A navigation system for trading the S&P500 index
The move up thru 1915 suggests that the next stop is 1930-1935.
Keep a watch out for a spike high and reverse to finish this move.
Target for this move – 1930-1950.
No CommentsWe did find a bit of resistance in the 1912-1915 area. It would make good sense to now see a re-test of the 1900 breakout, perhaps even the 20 day ma at 1886 before deciding whether we are done here or if we probe higher.
The red fan lines show areas of expected resistance, break one expect a move to the next. At the moment lets see if we find support at one of the rising lines.
No CommentsThe surprise advance on vapors continues higher….
OK. small T confirmed for an expected move up into mid June.
Some resistance here at 1910-1915, indicated by the Mob, so we could see some consolidation before the next advance.
All systems go for a blow off top.
Perhaps we can make 1929 for an historical reminder sooner rather than later?
No CommentsI have re-drawn the price momentum T structures using Terry Laundry's Volume oscillator rather than simply using price spikes and I beleive that these are now more accurately describing the market's momentum.
If correct it suggests that the larger long-range T centred at February 4th is more dominant and is pointing to another potential high around June 16th and IF the small red T works out then it too is pointing to June 13th.
The small red T needs to see a break higher above Friday's close at 1900 and therefore suggests that unless we see a break lower tomorrow, we could expect a move up into the R1, R2 area mid June.
Assuming we take out 1902, the previously unconfirmed Buy Signal is now confirmed.
No CommentsSo the Fed did manage to lift the spirits of the market. A little.
We reached the end of the recent T structure, and we may still struggle getting much beyond 1900
However the oscillator appears to be in recovery mode, and it doesn't seem like anything will knock this market down. A drop is therefore probably imminent.
IF we can get thru 1910 then we will need to hedge the short position.
No CommentsA curious day, and a short term buy signal with a close above 1884. The current oscillator weakness overides this signal but keep a close eye on its development.
I have also revised the short-term price momentum T structure to allow for the peak from 4th March and so that indicates a high today, and it looks like there may be a second high ~6th June from the 14th February momentum peak.
No CommentsYesterday's action confirms the Short signal with a close below 1879 and the dropping oscillator.
Today we get to see if the Fed can massage the markets again. The squeeze is on and the signal is Short, but anything can happen in manipulated markets and a 'pop' up to 1910 isn't out of the question.
If we break support line S2, and then the 56 day ema (at 1864), then I would expect a sell off to S3, perhaps even S5.
No CommentsVery close to a Short term Buy Signal yesterday but note that the oscillator is slipping and that this overides the potential Buy Signal. We may still get a 'pop' up to say 1910 but I beleive this is a market ready for a sell off.
The current short term price momentum T structure should end today or next few days depending upon where you start the T from.
No CommentsAs we are right at the end of the recent price momentum T structure, and the oscillator is starting to slip back below the breakout band, today or tomorrow should provide a better short entry.
A subsequent move below support line S2 will confirm the Short signal.
If on the other hand we get a burst higher then we have significant resistance in the 1910 area.
No CommentsYesterday's sell off brought us down to the S2 support line, so we might expect a slight bounce here and hold off into expiration day close.
I'm expecting to seee weakness next week and ultimately looking for a move to S3 towards end of May.
No Comments