SP 666 Episode 2?


  • 4
  • leob
  • 4-Feb-2010 at 8:48 PM
  • Rep: 533
  • Posts: 57
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SPX MONTHLY


Re: SP Monthly chart
Looks like we are in the early stage of the B leg of the ABC correction. It is possible, judging by way things are going, the 666 level will be tested.
Your thoughts?
  • 1
  • ak1
  • 4-Feb-2010 at 9:28 PM
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666 is too far down, but this bubble is due to release some air as it is all govt. stimulus.The only thing keeping it going for the next 2 months could be the forced tax deferral investment like RRSPs.
  • 2
  • leob
  • 4-Feb-2010 at 10:20 PM
  • Rep: 533
  • Posts: 57
The US economy, which is now very fragile, is not immune to external forces. It used to be marching in its own drum beat. The bulk of the
-260pts DOW plunge yesterday, I think, was due to European economic news. China also have its own stimulus bubble.
  • 1
  • ak1
  • 10-Feb-2010 at 10:00 PM
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Leob, if possible can you upload newer version of your chart. Let see how the market and indicators are doing now
  • 0
  • feng456
  • 11-Feb-2010 at 12:16 PM
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all this volatility is scaring me
  • 0
  • ak1
  • 11-Feb-2010 at 5:37 PM
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What is interesting is that we are getting these large 30 min red hammers at the RHT open followed by large buying moves that are below the fib retracement lines.
  • 2
  • leob
  • 11-Feb-2010 at 8:18 PM
  • Rep: 533
  • Posts: 57
Click image for original size
SP_MONTHLYCHART

Ak, the latest monthly bar is currently forming a spinning top, ie. consolidation from a big down move of the previous bar. At the moment the market is 'directionless'. It will be interesting to see the form of this bar when its completed. If it will close below the low of the previous bar and below 1000 level, the next stop is 900. This is the level of large trading volume.
(Shsssh Feng, volatility is the bread and butter of daytraders. Everytime the daily market is in consolidation phase, we are happy well, for me anyway).
  • 0
  • feng456
  • 12-Feb-2010 at 7:11 AM
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Unfortunately my trading method works less well the more volatile things are.
  • 2
  • blue
  • 12-Feb-2010 at 3:42 PM
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Originally posted by leob

Click image for original size
SPX MONTHLY


Re: SP Monthly chart
Looks like we are in the early stage of the B leg of the ABC correction. It is possible, judging by way things are going, the 666 level will be tested.
Your thoughts?

I think we'll break 666 and go well below it.
http://www.mypivots.com/Board/Topic/5423/1/great-depression

297/386 peak2/peak1 of Great Depression = 76.9%
1147/1576 peak2/peak1 of Great Bankers Bear = 72.8%

I haven't worked out the final low yet. Next pause in the downward carnage 1016 (we are now topping=> in this 1077.5-1081.5 area (resistance of 27 Nov 2009).
  • 1
  • ak1
  • 13-Feb-2010 at 8:45 PM
  • Rep: 858
  • Posts: 740
Frankly with all due respect if we see 935 again I will be amazed.It a level that has an 30 min. evening star. The financial jitter this level would creat would be worth reading.
  • 1
  • ak1
  • 14-Feb-2010 at 8:37 PM
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  • Posts: 740
Strong -ve divergence folks
Click image for original size
ve div
  • 1
  • ak1
  • 17-Feb-2010 at 9:46 PM
  • Rep: 858
  • Posts: 740
Looks like the big traders have decided to prove us (technical analysists) wrong and keep going up.
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