Tomorrow's newspaper today: Equity markets (ES/SPX) intraday rise and fall predicted by ChartsEdge map for May 4

For those who want to know what the equities trading day will look like tomorrow (Monday, May 4), here you go! The shape of the equities markets in the U.S. tomorrow, particularly focused on the S&P 500, is forecast by this daily "map" from ChartsEdge. While these maps from ChartsEdge aren't 100% infallible, they have proven remarkable predictive more often than not. This one shows that tomorrow's intraday cycle is generally up during the morning and into mid-day. Looks like there may also be a drop right into or just after the market open, and some weakness during the noon hour. (Sucking in premature shorts among the lunch-break trading crowd? just my personal thought.) I have a personal theory that the market's close is usually at or very close to where the market sits during 10:00 to 10:20 a.m. each morning; except during strong trends. This is purely my own theory based on my personal observations ... I only mention it because I see that this forecast map looks like it would fit that scenario. (There may be a fundamental factor supporting this, based on institutional trading, but I haven't verified that.)

Those tracking market action intraday will be the most interested in these maps, of course. Swing traders and position investors will be more interested in how these line up with the ChartsEdge weekly and monthly forecasts. (The free week-ahead forecast for the upcoming week, was already posted here earlier this weeekend - use the "Chartsedge weekly" label at any time to locate the ChartsEdge weekly cycle charts posted here.)

Remember that the real strength of these maps is to depict intraday high and low points. The absolute price levels often work out, but are not the main focus and cannot be considered as reliable as the intraday cycle timing. More information on how these charts are generated is available from Chartsedge Daily Market Maps, and I've also posted their information on that at my education blogspot, NoBullNoBearNoBias (see links for my sites, and for ChartsEdge, at right).
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Market Map for May 4th

Posted: May 3rd, 2009
Author: Mike Korell
Filed under: One-Day Market Map
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