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Saturday, September 10, 2011

$SPX - Triangle Apex Hit - Bullish

Interestingly, on Friday SPX declined with a direct hit at the triangle apex.  In terms of timing, strong reversals often occur at a triangle apex.  In this case that would be bullish for the markets.

The turquoise fork lines that I have shown in previous charts have continued to be useful in outlining the sideways consolidation that the markets have experienced since early August. 

The cycle analysis that I have been using with good success is quite bullish next week. 

As well, Nasdaq 100 has been outperforming SPX, and that is often another positive indicator.   

15min Chart      

Nasdaq 100 has been outperforming SPX as shown in the following comparison, and has been increasing it's lead in recent weeks.  The index appears to be leading up.

15min Chart

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32 comments:

  1. ChartramblerSeptember 11, 2011 at 5:12 AM

    Europe has unfinished business I fear http://chartramblings.blogspot.com/2011/09/eurostoxx.html

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  2. SalSeptember 11, 2011 at 9:20 AM

    SC: Thanks for the analysis - Any prediction for the target? Or it is a little early at time?

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  3. SCSeptember 11, 2011 at 10:51 AM

    Thanks Chartrambler. Just short term bullish at this point.

    Working on targets Sal, but may need to see further development. I have some additional charts coming as well. Thanks!

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  4. AnonymousSeptember 11, 2011 at 1:20 PM

    I will be looking for a VERY short bounce in time and a short renewal with a very sharp drop coming into Oct! Good trading! joed

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  5. ZigZagSeptember 11, 2011 at 7:02 PM

    You want to be buying this week..Most likely starting tomorrow

    http://tinyurl.com/6jc4kc2

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  6. SCSeptember 11, 2011 at 10:21 PM

    Thanks Gabe, and quite a cluster of time cycles lining up there, ZigZag, nice chart! Looking to be an important day.

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  7. SCSeptember 12, 2011 at 7:04 AM

    Both NDX and RUT looking quite firm, stronger than SPX. Good signs.

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  8. MuzzSeptember 12, 2011 at 7:09 AM

    Hi SC & followers, looks like we maybe getting a bounce here what are you guys looking at for a target?

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  9. SCSeptember 12, 2011 at 8:35 AM

    I'm thinking 1185-90 is a spot to start looking at a minimum and take it from there.

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  10. fartninja33September 12, 2011 at 11:45 AM

    Too busy this morning to post. Wish I would have held more shorts over weekend. Sold shorts at the gap down in morning for a nice profit. I shorted again this morning and out of those with profits also. Just went long with a small position will watch that closely with tight stops. Maybe a small bounce, but cautious here.

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  11. SalSeptember 12, 2011 at 11:57 AM

    SC - All the rips are sold - is it a bottoming process or we will see a bottom fall out drop?

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  12. SCSeptember 12, 2011 at 1:10 PM

    Stuck in the mud for most of the day, but finally a nice lift into the close. Financials were sluggish this morning, but they looked strong into the close. It looks real.

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  13. SamiSeptember 12, 2011 at 1:25 PM

    Gabe whats your target for this bounce?

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  14. SamiSeptember 12, 2011 at 1:26 PM

    Im personally waiting for a doji or a hammer to be put in around 1180 - 1200 and then I go short at break below the low of that doji.

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  15. ZigZagSeptember 12, 2011 at 6:06 PM

    Had good alignment for cycle low today. Daily chart was today and the 60min had alignment time of 14:00ET. IMHO the August 9th cycle low was the bottom..

    http://tinyurl.com/67zm8vf

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  16. SCSeptember 13, 2011 at 6:03 AM

    Thanks,nice work.

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  17. MuzzSeptember 13, 2011 at 6:41 AM

    Hi SC and followers are we still bullish? This market worries me a little it is very hard to read at the moment. Any thoughts?

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  18. SCSeptember 13, 2011 at 6:51 AM

    Just going by my cycle work, it has a bullish bias until the close Wed, Thurs morning could be weak.

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  19. AnonymousSeptember 13, 2011 at 7:25 AM

    Just took my short term long trade out 1167.5 in the Emini....I am very bearish and now looking to position SHORT fully by tomorrow...I am in NO way bullish! For all the bulls here I will nave the other side of your trades! Good trading! joed

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  20. MuzzSeptember 13, 2011 at 7:26 AM

    SC how are you seeing gold & silver at the moment? Looks like gold could fall to 1700 level before one final push to new highs followed by a massive drop. Are you looking at any entry levels?

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  21. MuzzSeptember 13, 2011 at 7:38 AM

    Agreed Gabe I think this is only short term bounce before a drop to 1100 level first. What level are you looking at shorting?

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  22. fartninja33September 13, 2011 at 7:44 AM

    Out of my FAS that I bought yesterday. Like I said in my previous post, cautious here and waiting for spot to short also. Just love these markets. Good luck trading.

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  23. SCSeptember 13, 2011 at 7:50 AM

    Let see how it shapes up Gabe today/tommorrow. May not be much more today, and suspect top out tomorrow.

    I thought it was interesting that Gold did not rise yesterday with the Euro debt fears.

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  24. fartninja33September 13, 2011 at 1:24 PM

    Bought some TZA and FAZ before the close. Looking to add more shorts this week. I believe the bulls who were buying the dips and not selling on the upticks lately will regret it in the next few weeks.

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  25. StockboomSeptember 13, 2011 at 4:14 PM

    SC. I am struggling with silver, appericiate if someone put some analysis on where it is heading

    Thanks

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  26. BlakeSeptember 14, 2011 at 5:11 AM

    stockboom- My silver trading system just went short silver about an hour ago. Usually about a 2-3 day tradewhen it gets a set up

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  27. BlakeSeptember 14, 2011 at 5:46 AM

    it was triggered at $41 on the futures, for your information

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  28. StockboomSeptember 14, 2011 at 6:16 AM

    Hi Blake
    thank you,isnt silver need to break and close below 39.80 to be real trend change?
    Or your system showz only short term?

    Sorry for typo lol doing through my galaxy s2

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  29. BlakeSeptember 14, 2011 at 6:23 AM

    I don't know why you are picking 39.80. My system is based on price and time, like any good system. Similar to momentum but more complex. It also went short oil last night...I will let you knwo if any of these change today, but for now, I am short silver futures from $41, and oil futures from 89.36

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  30. SCSeptember 14, 2011 at 6:23 AM

    New post.

    Stockboom I'll try to show some silver charts today, there are a few interesting things to point out, thanks.

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  31. MuzzSeptember 14, 2011 at 6:33 AM

    Hi SC & followers, silver & gold could be getting ready to tumble shortly.

    Also SPX looks like it could drop to 1100-1110 area.

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  32. fartninja33September 14, 2011 at 7:30 AM

    Bought some more TZA at the open. Also took small short position in silver. Thanks for your input on silver Blake.

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