Sunday, March 2, 2014

3/2/14 - Weekend Update

Haven't posted a weekend update in a while. All the poor weather has kept me indoors.

Going into the weekend, I was giving the bears a slight edge for a wave iii down. Looks like the crisis in Ukraine will the give the markets a reason to take some more risk off.

This should be viewed as an opportunity to add to longs or enter if you were not already positioned or exited when the market tested the all time highs. The charts below may provide a clue as to where this move may bottom. I'd like to see that right shoulder form.

ES

Daily - SPX
Some targets below on the daily.


Daily - TNX
The 10 year yield may be the key to watch for the bottom in equities should wave 4 tag and bounce at the lower end of the channel near 2.5% or 38% retracement.

Weekly Extension. 


Obviously a move below wave 4 (blue) or 12 (green) will change my opinion on buying
blog comments powered by Disqus