Scary, kids .....!!. Here it's the 13th of the month October, and in addition to the various signs that I and others have pointed out (posted here in recent days), now pundits on TV are asking what happens after Dow 10k! Well, we do see Tony Caldaro pointing to 1096/1097, so that gives an idea of higher price, but we're possibly running out of time as Terry Laundry states from his T Theory (and my simple ABC chart for the SPX suggests, which I posted here last night along with the dollar chart). Remember too, Andre Gratian's weekend update here warning of the potential for a crest forming, plus his reference to Chris Carolan calling for an important top; and Ray Merriman's sobering preview for this week. (Site links for these folks are also at right.) Now here's the daily map from ChartsEdge, and it doesn't carry the usual reminder that it's more predictive when the same message is also carried by their BP and weekly cycle charts. Still, that message continues to apply. Well you can see their BP map at their subscriber site (if you're one), and we posted the weekly here on Sunday. Depending on your trading style you can see the extent of any differences among them - not big enough for me but it may be an individual thing. For many traders the thing is, will we see equities struggle higher today, or give evidence of a turn?
By now, the SPX level of 1070/1072 looks important to hold for support for going higher,* and for trying to 1096/1097 we'll want to look at 1077, 1082, 1087 and 1092. I suspect our old "string" of numbers like this can still be a way to look at price movements, along with intraday indicators like the TRIN, short-term VWAP and RSI/momentum. I'll be delighted if the dollar can manage to test to one of my lower numbers (in last night's post).
Meantime my big question for the QQQQ is whether $43.17 was enough, or does it want to tag the Fibonacci .618 retracement (to the 2007 high), $43.30 area more fully? It's been lagging so I don't know that we're guaranteed it can sweep along (despite the semiconductors' strength yesterday) - so we'll keep an eye there too!
PS - 8:22 am, just saw Dr. Brett Steenbarger's tweet that he's on ES sell signal under 1072.50 (apparently that's the ES futures and not cash index, but I think comparable idea works, just mark off whatever you're trading by using yesterday afternoon's swing high as the stop level (this is short-term swing or daytrading of course, but signal may persist if top is forming now): "steenbab 4:48 AM CT - My system has given a sell signal in ES: http://rurl.org/20wj "
By now, the SPX level of 1070/1072 looks important to hold for support for going higher,* and for trying to 1096/1097 we'll want to look at 1077, 1082, 1087 and 1092. I suspect our old "string" of numbers like this can still be a way to look at price movements, along with intraday indicators like the TRIN, short-term VWAP and RSI/momentum. I'll be delighted if the dollar can manage to test to one of my lower numbers (in last night's post).
Meantime my big question for the QQQQ is whether $43.17 was enough, or does it want to tag the Fibonacci .618 retracement (to the 2007 high), $43.30 area more fully? It's been lagging so I don't know that we're guaranteed it can sweep along (despite the semiconductors' strength yesterday) - so we'll keep an eye there too!
PS - 8:22 am, just saw Dr. Brett Steenbarger's tweet that he's on ES sell signal under 1072.50 (apparently that's the ES futures and not cash index, but I think comparable idea works, just mark off whatever you're trading by using yesterday afternoon's swing high as the stop level (this is short-term swing or daytrading of course, but signal may persist if top is forming now): "steenbab 4:48 AM CT - My system has given a sell signal in ES: http://rurl.org/20wj "
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