Posts by Steve Rushton

Market showing good strength on this move, first target 200 MA at 2060.
Measured move of W pattern target 2120

S&P pokes through the 55ema which is a very encouraging sign and suggestative of a recovery into the congestion area of 2050-2100.

T volume OSC hits another high at 126 confirming the strength of the recent move.

The overbought condition and the 55 ema initiate a pullback.
A split T structure also suggests a pullback from here.
Look for support at the mid channel in the 1940s if selling increases.

Maybe.
We do appear to have broken some of the downward angles suggesting that we could now start grinding back to the all time high.
The T volume OSC is hitting new highs since the October 2014 recovery suggesting that a long cash build up is now available for a long T structure projecting into summer 2016.
Weekly and monthly charts are still signalling a bear market.
Perhaps everyone is just too bearish right now.
Now we are severely overbought (rsi 2 = 97) and just below the 55 ema, and close to the top of the gray channel, and near the end of the fist arm of the small T structure. A pull back here would make sense.

Recovery within first 2 hours of move below 1911 cancelled the potential short signal and the result was strong move up. Small T structure definitely in operation and move above the mid channel is encouraging.

Survived and recovered from a short term sell situation (below 1907), suggesting that the small T structure is still in effect.

Potentially stabilising at a low level, and possible bullish divergence appearing.
Maybe time for low risk buy on the market.

Small T Structure suggests strength into October 5 or 6.

A bounce here? Maybe but it looks like we will be seeing a new low, 1830 ish soon.

Another failure with the drop below 1951 in the afternoon.

It does look as though the market is starting to stabilise but maybe we need a new low to set up some bullish divergence.