ChartsEdge comments 4/19 on the stock market

Readers who checked and/or noticed from the ChartsEdge feed at the right side of the page, saw the following yesterday. As posted by Mike Korell at his page at http://www.chartsedge.com/wp/

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What to expect…

Posted: April 19th, 2010 | Author: Mike Korell | Filed under: One-Day Market Map | No Comments »

If you look at the general shape of the chart below and what has happened in the market today, it is pretty obvious that the projection into the close is for approximately 1200 SPX.

As mentioned, the 3:00-4:00 time frame is manipulated to some degree. If the market closes at say 1196, then a gap higher of about 4 points is likely at the open tomorrow. You get the drift….

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New BP

Posted: April 19th, 2010 | Author: Mike Korell | Filed under: One-Day Market Map | No Comments »

CLICK HERE
This chart is something completely different. It is based on the BP data which is derived from a geomagnetic sensor. The initial testing of this technique looks very promising.
There are several improvements over the old BP charts. The forecasted time period is a full week. The Y-axis is labeled for the S&P 500. The time increment is 15-minutes which allows for smaller changes to be discerned.
The market tends to be 'controlled' near the end of the day, so while a move shown on the chart during the last hour may not be correct, look for the market to correct itself at the open of the following day.
This week appears to be an expanding triangle. This pattern many times precedes a move lower.