lowtrade

[lowtrade]

S&P Update

Here's a limb I'll walk out on. If "V" bottom hits 1990 and fills that gap. It will not break top resistance and continue. HUMM, now why would I say that.

Look at this chart with explanation;
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p04903625387


DMI has very unusual ADX down trending with DI-, as price runs. Remember ADX traveling the same direction as DI+ confirms entry. Well it's been going with DI- saying confirmed exit for some time now. But price continues to climb. Also note the entire climb, the opens have gapped open a dollar or 2 every day of the climb. And we have that new run gap often left behind, at the start.

Support indicators are moving as they should, in sync. But CMF buy pressure is very weak for such a large "V" bottom comeback run. No buy pressure, just buying.

So TA is telling me. This is a phantom run. It's happening, but it shouldn't. Thus I expect a strong reversal soon. Maybe even to "V" bottom bottom again and close all the tiny gaps below.


1990 broken with continuation and my limb will break and make me fall on my face. But I'm starting to feel the long awaited for; 7 to 10% correction is being seen in the S&P phycology. These 3%/5% retraces have had their day. Damn look at a 3 years chart. Nothing goes up for ever. Some 3% to 5% retraces, but no 7% to 10& corrections.
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p04903625387

So if this out on the limb call is correct. I'll step out farther and say I expect a large 3% to 5% price swing channel at the top of the S&P. Till the November elections. When we see a 7% to 10% correction after, to the end of the year. If 1990 broken, NEVER MIND LOL