Thursday, June 3, 2010

SPX - 60 MIN

SPX - 10 MIN 

Slow day today and the market did not close over the 200 dma. However, the daily MACD I have been watching finally crossed up bullish today. 

How high a mark it will make with that we will have to see. I think that plays well with my minuette (iii) up though. 

Here's one bullish speculation, we rally on the jobs number and an announcement from BP stating the gusher has been capped  that results in a breakout of the inverse head and shoulders. 

Of course the bearish view would be that we make a fakeout break above the 200 DMA from the positive jobs number only to sell off into the news.

I'm betting on the former.

I was going to post more charts but I am currently having problems with charting software. Check back later for more.


  1. Is the statement "I'm betting on the former" 1) a reflection of a bullish bias, 2) your gut feeling or 3) does it rest on something a bit more rational?
    Note that I'm pretty neutral.
    Everyone seems to be talking about the job's number tomorrow which at this stage can only come as negative surprise...Obama raised expectations so high with is "clues" that there's only room for disappointment. Even that is questionable as most people know that the number is totally bogus given the technical maneuvers that have already been exposed in the past.
    So, given I appreciate your perspective, I would like to know how you came to balance your opinion in favor of a bullish breakout.

  2. ok, how do I post with my wordpress ID?

  3. Anon

    thx for reading and the questions. You pose a good question. I'll just say that the "former" is a combination of both the macd's daily bull cross, the current count as I have it labeled, the previous charts comparing the aug-oct 07 structures and a "gut" feel. the fact that everyone is talking abt the jobs number and that it has a better chance of dissapointing than pushing the market higher I'm wondering if people have already discounted that dissapointment in. But I don't know.

  4. Thanks. I was kind of "betting" on the later and apparently that's where we're heading.
    Still keep up the good work