SPX Probably Put in a Monthly Cycle Low Today; Very Bullish Candle

SPX (S & P 500, http://bit.ly/i0nsT) probably put in a Monthly Cycle Low today 2-5-10, since a very bullish daily white candle (close above the open) with a very large inverse spike occurred, seehttp://bit.ly/i0nsT, which casts serious doubt on the likelihood of a Major Cycle High having occurred on 1-19-10 at 1150.45, for the Major Upcycle since 3-6-09.

I'll use SPX 's uptrending channel since mid 2009 (NDX (NASDAQ 100) Major Upcycle began in November 2008 versus 3-6-09 for SPX (S & P 500)) for a 5% follow through major sell signal, so, SPX didn't hit a 5% follow through major sell signal yet (look at the second weekly view chart and visualize the channel since mid 2009), see charts one and two at http://bit.ly/i0nsT.

SPX's (S & P 500, http://bit.ly/i0nsT) Monthly Downcycle since 1-19-10 probably bottomed today at 1044.50, shortly after filling the 1046.50 downside gap, as expected (important cycle highs/lows tend to occur shortly after gap filling action has been completed), see the five day intraday candlestick chart at http://bit.ly/3qGxf3,and, see SPX's bullish intraday candlestick chart athttp://bit.ly/12SpXH.

Yesterday 2-4-10's extreme volatility (-3.11% decline) and volume (7.253 billion shares) pointed to a likely imminent Monthly Cycle low, that probably occurred late today 2-5-10. I'm having major technical difficulties updating this Blog, and, will have to keep updates brief for now. I switched back to the old editor in Blogger, hopefully that fixes the major problem.

.......http://www.JoeFRocks.com/