ChartsEdge (U.S. equities) map for 7/16

Market Map for Jul16

Posted: July 16th, 2009
Author: Mike Korell
Filed under: One-Day Market Map
Comments to ChartsEdge »


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Thanks once again, Mike and ChartsEdge!

And thanks to Andre Gratian, who exchanged notes with me yesterday, as I was saying "congrats" to him for calling the rise through yesterday!

So, folks, as I stayed up too late last night noodling around Elliott Wave alternatives - and I should know better than that, as EW can lend itself to different alternatives in the short run and gets confirmed as the turns are made - I think I managed to express most of the thoughts that kept me skeptical about all of the action ... as too many saw the head and shoulders, and now perhaps too many are shifting to the other side of the boat. I'll continue to lean on Tony Caldaro for the Elliott Wave ideas, and working with the levels that look apparent to be as the market works its way through the cycles it's finding important. We should know soon enough whether, and the extent to which, that may include the ol' Bradley model. As for levels, we already know that 922 has resumed a role as an important level, as the SPX is now finding an interesting series ending in "2's" - 932, 922, 912, 902, 892! If the market decides it wants some more upside action, that may clue us in already to 942, etc., but there are some clues the market got overbought yesterday, so let's keep objective with the movements afresh today.

By the way, Mike added a new feature to the ChartsEdge subscriber's website for the daily maps, one that gives a cycles forecast for the futures action between 3:00 to 9:00 - I won't be posting those, as the permission that I already have from Mike extends to the daily maps themselves ... and it seems fair to leave this extra incentive for ChartsEdge subscribers (as it's a very reasonably priced subscription after all!) Get their info at Chartsedge, and Chartsedge Daily Market Maps.

So as I finally get this posted this morning, after staying up too late last night charting and posting, maybe the best thing I can conclude with now is to say, as always, be careful out there, good luck, and happy market navigating!