Today's opening finished the SPX triangle.
The SPX rallied in a wave 5. Instead of turning sharply lower, the afternoon was spent in sideways movement. The SPX futures clearly show this as another triangle of larger degree. As I write, the larger triangle has completed and it's corresponding larger degree wave 5 has started.

The multi-month ending diagonal looks complete. Thursday's ECB announcement of negative rates on deposits will be the "cause" of a market sell-off, but we have a reasonable expectation of when it will complete and the sharp sell-off that typically follows.

I've noticed the VIX has been stair-stepping higher the last couple of days on the intraday chart while the SPX makes a choppy advance. Fear is subtly creeping back into the market. Almost like front running a major move.

Hold on, it's going to be a bumpy ride.

SPX Future Shows Intraday Triangle

http://finance.yahoo.com/q/bc?s=ESM14.CME+Basic+Chart&t=5d

And wave d of the triangle is also a triangle. Today should be a new high and reversal.

Recalibrating SPX and INDU E-wave counts

I'm starting the Ending Diagonal from the February 2014 lows instead of the October 2013 lows. The market is not behaving like a post ending diagonal based on the October 2013 lows. The good news is target time is 5 to 8 trading days away for both markets.
SPX price target 1910.
INDU price target 16743.

Targets are based on time and price ratios of wave 3 to wave 1 and then using those ratios to project wave 5 price and time targets.


Other TA:

The VIX is at lows not seen since EARLY 2007. At the 2007 top price the VIX had been rising for 8 months, a divergence. Presently there is no "divergence".

Volumes speaks volumes. Over the last month daily volume has decreased >40% on rising price. This is a significant divergence.

When looking at the SPX, Volume, and VIX, in this rising market participants are choosing options over outright purchase of shares. This is a highly leveraged situation!!!

DowDiva,

Looking at the daily chart I would call the sell-off from last week's top impulsive. The intraday and futures charts both show a 5 wave move, with no overlap of waves 1 and 5; however, wave 5 is disproportionately large.

I still have a bullish alternate count. SPX and INDU are in wave 4b of an ending diagonal. This idea is supported by looking at the German DAX market, which is of similar importance as the Industrials in the US. For the bullish count to be eliminate, the INDU would have to break below 16120, and the SPX below 1820. This does not change my count for the DAX.

Either way, (wave 1 down of crash VS wave a of wave 4 ending diagonal) the past 2 sessions have been a choppy advance to fibonacci levels, so short term should be down the next couple of days.

Comments on the VIX, Anyone?

On Monday's rally, the VIX gapped down to levels where the January sell off began. The VIX is definitely at extreme lows. Even with today's selling, the gap was hardly closed. I think tomorrow the VIX will complete an island reversal pattern as intraday market patterns show e-wave counts of a series of 1-2,1-2 that are stair-stepping lower. Should be entertaining to watch.

SPX E-Wave count - Minor change.

The smaller of the 2 ending diagonals (starting from the April 2014 lows) I had counted in the SPX looks like it will become a 3 segment move. Also, If Thursday were the final move of the smaller ending diagonal, then Friday's action would have been a sharp drop AND closed near the lows. One more rally attempt.

FTSE Ending Diagonal

http://stockcharts.com/h-sc/ui?s=$FTSE&p=D&yr=1&mn=0&dy=0&id=p79212065201

Wave 1 July 2013 low to Aug 2013 high zigzag
Wave 2 August 2013 high to October 2013 low zigzag
Wave 3 October 2013 low to January 2014 high zigzag
Wave 4 January 2014 high to April 2014 low TRIANGLE!!!
Wave 5 April 2014 lows to Today? zigzag.

So far the ending diagonal AND Wave 5 are truncated. If today is the top, then a very sharp pullback is expected, as in CAC, SPX, and INDU.

I have developed a spectral analysis tool that uses 3 to 5 band pass filters and a moving average to model markets. For the FTSE it's screaming top and sudden drop.

French CAC Big Ending Diagonal

http://stockcharts.com/h-sc/ui?s=$CAC&p=D&yr=1&mn=2&dy=0&id=p95623776168

The choppy advance out of the December 2013 lows is an ending diagonal. Just as in the SPX and INDU, the wave 5 in the CAC ending diagonal is also an ending diagonal. Global markets are ready to pull back sharply.

SPX E-Wave count

I'm looking at large ending diagonals in the SPX and INDU that started from the October 2013 lows, and are now in smaller degree Wave 5. The smaller degree Wave 5 could be breaking down into an ending diagonal as well, in which case it has started little wave 5. The second ending diagonal in the SPX looks like it will not break the 1900 level; therefore, truncation is possible.

The reversal from multiple degrees of ending diagonals and a truncation should be a sharp drop. I expect the turn sooner that later based on time proportionality of Waves 1 and 3. While I've traded the last 6 weeks well, I'm playing it safe this week since it is so close to a major reversal. I want to be ready to catch that sharp drop and make some money!!

The E-waves are less elusive now.
The SPX looks like it is completing an ending diagonal. The DOW has been making a multi week triangle. Today was a post triangle thrust. Often the thrust will equal the width if the triangle. But not this time.

I've been working on spectral analysis software. The model turns lagged major market turns by 50 to 150 trading days of moves greater than 20%. This happened 91% of times over the past 55 years!!!. The only set of turns missed was the 1997 Asian market crash. I've been able to decompose the model to predict its major cycles. Presently a market top to a >20% move to the downside is forming. The model is expected to top in 150 trading days, which places the market top of a >20% sell off in the high probability zone.

Based on previous market tops, this one should have at least one more wave 4 / wave 5 sequence. The model indicates the markets have at most 4% upside left. Odds favor exit of long term positions.

SPX- Oh Well, Off to the races again!

SPX intraday choppiness

From the Xmas eve high to today's high at the open I count 2 zigzags ( waves a and b). So the market is in a consolidation. The highest probable outcomes are:

1.) Double zigzag, with wave c half way done. Open lower sharply tomorrow, bottoming around 1825.

2.) Triangle, with waves c, d, and e to complete. This will end sometime early next week.

I've discarded the flat wave pattern (3-3-5) because the rally off today's lows looks more like a little wave b triangle than a zigzag or flat. Triangles signal one more wave of the same degree to complete the next larger degree. little wave c won't subdivide into 5 waves.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=spx&time=18&startdate=1%2F4%2F1999&enddate=1%2F4%2F2013&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=38&y=11

Potential Ending Diagonal in SPX.

The following waves subdivide into zigzags.
Wave 1: From November 7th lows to November 18th high.
Wave 2: From November 18th high to November 20th low.
Wave 3: From November 20th low to November 29th high.
Wave 4: From November 29th high to present, almost done.
Wave 5: About to begin.

An alternate count is still a larger WAVE 5, but not ending diagonal:

Wave 1: From November 7th lows to November 11th high.
Wave 2: From November 11th high to November 13th low.
Wave 3: From November 13th low to November 29th high.(extended wave)
Wave 4: From November 29th high to present, almost done.
Wave 5: About to begin.


http://charts.barchart.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

SPX wave 5 truncated.

Let's see if the FED will be able to keep the market afloat.

http://charts.barchart.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

SPX Intraday

Since the November 7th lows I count 4 waves in the rally: 2 motive and 2 corrective. E-wave theory says there are should be at least one more rally that challenges the high of the second motive wave before a correction of larger degree begins.

http://charts.barchart.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

SPX Futures show little triangle

From Wednesday's high until about 6-7 AM this morning a wave 4 triangle formedwithin a larger ending diagonal that started from the November 1 st lows. wave 5 is well under way. A multiweek selloff is about to start.

http://charts.insidestocks.com/chart.asp?sym=esz13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

SPX Futures were corrective.

With this evening futures open, the sell off looks very choppy, and has started a turn-up. I expect the highs to be retested very quickly. Things are still looking toppy in the 6-7 week cycle discussed last week.

http://charts.insidestocks.com/chart.asp?sym=esz13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

I see 2 Triangle in SPX Futures

The first triangle (late Oct 21st to very early Oct 25th) I mentioned a couple days ago. The more recent triangle (late Oct 27th to very early Oct 29th) has completed, and its wave 5 of same degree looks complete.

http://charts.insidestocks.com/chart.asp?sym=esz13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

On a cycle basis the SPX is a little more than half way through a 6-7 week cycle. I'm using measured, not nominal time.

Cycle Lows:
Late June to Late Aug = 8 weeks
Late Aug to Early Oct = 7 weeks
Early Oct to Mid Nov??? = 6 to 7 weeks, we're 1/2 way there.
Notice how the period is shrinking.

Highs:
Early Aug to Mid Sept = 7 weeks
Mid Sept to Late Oct??? = 6 weeks, that's right now

http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=0&mn=6&dy=0&id=p75635173805

I see no negative divergences on the Stochastics or the MACD. The Relative Strength Indicator (RSI)potentially could form a slight negative divergence. I do see a negative divergence with volume. Since late June 2013, price has been rising on declining volume for the first 2 cycles above. There has been a slight pickup in volume during this 3rd cycle; however, the last four days have all been gains on declining volume after 3 weeks of rally.

E-waves, cycles, and volume are signalling a near term top.

Bond Vigilantes are active

The yield on Italian 10 yr notes has gone higher than the yield on Spanish 10 yr notes. This battle of creme de la crap has been going on back and forth the past 2 months, with Italy surging ahead today.

A near term top is brewing in SPX.

The SPX futures show a triangle from late October 21st to early October 24. The ensuing 5th wave looks like it's in smaller wave 3.

http://charts.insidestocks.com/chart.asp?sym=esz13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

The SPX open market shows a 5 wave sequence that started from the October 9th lows. The segmant rally off the October 23 lows has 3 smaller segments, with 2 more to go.

http://charts.insidestocks.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=051&argd=&arge=&argf=&ch2=031&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

The MACD shows a clear bearish divergence. The stochastics have the potential to form a bearish divergence as well. Both indicate upward momentum is slowing.

I give the market no more than 2 days to complete this top.

Yield to the Yields

Since early May 2013 yields have taken off. The e-wave in the 10 yr Treasury indicate June 17 to 20 was at least a wave 3, with today's move a wave 5 of the same degree. That leaves 2 or 3 more degrees of wave 4-5 to go with an upside target of 3.025% to 3.050%.

The alternate count would view the June 17 to 20 move as wave 1 in a series of wave 1-2 stairsteps. The upside would be MUCH higher that 3.050%.

Since mortgage rates are tied to yields on the 10 year Treasury, the cost of a house payment could shoot up 20% from early May 2013. With home buyers having fairly inelastic budgets, demand for houses will drop precipitously. Prices for houses will start coming down, and WAVE C down of the housing crash will be under way.


http://stockcharts.com/h-sc/ui?s=$TNX&p=D&yr=0&mn=6&dy=0&id=p72251619353

SPX Futures Showing Flat E-wave

The rally off Wednesday's low looks like a zigzag (wave a). The sell off from THursday's high looks like a zigzag (wave b). So far, th erally off Friday's lows looks motive (wave c) This 3-3-5 pattern fits the definition of a flat. There may be a slight rally oernight and into the opening; however, chances are wave 3 starts from the 1550 area and finishes below the 1510 area.

http://charts.insidestocks.com/chart.asp?sym=esm13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

Chuck and Lexus - Your Ending Diagonal is Served.

Elliott Wave Intl is counting an ending diagonal in the SPX.

http://www.elliottwave.com/freeupdates/archives/2013/04/02/New-Market-Insight-SP-500.aspx#axzz2PIxPdK6R

Corn Arbitrage- Answers

Corn Futures were limited to a 5% los by market rules, even though the spot price of corn fell 26%. What I think will happen is the CORN ETF will drop 5-7% each day over the next 4-5 days until the futures market settles to the level of spot prices.

Corn Arbitrage? a little help please

Corn spot prices took a 26% hit today, but the Teucrium Corn ETF only fell 7%. I realize how the ETF blends futures. Using the end of day futures prices and calculating the net asset value manually, I get a 5-6% decline. Corn ETF should bounce up 1-2% tomorrow.

Then I look at the charts...

The ETF needs to drop 15% to be at the same relative level as the spot price, just below the June/July 2012 lows. I find it hard to believe wave 3 of 3 could last a single day. Especially when a decade long ending finished about 6 months ago.


http://stockcharts.com/h-sc/ui?s=$CORN&p=D&yr=3&mn=0&dy=0&id=p85177435930


http://stockcharts.com/h-sc/ui?s=CORN&p=D&yr=3&mn=0&dy=0&id=p85172364671

SPX Futures indicate ED is done

Structurally the futures market looks complete. A sharp drop of 7 points supports the idea the ED is done. A drop of 17 points would structurally confirm the ED is done.

http://charts.insidestocks.com/chart.asp?sym=esm13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

Chuck, I agree with the Ending Diagonal count in SPX.

GS wave 4 Triangle Done.

And so is wave 5 thrust. It truncated in a spectacular fashion. The price since has dropped below the lower edge of the wave 4 triangle.

http://charts.insidestocks.com/chart.asp?sym=gs&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

Goldman Sachs Wave 4 Triangle

Since the February 2013 high, GS has been in a Wave 4 triangle. The triangle is in wave d or e. Expect a sharp move to the 160 area in the next couple of days before making a major top, and dropping hard.


http://stockcharts.com/h-sc/ui?s=GS&p=D&yr=0&mn=6&dy=0&id=p97663372367

SPX Futures Plunged 16 points.

I should have looked at the futures before posting before.

http://charts.insidestocks.com/chart.asp?sym=esm13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

SPX E-Wave and RSI Divergence

Short term, the rally out of the February 2013 lows looks like a complete e-wave. Long term it looks like Wave 3 of zigzag out of the 2009 lows has completed, and a Wave 4 pullback at least to the 1350 level is about to start.

The relative strength indicator (RSI) is experiencing a negative divergence with respect to the SPX. The first time this divergence happened was the January-February 2013 rally. This second divergence involves the February 2013 top and the present March 2013 rally. I use the RSI is a leading indicator, and look for divergences to help identify setups in both directions.

The stochastics have been in the overbought area for almost a week now, so longs should be on alert.

The MACD difference ticked down, also an alert for longs.

The price is failing to keep up with the upper, widening bollinger bands, a sign of weakness, and a move that ends in mid channel, or crosses completely to the lower channel, which is heading lower. Bearish

The last technical indicator is volume. On a slightly down day, after a long run, it spiked. This type of event generally indicates the end of a trend.

So many indicators are pointing to a near-term top formation sooner rather that later.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p24440745269

Near Pullback in Order

The SPX rally from February 25th lows looks like a nearly complete motive e-wave. Wave 5 is very choppy and could end at any time this week. Wave 5 is also hugging the lower trend channel, a sign of weakness. A 20 point pullback to the 1530 area represents a Fibonacci 33% pullback. Greater selloff is possible.


http://charts.barchart.com/chart.asp?sym=$INX&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

Investor Intelligence Chart

This whipsaw action in the markets has shaken the nerves of some bulls, but bears are still in hibernation. Typically peaks and troughs in the bear camp have corelated very well both ways with the market. The bear camp does not share as strong an inverse corelation with the market.

http://www.schaeffersresearch.com/streetools/market_tools/investors_intelligence.aspx

SPX Strong Waves

Nothing has changed from calling a top last week. Since then I count the wave pattern from Thursday's lows as a Wave 2 flat. What follows is a Wave 3. This will be a very strong wave 3 because the wave 2 flat has retraced so much of wave 1, AND flats occur before or after the longest motive wave of the same degree. A drop of 5 to 8% from these levels by the end of next week is easily within the realm of possibility.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=spx&time=18&startdate=1%2F4%2F1999&enddate=1%2F4%2F2013&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=38&y=11

SPX Intraday E-waves.

The selloff from Wednesday's open to Thursday's low was definitely motive.

Friday's bounce looks like a completed corrective double zig-zag.

Whether Wednesday was "THE" top, or a the top will occur in the near future makes no difference in expecing at least one more motive wave to the downside. The price fibonacci ratio is close to 60%. This is a good setup to go short or buy puts.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=spx&time=&freq=

SPX Futures are Choppy.

The SPX futures have been in a choppy advance for the past 2 weeks. Since February 11th, the chart shows a possible ending diagonal. Tomorrow might be a good time to exit long positions and consider shorting.



http://charts.insidestocks.com/chart.asp?sym=sph13&data=Z60&date=051406&den=HIGH&divd=Y&evnt=ADV&grid=Y&jav=ADV&size=D&sky=Y&sly=N&vol=Y&late=Y&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

Dow Transports Alert

The Dow Jones Transports are making an ending diagonal on the intraday charts.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=djta&time=18&startdate=1%2F4%2F1999&enddate=1%2F4%2F2013&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=0&y=0

It's also seen on the daily charts. The RSI is showing a negative divergence,which supports the idea a top is very near.

http://stockcharts.com/h-sc/ui?s=$TRAN&p=D&yr=0&mn=6&dy=0&id=p99140224619

RUT is showing a stronger RSI negative divergence. Stochastics have been overbought for over a month now.

NDX has been in very narrow trading range for a month now. This is a strange non-conformation because the range has been so narrow.

There is a US-Europe divergence taking place. Over the last week or two, European stocks have headed lower with motive waves and paused with corrective waves. The US markets have been sideways to slightly up, But that is about to change as both will be headed (beheaded?) down very soon.

SPX Top is IN

E-wave count looks complete from the November and end of December 2012 lows. Today was a bearish engulfing pattern. The RSI and stochastics showed bearish divergences with price. The VIX was starting to get a little more volatile before the price top arrived, effectively a bearish divergence.


For the next 2 weeks the trend should be down.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p87530429976

http://stockcharts.com/h-sc/ui?s=$VIX&p=D&yr=0&mn=6&dy=0&id=p65919208183

SPX Triangle, Wave 5: Check and check, Now What?

THe action after the wave 4 triangle and wave 5 thrust resulted in a near term top that hit my estimates. At the top of the wave 5 thrust, I did not know if there was larger degree wave 5 to complete. The pullback has 3 overlapping MOTIVE moves to the downside. This could be part of waterfall of wave 1-2 combinations of multiple degrees. OR part of a complex wave 4 correction of a larger degree. Just sit and wait for another high probability setup.

SPX Near Term Top

Since Thursday of last week until this morning, a triangle evolved. A nearly complete motive wave has emerged off today's bottom. Tomorrow should drop at least 10 points, to the levels of the tip of the triangle.


http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Index&symb=spx&time=18&startdate=1%2F4%2F1999&enddate=1%2F4%2F2013&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9&x=38&y=11