Thanks once again to Mike Korell and his ChartEdge at http://www.chartsedge.com/wp/, here is today's Pattern Recognition map for equities intraday. Remember that a confidence number assigned to it over 100 is relatively high confidence in the ChartsEdge view - and notice the confidence level of this one is about 39. The ChartsEdge weekly showed higher levels into Thursday and Friday - so maybe we get that or not, no strong confidence on that necessarily either IMO. The SPX already achieved the 1112 level and on a purely Fibonacci basis doesn't "need to" achieve the 1114 area that would be a .707 retrace from 1044.50 to 1150. By the way - check out the movement in the yen, I'm tempted to post another chart of that already but you can already refer to my very recent chart post on that here. Moving over the 111.49 level yet again should place the FXY ($XJY) on a path to new highs (meaning the dollar-yen pair often quoted, declines significantly). What that means for euro/dollar isn't a slam dunk though, as the euro has problems of its own and hasn't yet proven it's ready to rise again.
But I digress. Without further ado, here's the ChartsEdge Pattern Recognition map - maybe it's signaling that equities move choppily today (if so, I may sideline today - got enough nice movement yesterday and Tuesday as I was tweeting):
But I digress. Without further ado, here's the ChartsEdge Pattern Recognition map - maybe it's signaling that equities move choppily today (if so, I may sideline today - got enough nice movement yesterday and Tuesday as I was tweeting):
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