ChartsEdge (U.S. equities) map for 9/17

Market Map for Sep17
Posted: September 17th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »

Mike has added: The charts for Wed & Thu use a different algorithm. Problems with the end of the cycle caused accuracy to suffer. The normal algorithm should be back next week.

Thanks once again, Mike and ChartsEdge!

Whew folks, if it was a little disconcerting to have the maps not "working" well for a couple of days - first remember that any tool or technique should be set aside when it seems not working. Also, that you can typically tell if these maps are well predictive, by mid-morning. And, in any event we never want to "set it and forget it", plus, these maps are really only intended to show intraday highs and lows, not absolute or even relative price levels. When they do, it's a bonus, albeit a very nice one, especially as they've gotten very good at mapping these out.

But we've still got the projections and Fibonacci levels, some I've been showing and talking about for a long time around 1053 and 1060. Anfre Gratian of course has been providing his which are even more exacting day by day, including his trendlines and P&F projections. And Tony Caldaro's Objective Elliott Wave has been unmatched, as his projections and counts have been timely and methodical, and he's added cautionary warnings and also "resume" signals all along the way. Now they're both indicating the SPX may not be done yet. And Terry Laundry also has been marking his bullish T that points into October.

Then there's that huge monthly-chart Bollinger Band midline that the SPX ran into yesterday at 1068/1069. This can be a matter of which charting package and settings one uses. Nevertheless, with Stockcharts.com's default BB settings on the monthly, this deserves to be considered as a bell ringing loudly. Whether it turns out to be a "game over" bell, a half-time signal, or just a "little time left" warning, I suppose we'll just have to stay tuned to find out.

Meantime we have the rising "string" of levels at 1068, underpinned by 1063, 1060, 1058 and below; and can think about 1072/1073 and above if not done yet. In natural gas, UNG is trying to make a reversal pattern but watch at/just under $12 as former support turns resistance and its 50 dma is there now too. The dollar is close to a chart price (prior swing low) support at about 75.89 as I showed last night, with 73.58 as the lower Fibonacci projection too. All else seems rising against the dollar, except Treasury bonds which look ready to trade away from their consolidation and yes, can go up still. Then there's LQD, the corporate bonds ETF that's chopping at the $105-106 resistance area, so watch for any signs of reversal there.

So as always, be careful out there, and happy market navigating!