ChartsEdge (U.S. equities) map for 7/10

Market Map for Jul10

Posted: July 10th, 2009
Author: Mike Korell
Filed under: One-Day Market Map
Comments to ChartsEdge »



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Thanks once again, Mike and ChartsEdge!

Folks - happy Friday! remember to get yourself into position by the end of this afternoon, so you can enjoy your evening and weekend with your family and friends! That may mean one thing for daytraders, and something different for swing traders - you have to know your own time frame and style. Trading, like anything else, is a part of and supports life - not the other way around. So let's keep our priorities in order.

Having said that, if you are new to the ChartsEdge forecasts (weekly and daily), then read up on the information they provide at their site about them (links above, and always at the right side of the page here), and I've also posted much of that information at my "No Bull No Bear No Bias" site (links at right also, in the welcome paragraph and in the sites list). We don't use them on a "set it and forget it" basis, but as a great adjunct - mainly for timing (not so much levels) to consider along with your other trading tools.

I don't know about you, but I continue to find Raymond Merriman's comments interesting, particularly as they provide ways to think about what's going on with markets and society. I just re-read portions of his public comments for the week we're closing today, which you can also see posted here, Geocosmic hopes vs. technical weakness in the markets: Comments for the week of July 6 by Raymond Merriman (7/3/09, use the "MMA Comments by Merriman" label in the labels list) and at his MMA site in the list at right. These are interesting times.

Looks like the S&P 500 has continued to have trouble with the area around 878-800 ... well I'm not sure how much more I can say about it - plus of course, Andre Gratian is analyzing it, and Tony Caldaro at his own Objective Elliott Wave is doing his work with it - and there are others doing good work, many of which I've got included in my sites list. If as we think the SPX is working on a third wave down, then I as a swing trader prefer to stand back and let it do its thing once I'm in, without doing too much anticipation of where it finishes except looking for the trendlines and technicals as I showed yesterday, and keeping an eye on the internal subwaves for early clues. Certainly, underneath the "H&S" neckline, the targets are lower so we'll see, within that framework I posted here last night; while daytraders surf with the intraday movements. So, as always, be careful out there, and happy market navigating!