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Sunday, January 22, 2012

$SPX - Target Reached

The target zone was up to 1312, and price hit that level.  According to plan a sharp selloff is anticipated next.

http://cyclicalmarketanalysis.blogspot.com/2012/01/spx-approaching-target.html

After it corrects, and to complete the topping process, SPX may surge up to ideally near 1326.  1326 is an interesting number.

The July 2011 high was 1356, and SPX fell to the Oct low at 1074.  That is a 282 point drop.  1326 SPX minus 282 points equals 1044 SPX.

The calculated target for a major decline remains at 1044 SPX.       

60min Chart















The reality is that NDX has been weakening since October.  This is a leading index.  It is clear cut that the next major move for the markets will be down.

2hour Chart















SPX at long term resistance.

2day Chart
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7 comments:

  1. RBJanuary 22, 2012 at 12:30 PM

    Hi SC,

    How about silver.
    What do you expect for SILVER after friday spike..?

    Could be there any sell off next week because of OpEx on 26th of Jan.?
    If you can share your thoughts, all followers will be appreciated.

    Thank you in advance.
    RB

    ReplyDelete
  2. SCJanuary 22, 2012 at 1:25 PM

    I expect Silver to cool off along with SPX next week. The Silver update will be ready shortly.

    Thank you.

    ReplyDelete
  3. curiousmindJanuary 22, 2012 at 3:38 PM

    Hi SC,

    So you are saying 1315 is not THE TOP yet? After a correction to the 1265 area, another high to 1326 before the final plunge. Am I ading the chart correctly? This will correspond to the scenario of a rebound in VIX, then another down leg beore it eventually shoots to 60...

    ReplyDelete
  4. SCJanuary 22, 2012 at 4:45 PM

    I think the VIX finally hit a solid bottom on Friday. SPX 1315 is a significant top, but not THE top quite yet imo. A dip to near 1272, and then a rise to THE top near 1326 looks probable early Feb 6-8th.

    The VIX futures related ETF's are different from the VIX itself, and probably will see another lower low around the time SPX puts in a final top.

    SPX is ready for a correction this week.

    ReplyDelete
    Replies
    1. T BirdJanuary 23, 2012 at 9:40 PM

      This comment has been removed by a blog administrator.

      Delete
  5. AnonymousJanuary 22, 2012 at 7:26 PM

    NYSI is getting long in the tooth here as well. You can see when it does, we end up getting a correction soon
    http://screencast.com/t/rCzOByltPh

    ReplyDelete
  6. ABQJanuary 23, 2012 at 4:26 AM

    Gold has a chance for 1680-1693 on this leg, and SI may creep higher with negative divergence...although expecting a solid pullback, exited AGQ premarket: http://screencast.com/t/xztBs7QN6Ky6

    ReplyDelete

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