This SPX Strength Since Very Late 1-22-10 Looks Like Wave 4 Up of the Short Term Downcycle Since 1-19-10
This SPX (S & P 500, http://bit.ly/i0nsT) strength since very late 1-22-10 (see the five day intraday candlestick chart at http://bit.ly/3qGxf3) looks like (on the daily candlestick chart) Wave 4 up of the Short Term Downcycle since 1-19-10, see the daily candlestick chart http://bit.ly/i0nsT.
Follow me on Twitter (highly recommended), see http://twitter.com/tradethecycles.
The five day SPX vs Lead Indicator Walmart (WMT) chart at http://bit.ly/4t6GS9 is very bullish right now, since WMT's leading to the upside by +1.00% to +1.99%.
The five day XOM (Exxon Mobil) vs SPX Lead Indicator is bearish, since XOM's leading to the downside by -0.50% to -0.99%, see http://bit.ly/5CMSze. Maybe XOM is a better lead indicator than WMT, since XOM is the highest weighted component of SPX (S & P 500, http://bit.ly/i0nsT) by far (about 3.11%).
Trading Roadmap: WATCH SPX's (S & P 500, http://bit.ly/i0nsT) upside gap/magnet at 1116.48 from 1-22-10's open, see the five day intraday candlestick chart http://bit.ly/3qGxf3. Much of the time SPX is simply engaged in gap filling action.
Trading Roadmap: WATCH SPX's downside gap/magnet at 1091.76 from the open today/on 1-25-10, see the five day intraday candlestick chart http://bit.ly/3qGxf3. SPX was trying to fill 1091.76 at session's end today.
Market breadth closed at mixed today (NYSE up vs down volume is/appears to be correct), which is a bearish indication for early Tuesday, see http://bit.ly/lPIyW. Cycles/Elliott Wave patterns/gaps are the primary considerations.
Fed Credit was only $5.620 Billion today 1-25, it's been very light for the past 6 days, see http://www.ny.frb.org/markets/seclend/sec_lendop.cfm.
.......http://www.JoeFRocks.com/
Follow me on Twitter (highly recommended), see http://twitter.com/tradethecycles.
The five day SPX vs Lead Indicator Walmart (WMT) chart at http://bit.ly/4t6GS9 is very bullish right now, since WMT's leading to the upside by +1.00% to +1.99%.
The five day XOM (Exxon Mobil) vs SPX Lead Indicator is bearish, since XOM's leading to the downside by -0.50% to -0.99%, see http://bit.ly/5CMSze. Maybe XOM is a better lead indicator than WMT, since XOM is the highest weighted component of SPX (S & P 500, http://bit.ly/i0nsT) by far (about 3.11%).
Trading Roadmap: WATCH SPX's (S & P 500, http://bit.ly/i0nsT) upside gap/magnet at 1116.48 from 1-22-10's open, see the five day intraday candlestick chart http://bit.ly/3qGxf3. Much of the time SPX is simply engaged in gap filling action.
Trading Roadmap: WATCH SPX's downside gap/magnet at 1091.76 from the open today/on 1-25-10, see the five day intraday candlestick chart http://bit.ly/3qGxf3. SPX was trying to fill 1091.76 at session's end today.
Market breadth closed at mixed today (NYSE up vs down volume is/appears to be correct), which is a bearish indication for early Tuesday, see http://bit.ly/lPIyW. Cycles/Elliott Wave patterns/gaps are the primary considerations.
Fed Credit was only $5.620 Billion today 1-25, it's been very light for the past 6 days, see http://www.ny.frb.org/markets/seclend/sec_lendop.cfm.
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
12:17 PM
0 Comments:
Post a Comment
<< Home