Replies to post #49584 on Short Term Trading Member Forum

[DowDeva]

"...My natural inclination is to be a bear, but a rally from here is likely...

I agree. Despite several s/t bullish divergences in breadth charts I posted yesterday, I do not like the look of this thing all. Also, other breadth charts not posted have no divergence yet and don't have the saturation of complexity that signals a true IT (several weeks to months) rally.

Also, cruised several threads in various trading forums and too many people, although all long term expert traders, are looking for a rally next week.

If by chance there is a rally, could be capped at 281-281 SPY.

This thing could get ugly real fast.

We'll see in the fullness of time.

~d

[Oddlot]

SPX if the slope of MA108 turns down, the obj becomes approx 2500. If not, the trend will
continue and the cycle will climb towards a peak. The point at which the slope changes is 2700-2720 depending on the day near term, and the longer that SPX consolidates in this area, the larger the upmove would be when it comes. Currently a move to 2950 can be projected from the 60min pnf base once it starts up.

Holding long SPY, SSO, and GLD, and some short sector ETFs.

Oddlot