Another note - Terry Laundry's chart this weekend lays out his expected major turn dates this year. Those work for me!
Update for Sunday January 10 2010. This week I summarize the long term outlook and introduce a new T Theory concept called the "null echo" in order to better lay out the details of my 2010 forecast. In the second audio topic I describe some new short term projects of interest to traders.
As always it is best if you first click on the audio file below and get it started, then put it into the background, then open a new window in your browser and pop open the PDF chart in the new window to follow the chart's in-progress audio discussion.
Today's PDF Chart Download ADTvsSPXnull100108
First Topic Audio Download TTO20100110A
Second Topic Audio Download TTO20100110B
Safe Haven | Technical Market Report by Mike Burk, for the upcoming week, at http://www.safehaven.com/article-15440.htm.
Looking ahead to next week, Todd Salamone, Schaeffer's Senior Vice President of Research, notes that fourth-quarter earnings season kicks off, and looks back at how earnings reports were received in July and October of 2009. Next, Senior Quantitative Analyst Rocky White drills down on the market's reaction to monthly employment data and the potential impact of last week's nonfarm payrolls data on S&P 500 Index (SPX) returns in the following week. Finally, we wrap up with a look at some key economic and earnings reports slated for release this week.And here's some of what Todd says this weekend in his part of it:
Will the upcoming earnings catalyst reverse the New Year's cheer? Will we see a repeat of October's 5% decline? Bulls should certainly be open to this scenario and consider hedging long positions in the event that January 2010 is indeed a repeat of October 2009.Potential resistance for the SPX is at 1,157.80, site of its 160-month moving average, a trendline that contained the 2002-2003 lows. When this moving average was breached in October 2008, the bottom fell out of the market. We view support in the 1,130 area, site of 2009's high. Should this level fail to hold on a pullback, there is additional support in the 1,100 and 1,121 range. The 1,100 level is the site of the 50-day moving average, and 1,121 is the 50% retracement of the 2007 high and 2009 low.
Finally, for additional observations on the technical backdrop of the market, I invite you to read Bernie's Schaeffer's Schaeffer Media Outake: The Next Technical Landmark" at and Ryan Detrick's commentary entitled, "Worries About Light Volume are Overdone."
No comments:
Post a Comment