ChartsEdge (U.S. equities) market maps for Dec. 8

Today's maps from ChartsEdge Daily Maps are below - thanks Mike and ChartsEdge, including for your interpretive comments!

Daily charts for Dec08

Posted: December 8th, 2009 | Author: Mike Korell |

Filed under:One-Day Market Map | No Comments »

None of the daily charts agree on the path for today. The TCI chart is still looking for a low signal and the weekly chart shows the market thrashing all week to find a direction.

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Thanks again, Mike and ChartsEdge! Folks - remember that part of the ChartsEdge approach is to look back at their week-ahead cycle forecast and incorporate that too. Similar to Mije's comment about that TCI graph, I'd interpret the week-ahead as searching for a low. And it seems to me the two intraday maps above imply that the market is in the mood to try declaring a low too, even if there will be uncertainty about where it leads! If we see a morning low under SPX 1097, then that will be information to factor into the short-term Elliott Wave count. For trading purposes, we'll want to see whether or not it could print a low trend reversal pattern that intraday produces a rally back above 1102.

Remember, under 1090 would be more concerning. I don't want to speculate too much on the short-term Elliott Wave other than to say, obviously the most bearish view is that the rally topped; or maybe it's only completed a wave 1 of minute "c" and trying to finish wave 2 down with wave 3 up still to go. It's possible that even this "bullish" view would express in a very choppy way that fails to bring all the indices to new highs.

Natural gas looked a lot more positive yesterday so maybe it's working in its next wave up - let's keep an eye on that too. While we also see gold and even oil weak still .... this is getting more interesting.

Well Meredith Whitney feels bearish on financials and the stock markets generally - will it matter? The numbers will be what they are but maybe the news will find a way to incorporate her views if that's the way the market moves near-term. She's saying on CNBC now maybe the SPX holds up through end of year but doesn't look good for after that. Hmmmm, maybe she's seeing what we're seeing ... Hah! Well as always, ignore the funnymentals, watch the market levels and technicals - be careful out there, and happy market navigating!