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Thursday, January 5, 2012

$SPX - Multiple Resistances

Many different layers of resistance are converging at this price and time.  Price is struggling at resistance and a turn down is anticipated to commence shortly.  There should be a concentration of selling pressure into the middle part of next week.    

Daily Chart

13 comments:

  1. SC, what do you see for gold and silver today ? Up, down or flat ?
    I know it's a hard question, but I would appreciate your opinion or feeling.

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  2. Hi SC,
    what to expect in gold n silver,very volatile movement giving data today of nonfram payroll

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  3. S&P futures are flirting with the target outlined in the 15min chart at 1289 SPX.

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  4. Gold/Silver may still have a bias to the upside. I do think they retrace next week.

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  5. Has moved according to plan..............should see some selling early next week...........then some chop but this is not the top.

    Strength should continue into the 18th.

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  6. Hi ckorey

    how low you see this sell off goes to before the rise. You see any turn date for this strength to start again next week?


    Thanks!

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  7. 1258ish first stop..........if that breaks then 1240ish.

    Should hold there but we shall see.

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  8. The alternate (less likely) is that the 18th will be a bottom in which case we are headed much lower but that is on the back burner for now.

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  9. In addition I have no sell signal on my charts yet.

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  10. Robin Landry's latest outlook...

    Attached is the chart I sent on 12/14/2011 showing what I was expecting the market to do. I have not changed the chart but it has been updated with the market action since that time. The lines drawn on the chart were to show the form of the market action but not related to time on it. As I said, I expected the market to rally to the trend line around the 12,400 area shortly in the new year. On Tuesday we reached the trend line, but I could not count a completed 5 ways up so unless we had a 5th wave failure I expect one more rally to the trend line before wave minor 2 is over and minor wave 3 down begins. It would not surprise
    me if the news tomorrow was positive enough to send the DOW rallying up through the trend line in a high volume thrust before reversing and starting the decline I am expecting. In fact I personally would like to see it happen and it would be viewed by me as a blow off top with a complete wave count. I have said over the past few months that if my count is correct, this is the last chance to get your financial house in order at prices which you will unlikely see again for years to come. The next few days will let me know if I am right or something else is happening. I don’t believe it is, but I will do my best to keep you updated if the wave structure develops into something else other than what I believe is happening. I would also like to take this time to wish everyone a Happy New Year blessed with good health, happiness, and yes prosperity. I will update as soon as circumstances dictate.

    http://urbansurvival.com/landryjan6.pdf

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  11. Thanks Jim. I still haven't had confirmation yet either, but we are closing in.

    That being said, my 1/4 position bids in both TZA and TVIX both just got filled at 25. Bought half position in both yesterday at just slightly higher prices. Saving the last 1/4 position once it is confirmed (hoping for a quick move up also).

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  12. FWIW, I am seeing bullish divergence in one of my custom indicators for EUR/USD..

    http://tinyurl.com/7vdabnp

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  13. SPX likely to top out early next week Monday/Tues. Charts coming.

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