ChartsEdge map for 3/19; and some of my own comments on the S&P 500

Market Map for Mar19

Posted: Mar19th, 2009
Author: Mike Korell
Filed under: One-Day Market Map »

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Folks, I wondered if I should add the term "U.S. equities markets" for this map from ChartsEdge. But then thought that perhaps the ChartsEdge maps for the time when the U.S. equities markets are open may also be working for the Canadian, Latin American and South American markets in the same general time zone?

Anyway I would like to add a comment of my own, and that is that I've got a number at just above SPX 805. So if we see SPX at 806 or above, I'll be keen to see what happens if we see a reversal pattern from there. These levels implicate some of the trendlines that some traders are looking at, as well. As for Terry Laundry's T Theory, he had the market going to his midline (about the 55-dma per his calculation) which was at 810 on Monday so the SPX should be notching that if it hasn't already. Conversely, if we see the SPX get above 838 either in this current rally or later, then I'll think that one of the more "bullish" scenarios is working, along the lines of the chart I posted here a couple of days ago (the one that showed in different colors the three main alternative paths I'd expect the SPX to follow, with one more bullish and two less so).

The VIX going lower on Wednesday signals that some new trendlines will be needed on that chart so I'll work on that this upcoming weekend. Meantime, remember that we're partly dealing with opex coming up Friday, and partly positioning for window dressing although that isn't until the end of the month. Then there's the possibility of other things going on, such as the Fibonacci time zones and Armstrong cycle model date in April I've mentioned - all of which I regard as intangibles in the sense of not providing numerical targets or measurable risk/reward opportunities but just ideas to consider. That's about all I've got to offer (in addition to the point that the SPX yesterday reached to between the .618 and .707 retrace back to 875, and the various sentiment and other charts I posted in the charts roundup yesterday evening); so be careful out there and happy trading!