ChartsEdge (U.S.) equities intraday cycle forecast map for Jan. 14, plus Trader Confidence Index

Thanks again to Mike Korell and his ChartsEdge forecasting - here's today's intraday BP map from ChartsEdge Daily Maps (remember, their Pattern Recognition intraday map for today is at their subscriber site). Their two types of intraday cycle forecast maps (their BP map, plus their pattern recognition chart when available), plus their weekly cycle forecasts (use "ChartsEdge weekly" label most days - gain predictive power when they all look similar - follow links on their site for details, and much of that info is also posted at my NB3 blogspot - links above and at right).

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ChartsEdge Daily Maps and Trader Confidence Index

Posted: January 14th, 2010 | Author: Mike Korell |

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

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Thanks again Mike! Folks - let's remember the SPX 1144 level has some significance as it's the .618 retrace to the 1440 swing high in 2008. Not one of the primary Fibonacci retraces maybe but a significant one. Then again, sometimes price has to overshoot a Fib and then turn back (a recent example was the US dollar).

Traders should consider the double-bottom lows made on Tuesday and yesterday to be significant also. Not that they alone guarantee the future path of equities, but it looks like support for now. If and when broken later, also important. Of course it helps that it's about the level if Tony Caldaro's 1133 pivot for the SPX!

Tomorrow being Friday and the start of the January 15-18 time window, I can't blame you if you're really feeling the anticipation now. Breathing helps! Short-term swings doing the buy-on-Monday/Tuesday thing - which has now stretched into Wednesday morning! - may start the TMAR tomorrow. We'll just have to see if that dampens the action today or not. As for T Theory, I read Terry Laundry's update this morning - as I understand it, my paraphrase of the bottom line for traders is to sell whichever comes first, 1164+ or Jan. 21 where his small red T ends. If the SPX cannot manage 1164+ by then, expect more consolidation until it does. So for now, we'll stay in looking for that price area until further notice.

NOTE - Mike Korell added his TCI with the comment that it points to a high in 1-2 trading days. Hmmm, meaning today or tomorrow? Tomorrow makes more sense in terms of our other indications for the high time window Jan. 15-18. But putting this all together with Terry Laundry's and Tony Caldaro's projections (and recognizing Andre Gratian's technical analysis) - if we should happen to see the SPX spiral up to 1164+ today, that may be a TMAR moment! But even if that happened, the SPX would probably retain much of those gains into Friday at least.

And of course tomorrow is OPEX. That's more likely to impact the pace tomorrow afternoon. If today's BP map from ChartsEdge works out, maybe today will be smooth enough to set up for more intraday gyrations tomorrow. So enjoy your trading day - happy market navigating!