ChartsEdge map for 7/14; and happy Bastille Day (and possible Bradley date)!

Market Map for Jul 14

Posted: July 14th, 2009
Author: Mike Korell
Filed under: One-Day Market Map Comments to ChartsEdge »

This chart does not agree with the weekly chart.


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Thanks once again, Mike and ChartsEdge! and folks, sorry I was tied up this morning!

Well - Mike is the master of understatement, when he says (above) "This chart does not agree with the weekly chart." Guess that puts us on a day-by-day basis... (and always remember, it's more to be used for timing, than levels).

Fortunately we already know our Elliott Wave primary count, of a wave (1),(2),1, and possible 2 up in progress - which could project to 908 SPX but doesn't "need" to. And that if we see above 912 SPX then we need seriously to consider something different (above 932 would "seal it" of course). And I tweeted the numbers earlier, and had posted them here last night as well. Basically, if lower, the first levels to look for will be 892, then 887 - under there would imply we should be moving more quickly and would want to be observing indicators and channel lines and not just number levels.

I joked about Goldman Sachs being "the next GOOG" but if it fails 150, then ChartsandCoffee can be right about it being a short, with stop at today's highs ... we also know as I posted last night at UBTNB3 blog, that "max pain" is at 135 for GOOG - er, I mean, for GS! (I have no idea what max pain is for GOOG for this Friday but you can always use that option main calculator, at the site in my "other sites of interest" list at the right side of the page.) I'm guessing that, as goes GS, so goes the financials sector ... FAZ took a huge tumble recently and I'm sure many stopped out as it failed the most recent swing lows. We'll have to see whether or not FAZ - and the VIX (down by $25 but hasn't broken my $24.78/24.80 Fibonacci level, at this point) - can put in a low or double bottom. Or otherwise, we may have to start decorating everything with a "green shoots" motif!

Oh, and yes, the Bradley model suggests a turn window in this time frame, July 14/15 ... readers you already know that, as I've posted the reminders ...

so happy "Bastille Day", be careful out there, and happy market navigating!