Daily Charts for Dec01
Posted: December 1st, 2009 | Author: Mike Korell | Filed under:One-Day Market Map | No Comments »
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Readers should remember that the ChartsEdge weekly forecast is accompanied by the two types of intraday forecast maps made available by ChartsEdge Daily Maps. Yesterday they added an update of their new Confidence Chart suggesting a bottom being made. Now we can't expect just these to confirm a new trend upward on the daily and weekly charts - for that, we need to see the SPX exceed key levels like 1100, 1107 and ultimately 1113 (which would start pointing to 1122 and possibly above). It will also be more telling if we see indices like the RUT 2000 do anything more than a partial bounce (i.e., new high or not). We'll be able to see at the end of the day how much lift this gives to the indices, as well as dollar and gold effects. Gold is already higher again so we'll see what happens after it spends a full day over $1192, but if the dollar makes a new low that will be very telling. Meanwhile, remember the ChartsEdge weekly and other indications (which I'll review at UBT from a big-picture basis) that equities can be cycling higher after today. (Thanks again, Mike and ChartsEdge!)
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