Thursday, March 31, 2011

Important Tomorrow

SPX had an inside day with LH and HL and closed in the negative. It is the first negative day after 2 plus days and this is the first time since  SPX's  low at 1250 that SPX has turned negative after 2 positive days.   Last two times it was after 3 positive days. All put together it is slightly negative for tomorrow.  Range was a pathetic 4.75 points.  This I think was a fake set up.  RUT had a HH and HL and closed in the positive.  RUT is within 5 points of best monthly closing high and thirteen points away from all time high of 856.4x.  That is a big difference.  RUT is made up of small stocks It is more volatile also it is where the most speculation happens.
I lost all my charts and had to reconstruct them and there are slight differences.
This is my hourly TNA The decline abruptly ended.  I was expecting it to touch the intersection of the bottom of the Fast channel Line 2 and slow median line.  TNA came with $2 dollars of that.  Now it is approaching the top Line 1 of the slow channel.  I believe it will bust thru that and go to the top line of the fast channel before this move ends.  It may catch a little turbulence at 93  the fast median line and come back to 90 or 86 ish.  
This is my Gann angle chart reconstructed to make the 68 low as bottom of 1x1 from 31.5 low in August.  93 is around the 3x2 line and it is approaching that.  The DOMA 77 worked really well.  It will have to really break thru the 1x1 line for me be bearish.  
 This is my TNA daily chart and it is long term from 3/09/09 with a low of 9.02.  It is one the most important charts.  I count 9.02 to 72.24 as (1) and 72.24 to 31.50 as (2) . From 31.50 to 87.78 is i of 3 and 87.78 to 68.77 on Mar. 15th is ii of 3 and it has already started iii of 3.  That is why the jumps by leaps and bounds.  Next decline from 93 to 84 may be the last chance to hop on the choo choo before the train peels of the station.  2009  sept. the decline was similar and lasted 5 weeks.  I would have like to see 5 here but we got 4 and that is good enough for me.  Many are counting this as 5 of 1 with 2 yet to come  in my books it is a low probability event.  
 This is TNA daily. The 1x1 line is from 9.02 to 31.5. The decline was to the 2x1 line. The 3x1 line which is minimum I think it will travel is at 110 or above.  These will be exciting days on the right side and I am of the opinion it is the plus side. 
Tomorrow is the all important employment number.  looking at these charts the interpretation would be that the numbers are good and stocks will take off aided by the 1st of the month buys by pensions.  Next week may be a down week getting ready for the big 3 to the upside
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1 comment:

  1. Nice charts Dino.How about 10 times the low as a target for TNA ?