SPX - 6/2/10 COMPARE TO AUG 2007
SPX - AUG 2007 REVISITED
I continue to post the two charts above and continue to draw comparisons between the two until they can no longer be drawn. Just a reminder for my readers as well.
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SPX - 60 MIN BULL
SPX - 5 MIN
SPX -DAILY BOLLINGER BANDS
SPX - 60 MIN BEAR COUNT
Nice whipsaws ain't it? My counts (bear and bull) remain the same and as I posted last week, I think the bulls continue to find a way to keep their case alive.
As I mentioned earlier today as well as the past couple days, I"m watching the daily MACD. That bull cross is coming and today just made it that much closer. The RSI still has plenty of room to run higher and count-wise, 1120 still looks like a decent target whether via bear or bull.
Again, I will continue to remind you of the Aug-Oct of 2007 pattern, which I believe may still be playing out here. Please refer to the thread here to get up to speed if you are not familiar with what I am talking about.
Though the market is still under it's 200 day MA, the 200 DMA is still rising and the market is catching back up. Since the 1219 top, we still have yet to see 5 minor (and minute depending how it's counted) waves down. The best bear case scenario at the moment is a nested 1-2 pattern. The second 1173.57 is breached to the top, that count will be voided.
GL!
Thanks for the charts!
ReplyDeleteI am so with you on your bull count it's not funny. You would think we talked on the phone mid-day. I have been claiming this is the last bull leg higher, which seems to be playing out so far, however, the volatility is an ominous sign the bear market is back.
ReplyDeleteAnonymous. Thx for reading and comment!
ReplyDeleteGumbo! Thanks for stopping by. That's great. I'm with you on the volatility. We are certainly at a crossroad but I will not be shocked if we end up with a new high. GL!
ReplyDelete