Here's today's intraday BP map from ChartsEdge Daily Maps (remember, their Pattern Recognition intraday map for today is at their subscriber site (and their two types of intraday maps, plus their weekly cycle forecasts (use "ChartsEdge weekly" label), gain predictive power when they all look similar) - follow links on their site for details, link above and at right):
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ChartsEdge BP chart for Dec02
Posted: December 2nd, 2009 | Author: Mike Korell |
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Thanks once again, Mike and ChartsEdge! Folks, the markets' movements have got to have analysts making their lists and checking them twice - trying to find out if the rest of December will be naughty or nice! The SPX has just been stymied so far trying to get to its 50% retrace at 1122, with the 1112 level proving so difficult so far. As of yesterday traders were thinking that a lot of buy and buy-to-cover stops could be taken out, just above the prior highs, at 1114. We may see today if that happens. Gold pushed yet higher and as my post last night reviewed, we're in an area where traders have to be cautious between a breakout or a fake-out. Keeps us on our toes! There's news in a minor headline at Bloomberg that GS is saying funds will "go east" for 20 years and you gotta wonder if they mean literally around the world - believable - or sideways in price, which could be the case for some but there are reasons to expect some sectors (real estate especially) to have more downward volatility, while others will have more swings that can include an important high in 2012 or 2016 per Armstrong (reference in last night's post, I'm leaning toward 2016).
Focusing on the immediate future we've got to see if 1112 is decisively taken out, pointing toward 1122 or maybe higher (1145,1150,1179); or does this upwave chop and falter out after some more overlapping small swings? Support should reside at 1107, with 1100, 1097, and 1092 if really needed (yuck if one's long), with the idea that 1107 should point up to 1112 and above. It's only Wednesday so the buy-on-Monday approach can't be worried at this point. So, careful out there, and happy market navigating!
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