Profunds index and sector trading

[teaparty]

At the risk of tempting fate...here's how I see things working out over the next 2 to 3 weeks looking for a top and I'm using the OEX index as my lead behind the scenes.SPX top band and kissback to a TL running from the Mar. 03 low and the Oct. 05 low is at 1336/37. That would also put OEX testing it's 50% retracement level at 615/620 and a nice divergent "right shoulder" on the spx monthly RSI with a new recovery high. OEX weekly looks like an ED and if this wave 5 we are in now happens to equal wave 1...target is 624. (Spx 1350 approx)
Have to mention OEX MUST get through 608/609 first.....otherwise we could fold from there.
Doing a little crystal balling......a fast drop back to the 1290 spx area this week would probably set up that leg higher trapping the bears yet once again. What that would also do is finish a right shoulder on an inverted H&S pattern on NDX and we will break above the neckline in an apparent breakout that targets the 1750 area. I believe ndx and sox will lag this leg up and that pattern will fail before reaching target (1680/90 perhaps) while spx and oex are making new highs at targets mentioned above setting up a bull trap.
From there....I think we at least test the lows if not lower lows. I've still got a thing about a triple bottom reversal pattern on oex at 442. One other interesting tidbit....I have a habit of looking for targets with parallel TL's occasionally....if I draw a parallel to the bottom TL on oex weekly....look where the top comes this month. We can use that bottom TL as support if I'm anywhere in the ball park with this forecast...and if it breaks....the next support would be that 442 target. If I had to give some downside targets on ndx and sox.........I'd have to say 1400 and 350 minimum.
Sound good?.....If this works out...I'll be the most surprised! lol

http://72.232.55.218/~tradingt/phpBB/BB_upload/spx_monthlyesignalbb.png

At the risk of tempting fate...here's how I see things working out over the next 2 to 3 weeks looking for a top and I'm using the OEX index as my lead behind the scenes.SPX top band and kissback to a TL running from the Mar. 03 low and the Oct. 05 low is at 1336/37. That would also put OEX testing it's 50% retracement level at 615/620 and a nice divergent "right shoulder" on the spx monthly RSI with a new recovery high. OEX weekly looks like an ED and if this wave 5 we are in now happens to equal wave 1...target is 624. (Spx 1350 approx)
Have to mention OEX MUST get through 608/609 first.....otherwise we could fold from there.
Doing a little crystal balling......a fast drop back to the 1290 spx area this week would probably set up that leg higher trapping the bears yet once again. What that would also do is finish a right shoulder on an inverted H&S pattern on NDX and we will break above the neckline in an apparent breakout that targets the 1750 area. I believe ndx and sox will lag this leg up and that pattern will fail at 625/35 while spx and oex are making new highs at targets mentioned above setting up a bull trap.
From there....I think we at least test the lows if not lower lows. I've still got a thing about a triple bottom reversal pattern on oex at 442. One other interesting tidbit....I have a habit of looking for targets with parallel TL's occasionally....if I draw a parallel to the bottom TL on oex weekly....look where the top comes this month. We can use that bottom TL as support if I'm anywhere in the ball park with this forecast...and if it breaks....the next support would be that 442 target. If I had to give some downside targets on ndx and sox.........I'd have to say 1400 and 350 minimum.
Sound good?.....If this works out...I'll be the most surprised! lol

http://72.232.55.218/~tradingt/phpBB/BB_upload/spx_monthlyesignalbb.png

At the risk of tempting fate...here's how I see things working out over the next 2 to 3 weeks looking for a top and I'm using the OEX index as my lead behind the scenes.SPX top band and kissback to a TL running from the Mar. 03 low and the Oct. 05 low is at 1336/37. That would also put OEX testing it's 50% retracement level at 615/620 and a nice divergent "right shoulder" on the spx monthly RSI with a new recovery high. OEX weekly looks like an ED and if this wave 5 we are in now happens to equal wave 1...target is 624. (Spx 1350 approx)
Have to mention OEX MUST get through 608/609 first.....otherwise we could fold from there.
Doing a little crystal balling......a fast drop back to the 1290 spx area this week would probably set up that leg higher trapping the bears yet once again. What that would also do is finish a right shoulder on an inverted H&S pattern on NDX and we will break above the neckline in an apparent breakout that targets the 1750 area. I believe ndx and sox will lag this leg up and that pattern will fail before reaching target (1680/90 perhaps) while spx and oex are making new highs at targets mentioned above setting up a bull trap.
From there....I think we at least test the lows if not lower lows. I've still got a thing about a triple bottom reversal pattern on oex at 442. One other interesting tidbit....I have a habit of looking for targets with parallel TL's occasionally....if I draw a parallel to the bottom TL on oex weekly....look where the top comes this month. We can use that bottom TL as support if I'm anywhere in the ball park with this forecast...and if it breaks....the next support would be that 442 target. If I had to give some downside targets on ndx and sox.........I'd have to say 1400 and 350 minimum.
Sound good?.....If this works out...I'll be the most surprised! lol

http://72.232.55.218/~tradingt/phpBB/BB_upload/spx_monthlyesignalbb.png

At the risk of tempting fate...here's how I see things working out over the next 2 to 3 weeks looking for a top and I'm using the OEX index as my lead behind the scenes.SPX top band and kissback to a TL running from the Mar. 03 low and the Oct. 05 low is at 1336/37. That would also put OEX testing it's 50% retracement level at 615/620 and a nice divergent "right shoulder" on the spx monthly RSI with a new recovery high. OEX weekly looks like an ED and if this wave 5 we are in now happens to equal wave 1...target is 624. (Spx 1350 approx)
Have to mention OEX MUST get through 608/609 first.....otherwise we could fold from there.
Doing a little crystal balling......a fast drop back to the 1290 spx area this week would probably set up that leg higher trapping the bears yet once again. What that would also do is finish a right shoulder on an inverted H&S pattern on NDX and we will break above the neckline in an apparent breakout that targets the 1750 area. I believe ndx and sox will lag this leg up and that pattern will fail at 625/35 while spx and oex are making new highs at targets mentioned above setting up a bull trap.
From there....I think we at least test the lows if not lower lows. I've still got a thing about a triple bottom reversal pattern on oex at 442. One other interesting tidbit....I have a habit of looking for targets with parallel TL's occasionally....if I draw a parallel to the bottom TL on oex weekly....look where the top comes this month. We can use that bottom TL as support if I'm anywhere in the ball park with this forecast...and if it breaks....the next support would be that 442 target. If I had to give some downside targets on ndx and sox.........I'd have to say 1400 and 350 minimum.
Sound good?.....If this works out...I'll be the most surprised! lol

http://72.232.55.218/~tradingt/phpBB/BB_upload/spx_monthlyesignalbb.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=W&yr=5&mn=1&dy=0&i=p28173056383&a=83....