Miracle yesterday? and ChartsEdge map for 1/16

A group of people heading higher, shortly after takeoff encountered turbulence that sent them down to a hard landing. Almost under water! Miraculously, they escaped yesterday.

It's the banks and the markets, of course! So, is it over? We'll examine in detail this weekend ... meanwhile, per the charts and indicators we showed yesterday, markets were stretched and ready to consolidate. With those and the ChartsEdge daily Market Map, daytraders had a field day (congrats!). Here's today's map:
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Market Map for Jan16
Posted: January 15th, 2009
Author: Mike Korell Filed under: One-Day Market Map »

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Sure, I know - the ~300 point rally yesterday and significant gap up that's showing in the futures right now feels like another one of those opex days we've seen (February-March 2007, August-September 2007, and a couple since then) when price was in the pits the day before opex and then some good financial news or intervention sent prices springing up into opex. During 2007 the followthrough was typically good to the upside; during 2008, the ensuiring bounce gave way to more carnage. Here we are in the first month of 2009 - will any rally last and if so, how long?

Today's ChartsEdge's map indicates many will be asking that question after the close today. Meantime, my own work leads me to think this will be short-lived and the markets will still test lower - and I'm just waiting to see whether or not that takes us under the November 2008 lows. Yet I remain aware that Tony Caldaro's Objective Elliott Wave work has him thinking that we're working around a pivot area that still has the possibility of the market moving to higher levels. Either way, I'll be continuing to show my charts including the "corner" that the volatility index (VIX) is in, as well as other charts we're watching (bonds, gold) to see whether they are in similar consolidations or something more that would accompany corresponding moves in the equity markets. For now, here's a chart simply depicting the three major alternatives that I believe are shaping up (I'm tilting toward the two alternatives that head lower but will remain "unbiased!" and let the charts keep on telling us what's around the corner):