Wednesday, September 29, 2010

Everything is important

SPX started the week at 1148.67. It was down 6.5 up 6 and down 3 in the three days of boredom in trading.  You wonder what happened to those days when the range was great and volume was high and advancing and declining issues were in line with trend.  This is September  historically its a bad month stock lose 5% or more not this time.  Thats why I think everything is important and should be watched.
The picture on the left is an Gann emblem It gives important dates to watch for.  SPX made a 1010 bottom on July 01 the 90 calendar day point comes on October 1st.  Thats on Friday.  IMO since July 1st was a bottom October 1st should be a top.  OK following that logic where should that top be ? - right where we are.  On right is  my daily chart of SPX we are slowly inching ( should be millimetering) up. That top line of the channel has become ever so important.  Its around 1150.  No line is perfect.  If we were to tank right from here I would give it a OK.  The hourly spx on the left is all bunched up and should reach a resolution very soon.  This is also projecting top of some sort.  Also our very respected astro person "missmalibu" is forecasting quite few rough days ahead.  I am kind of timid to buy long side of this market a 20 point spx hit would make me brave to buy the shortsdie of the market.  However this is still short term at this point.  Unless spx takes out 1010 the trend is still up.  Anything below 1100 would make me get ready to short and above 1180 I would go long. 

1 comment: