Wednesday, March 10, 2010

Method suggests turn in this market's March madness

There are at least a few reasons to look for the stock market to turn today, maybe tomorrow (and then the next question will be how much). One we already know is T Theory - Terry Laundry is expecting a small T peak today (maybe tomorrow), which you can see by following his webpages at his site in the sites list at right. Sentiment is also too hot and needs a corrective pullback, as the CPCE and VIX are testing significant lows. Also (in addition to other fine analysts like Andre Gratian and Tony Caldaro), I've received another communique from "Method", who wants to share the following thoughts:
March 10th Fib Turn Update

Today is not only a turn date but also a trend change date. The last trend change date was Jan 18th and here we are at the same level as then. We've already made a newer high to satisfy the turn date.

The turn date will stop the uptrend for the next couple of days. Next Mon-Tue-Wed each have a turn date, so which ever way it breaks from the action on Mon-Wed should continue until March 26th. we've had a few sideways moves, so that is always a possibility.

The next trend change date is either April 1st or April 16th. Since the last trend change from Jan 18th to May 10th was sideways, that will be taken out as an option for this coming movement. I am favoring April 16th as the next trend change date since trend changes often occur around tax time.

Below is the chart for the Jan-Feb results and March Turn Dates.



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