Posted: August 20th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks once again, Mike and ChartsEdge!
Folks - today's daily map takes a different path than their weekly cycle forecast indicated, so it's a definite sign something else isgoing on that's different from the mix of the cycles paths indicated from that (generated with more conventional methods than the daily map). I'm aware there are some thoughts about a trading cycle low that should be coming due in this time frame; but also, can complete after this week. Other factors to consider are that there's often a low around the 26th of each month, so it's a bit soon for that; opex weeks can tend bullish; and as we know, Fed-speak tomorrow, and there certainly have been Fridays when this "coincidence" have seen upward movement. But .... it isn't Friday yet ... And - am I saying the markets will go bullish? No - just pointing out we've got a fork in the road, where two of our primary schools of thought, are disagreeing right now.
Also as posted yesterday here, Tony Caldaro is marking his charts as intermediate "b" down, done and now moving up for "c" still to work upward above 1018. Perhaps this map is also cluing in to support that.
Obviously - keep an eye on that dollar! If it loses support - and, if oil follows through on what looks like a breakout from the range I showed yesterday. If swing trading, and if levels get violated, the smartest thing should be to step side from what isn't working and either get with what is. Or at minimum, hold cash (preserve capital) until you've got your setup identified without a violation of levels.
Above 990/992 SPX suggests strength, and of course our old 1002, 1007/1008, 1012 and 1018. Also see if the $BKX does break up from its triangle as shown here yesterday (those hourly charts posted yesterday).
Careful as always out there - and happy market navigating!
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