It Doesn't Look Like SPX (S & P 500) Will Fill 12-1-08's Upside Gap at 896.24
It doesn't look like SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) will fill 12-1-08's upside gap at 896.24, see http://finance.yahoo.com/q/ta?s=%5EGSPC&t=5d&l=on&z=l&q=c&p=&a=p12,fs,w14&c=, at least not today 12-4-08.
The five day broad market Walmart (WMT) Lead Indicator is near neutral right now, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=on&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC, which suggests that SPX (S & P 500) probably won't fill 12-1-08's upside gap at 896.24. Whether that upside gap gets filled or not, I'm looking to ultra short SPX (day trade) via SDS.
The situation is the same for most indexes/sectors. They will probably fail to fill 12-1-08's upside gap (the day the Wave A crash occurred). See GDX (Gold Miners ETF) at http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, at http://stockcharts.com/charts/gallery.html?gdx.
.......http://www.JoeFRocks.com/
The five day broad market Walmart (WMT) Lead Indicator is near neutral right now, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=on&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC, which suggests that SPX (S & P 500) probably won't fill 12-1-08's upside gap at 896.24. Whether that upside gap gets filled or not, I'm looking to ultra short SPX (day trade) via SDS.
The situation is the same for most indexes/sectors. They will probably fail to fill 12-1-08's upside gap (the day the Wave A crash occurred). See GDX (Gold Miners ETF) at http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, at http://stockcharts.com/charts/gallery.html?gdx.
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
8:42 AM
2 Comments:
Does this upside gap need to be filled before the countertrend Wave B starts to roll over? Or do you think the rollover is starting today as most indexes are in the red and tomorrow they should fall off a cliff?
By
praxis, at 10:46 AM
Praxis,
It looks like SPX (S & P 500) will try and probably fail to fill the upside gap at 896.24 from 12-1's open.
The gap doesn't need to get filled before the countertrend Wave B starts to roll over. It's more bearish if the gap doesn't get filled, because, it'll be a bearish breakaway gap. Good luck.
By
Joe Ferrazzano, at 10:56 AM
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