AI
Saturday, November 24, 2007 12:09:38 PM
Cycle update: 4yr/18m/9m low in Jun-Jul 2006 low The next 9m low was in Mar 2007. While the next cycle low is counted to Nov 2007, we had a significant pull back in Aug 2007, now in Nov 2007 within the peaking 18m cycle and rising 4yr cycle.
SPX closed at 1440.70 above the support LT 1430 +/- It is however closed below 2 LT support TL as shown on the LT chart.
The daily price action shows "mirror actions" of 78.60% R.T. of 8/16/07 - 10/11/07 rally. During the Mar2007 correction, SPX closed respective support TL noted above as it can be seen on the blue horizontal support line, 1375 +/-.
Market breath is very negative closing near multi-year low. Daily price action is oversold setting up for a bounce. Markets are at major supports; therefore, need to be cautious if breaks the support as the next support is SPX 1375 +/- as shown on the SPX LT chart.
SPX closed at 1440.70 above the support LT 1430 +/- It is however closed below 2 LT support TL as shown on the LT chart.
The daily price action shows "mirror actions" of 78.60% R.T. of 8/16/07 - 10/11/07 rally. During the Mar2007 correction, SPX closed respective support TL noted above as it can be seen on the blue horizontal support line, 1375 +/-.
Market breath is very negative closing near multi-year low. Daily price action is oversold setting up for a bounce. Markets are at major supports; therefore, need to be cautious if breaks the support as the next support is SPX 1375 +/- as shown on the SPX LT chart.
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