Thursday, June 3, 2010

ChartsEdge's beta bp forecast including 6/3

Good morning folks, and while I'm not seeing anything new yet from ChartsEdge (or Terry Laundry) yet, let's just note it's early so be sure to check their sites before the open (remember the sites list at right always includes their daily update sites). Below I've included Mike Korell's ChartsEdge beta bp forecast for this week, which you could have seen yesterday from that link (and on Monday if you're a subscriber, at his subscriber page). Notice it tracks rather well with his cycle-based weekly forecast (you can find here also, using the "ChartsEdge weekly" label). But will we see the stock market make new lows this week, after yesterday's strong move up? Certainly going above 1090 was strong although remember Mike's comment about 1095. If you daytraded long from 1072 SPX as Bill Luby of @VIXandMore was tweeting around the time of Andre Gratians CIT (change of trend) in the morning, you had a great move which tracked to the strength predicted also by the ChartsEdge beta bp map, below. Trouble is, that map suggests a failure and new lows next. Right now, the level in SPX cash index 1103 looks very important!

Here's that beta bp forecast available from that ChartsEdge link at their Daily Maps webpage at

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