Trade the Cycles

Wednesday, February 24, 2010

Today's SPX Bounce Looks Like a Counter Trend Wave B Move

Today's SPX bounce looks like (right now, could change (probably won't) by the close) a counter trend Wave B move on the daily candlestick chart, see http://bit.ly/i0nsT.

Trading Roadmap: WATCH SPX's 1075.51 downside gap/magnet from 2-16's open, see 5 day chart http://bit.ly/3qGxf3, and, keep in mind the 1056.74 downside gap/magnet from 2-9's open.

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posted by Joe Ferrazzano at 9:16 AM

8 Comments:

  • Trading Roadmap: WATCH SPX's 1094.60 downside gap/magnet from the open on 2-24-10: 5 day chart http://bit.ly/3qGxf3

    By Blogger Joe Ferrazzano, at 11:17 AM  

  • China has trended down since mid 2009; see chart 2 at http://bit.ly/d5DIwI probably because they don't have Fed Credit/Quantitative easing.

    By Blogger Joe Ferrazzano, at 11:18 AM  

  • New home sales hit record low in January, see http://bit.ly/bcd6fC

    By Blogger Joe Ferrazzano, at 11:18 AM  

  • BLS: People who left the labor force past year = 2.583 million 81,293,000 out/Jan 2009 vs 83,876,000 in Jan 2010.

    By Blogger Joe Ferrazzano, at 11:18 AM  

  • Consumer Confidence Index Crashes To 46.0 In February http://bit.ly/cuFNT7

    By Blogger Joe Ferrazzano, at 11:19 AM  

  • Gov backed Fannie Mae and Freddie Mac, per Warren Buffet, were MORE leveraged than those "evil" Wall Street firms.

    By Blogger Joe Ferrazzano, at 11:19 AM  

  • Bullish a year ago, Robert Prechter now sees "the biggest bubble in history" - Tech Ticker

    By Blogger Joe Ferrazzano, at 11:20 AM  

  • SPX's (S & P 500) volume was a well below average 3.480 billion shares vs the 60 day EMA at 3.918 billion shares, which is a bearish indication, because, the big money didn't buy today 2-24's significant strength in a meaningful way.

    By Blogger Joe Ferrazzano, at 4:54 PM  

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