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Monday, March 7, 2011

$SPX - Roadmap Updated

The roadmap worked well and was due for an update.  I have shown a general idea of what my symmetrical pattern predicts next.  On this particular chart, these price levels and timing are rough, and are not meant to be exact by any means.  Mainly I am looking for a move that is symmetrical to either side of the cycle line, and fit well with my other trend lines.

The main important points are:

1. $SPX likely has already topped Feb. 18, 2011.
2. $SPX 1302.50 should hold as a bottom (though I expect it to be retested as shown)
3. I propose that A=C and that both equal 38 points.  The top of C should be 1302 + 38 points = 1340.
4. Financials $Rifin should be stronger than $SPX and a slight new high seems likely.
5. A waterfall decline comes soon after the 1340 top (according to the longer term patterns).

10min Chart
 
  
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12 comments:

  1. SCMarch 8, 2011 at 6:51 AM

    Sure enough financials are stronger. It's all in the patterns.

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  2. ckoreyMarch 8, 2011 at 7:06 AM

    I think we are in for some chop.

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  3. SCMarch 8, 2011 at 7:08 AM

    Yes, agree.

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  4. SCMarch 8, 2011 at 9:25 AM

    Most likely back to 1303 now.

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  5. ckoreyMarch 8, 2011 at 9:37 AM

    Stronger than I thought

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  6. SCMarch 8, 2011 at 9:59 AM

    Financials weakening now, down we go. This market is taking each move to the extreme.

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  7. ckoreyMarch 8, 2011 at 10:06 AM

    Would be extreme to retest 1303 from here as well.

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  8. BlakeMarch 8, 2011 at 11:29 AM

    looks more likely that you will get your move to 1340 from here now. Perhaps higher

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  9. SCMarch 9, 2011 at 6:16 AM

    I suppose yesterday morning we did see a test of 1306. I still think we see at least a decent retracement 1310-1312 maybe before more upside.

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  10. SCMarch 9, 2011 at 7:05 AM

    Bounced from 1312 but would not surprise me if it tests 1303!

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  11. ckoreyMarch 9, 2011 at 8:54 AM

    I think flat until Friday and then up next week.

    ReplyDelete
  12. SCMarch 9, 2011 at 9:34 AM

    Let's see how the rest of the day goes. Financials have been holding solid today.

    ReplyDelete

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