Trading the Line

Recovered yet again from a potential sell signal at 1860, showing that we still have strong support at the 55 EMA and keeping line S4 active.
Not much happening – a waiting game to see if the trend change occurs here or perhaps we get a short burst upwards to complete the shape.

The oscillator signalling weakness again, so be on alert for a fast move down.

Failed support line S1 and now testing S4, again indicative of the weakness and topping structure.
S/T long position stopped out at 1874.

Will we see a last gasp move back up?

The sort-term time price symmetry structure seems to be playing out perfectly here, and if I'm correct we still need to see another wave up before this structure is done with the possible end date around the 19th.

However, the 65-70 day pulse is due to expire from now through May 14 and this may be enough to start a move down.

We seem to be tip-toeing along the 1880 level, presumably waiting for a catalyst to propel the market either up or down. I see limited upside (currently 1920-1930) but the potential for significant downside (re-test of 1810 or even lower – 1650?)

Expected turn dates are May 8 and May 19 from a short-term perspective. And so I would expect to shift the condor position into a short position on the 8th. Keep an open mind though.

Looking for a short term dip to occur the next few days followed by a possible attempt at the all-time high again 1896-97.

Based on time symmetry from the momentum peak on March 6-7 I would expect the next major turn point to occur by 20 May.

Not much to see here, move along now.

Expecting this sideways grind to continue, with a short term top within the next few days and a second one around May 20 – this would match up with the momentum peak at 6-7 March and the recent low of 14 April.

Perhaps after that we will get a scary drop, setting up the possibility of strong rallies into the fall.

Sell in May and Buy it back again.

Here we are creeping up to the all time high again, on a weak buy signal, ignoring the bad news (or is the bad news now good news?) and still wondering if we just make a weak double top and resume the selling.

A tentative Buy Signal with the move above 1874 yesterday. Not much perceived upside but perhaps the Fed can move the market up. We are at diagonal R3 so could be interesting few days.

Another rollercoaster day with a spike down into Sell Signal territory and recovery from S1.
Watch to see if S1 holds again.

Oscillator losing power – maybe.

Looks like we are mapping out a very large diamond shape, and I'm thinking that we may try to hit 1895 again to see if there is any more upside…

Not quite a Sell Signal but covered the S/T Buy Signal at 1856 ( +9 points).

As expected the market is currently showing weakness and will most probably continue to chop around in this area until we get some kind of resolution.

Look for support at S4 and/or S2 for bounce to the upside, but there is risk of a move down to S3.

Possible down-trend emerging.

Keep an eye on the Support S1 and S2 and Resistance R1 and R2 lines, as a significant break in either direction should indicate the next trend.