Weekend Thoughts

15 Min- Repeat?

Next week pull back?

Weekly

I continue to see parallels with this weekly chart that point to something potentially more bullish over the next several weeks.  Please read the notes for those simliarities.

Interestingly enough, after putting this together, I noticed that Gann360 tweeted the following monthly comparison which is short/int term bullish but potentially longer term bearish so this will be interesting to watch.

Click here for Gann360's chart.

Weekly

I continue to track these weekly MAs as well particularly how they relate to the 2004 period. Could we potentially see a consolidation period for the next several weeks in the 1100-1230 range?.

50 and 200 Day SMA

50 and 200 Month SMA

Futures down quite a bit at the open. ES was down some 30 points and currently trading down 22 points as of this writing.

It appears the 1150 head and shoulders target is something the market may be gunning for. Let's see what happens overnight.

Bullish Option

The very bullish option calling for a wave 3 of 3 up once this correction is complete.

Channel watch.


The 200 week SMA at 1157 may be the key here. The market has nearly touched this level. Let's keep watch here. Should it hold, it may support the bullish option above.

Corrective count options

One calls the top in and the other implies one more push higher.

Should the top be in, this would be the bear count.

Should the bear count be playing out now, this would be my longer term view.