we test the levels yesterday again or not.

    Regardless $36 on the futures is where I think the rounded top finds resistance.

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  8. NDX hasn't been a strong performer today. Perhaps bears have a little time tomorrow morning.

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  9. EMINI INTRA DAY


    http://imageshack.us/photo/my-images/407/es112.gif/

    Best, joed

    trakktrader80@gmail.com

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  10. Gabe... Your still looking at 1280- 1300 area coming up?

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  11. sami

    I have not commented on a target.......I have posted the cycle time window only! Good trading! joed

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  12. There will be no positive end to this week. Starting tomorrow, will begin 3 days of market darkness...ending the week with a credit downgrade of France.

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  13. SC

    Greece has decided on the referendum date to be held on DEC 4th. Does your cycle work have any relevant turning points around that time period?

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  14. EMINI NIGHT SESSION


    http://imageshack.us/photo/my-images/202/esall113.gif/


    GOOD TRADING! joed

    trakktrader80@gmail.com

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  15. EMINI NIGHT SESSION

    ABOVE IS BAD LINK.........TRY AGAIN!


    http://imageshack.us/photo/my-images/42/esall113.gif/

    GOOD TRADING! joed

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  16. The cycle turns have been working great. Bottomed Nov 1, and here we are spiking up on Nov 3.

    I want to look at the Dec cycle dates further. I'll look into Dec 4 and see if that shows up. Thanks.

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  17. SC,

    Nice work. Don't know what the cycles say but I think next week is very bearish.

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  18. It's been very choppy. Futures were way down last night and today yo-yoing.

    Favoring upside for the next few days, maybe top out Monday. Bearish after that.

    I see this being a whipsaw zone.

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  19. Watching JEF - flashcrashed.

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  20. Probably a target of an offshore short spreading rumours. Comparing to MF Global. So typical...

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  21. Thanks Blake, quite pleased with the way things are going. Working to navigate through the rough waters while still keeping the bigger picture in mind.

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  22. SC - Thanks for the updates, helped me stay in my hedge throughout the day. Sold 1/2 (TBT) EOD, and wouldn't be surprised on a gap up with the current sentiment.
    Post halloween /SI chart: http://screencast.com/t/uTmrWmBNKbP

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  23. My RLX cycle low was good for 45 SPX points up so far. I will continue to buy the dips..

    Charts from November 1st.
    ---------------------------
    Counting the weeks from my October cycle low..Week 5 is weak and 10 weeks gets us to November 28th. Me thinks the 76 MA is going to hold…
    http://tinyurl.com/5t25owu

    I'd be keeping a close eye on RLX here..
    http://tinyurl.com/3b5hx8j

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  24. EMINI FOLLOW UP


    http://imageshack.us/photo/my-images/38/es240113vboth.gif/

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  25. ABQ, are you looking for a top in silver under 36$/oz according to your chart?
    thanks.

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  26. Reversed short at spx 1247. Good luck all!

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  27. The way I see it here we are in the middle of the whipsaw range. RUT and NDX holding well today, and that may give the bulls advantage into Monday.

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  28. SC looks like that blue line in your chart is keeping us contained!

    at least for the time being.

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  29. Yes, after the action yesterday, quiet today.

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  30. The financials are weak today. However, BAC is the worst, most other banks came back up from its low of the day but not BAC. Something is brewing there. Maybe it's the US bank that Atilla's prophecy referring to. What will happen to the market if BAC goes down, but it is Too Big To Fail, right?
    xtrends Atilla Demiray
    The largest US bank may not last until year's end, so is the 2010 lows on SP500
    1 Nov

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  31. Must.......Buy........Dips.

    http://tinyurl.com/6hhrsu2

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  32. EMINI UPDATE

    http://imageshack.us/photo/my-images/831/es240113vboth3.gif/

    GOOD TRADING! joed

    “THE TIME FRAME IS MORE IMPORTANT THAN A LINE”

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