After the target zone is reached then a larger dip should occur. However, the final high is not anticipated until the week of June 18th to 22nd.
30min Chart
Friday, June 8, 2012
$SPX - Taking a Breather
SPX is taking a "breather" dip before the rocket ship blasts off again next week. The current dip is not likely to see much lower with a low due today or Monday at the latest. Then the market will be poised for another surge up next week into the target zone for the next higher high.
After the target zone is reached then a larger dip should occur. However, the final high is not anticipated until the week of June 18th to 22nd.
30min Chart
After the target zone is reached then a larger dip should occur. However, the final high is not anticipated until the week of June 18th to 22nd.
30min Chart
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I suspect a weak close today, but this dip may not even follow through into Monday.
ReplyDeleteThe SPX support lines shown have been tested at 1307.
Any pullback to 1305-1291 could be a wave 2 before a blast off as well as a right shoulder
ReplyDeletebottom. Looking good SC. Thanks for the charts.
Good trading all.
POSSIBLE MARKET MOVER: Obama talks at 10:15 est.
ReplyDeleteSubject the economy and European situation.
Putting pressure on Europe to come up with Spanish solution this weekend?
Thanks Klaatu.
DeleteThe Euro (FXE) is a proxy for all the news coming out
ReplyDeleteof Europe. Hanging in there at this moment. Also looking like
a possible right shoulder bottom. Next few days/hours should should tell the story.
Back in UVXY at $16.08.
ReplyDeleteThe market could weaken into the close or Monday morning. NDX looks a little weak.
ReplyDeleteGold is looking pretty good here with the reversal off of last night's low. Oil is going to explode to the upside once it catches a bid. Hard to say if the bottom is in or not. If not, I suspect it will move back down to $77.
ReplyDeleteIt was a nice reversal for Gold.
DeleteIt has been horrible to trade lately, but I think fighting to stay on the long side will pay off soon. I know you lowered your target to 1700, but given the sentiment readings at this bottom, I don't see any reason why we should not test the highs, if not push to a new all time high.
DeleteIt has been very choppy lately in the metals. I do think it'll rise to that level, and then will review again, and take it from there.
DeleteHolding UVXY over the weekend SC?
ReplyDeleteYes, my cycles are weak into Monday. There is potential for a one day wonder on the downside, and SPX is back at 1323 resistance.
Delete$19 could be possible next for UVXY.
DeleteThanks SC. Have a good weekend, and thanks for all your work. You have been on the right side of the trade more often than not.
ReplyDeleteThank you, you too!
DeleteThings are shaping up even better than I anticipated for June. Charts coming...
ReplyDeleteHI sc
ReplyDeleteAgree on a bad day Monday, but I wouldn't want to jinx the fun
Jay