Saturday, November 20, 2010

11-20 the week ahead

I told you last weekend:
"So this past week's move down may be reversed during the next week to a large extent (and possibly completely). I expect the first couple of days to remain weak as a couple of short cyces bottom and should turn up in the last half of the week. That implies the latter part of the week should show some upside potential."
Mid week I told you:

"We have had a very noticable sell down since the middle of last week, and so far no action indicating much of a bounce. But, after the past few days a bounce may be due."

I feel I was reasonably accurate for the week overall. Now I know I will not always be as accurate. I also know you expect me to try. So here goes. We should have a 5.5 day cycle top Monday before noon. We also have a couple of longer (but short term cycles) that should bottom early next week.

So I expect the first part of the week to show some weakness (maybe test the 1173 area) and then a Thanksgiving rally to start. In other words the week should be choppy with little movement by the end of the week.

Here is the SPX and 2 short cycles:

Hope all of you have a great Thanksgiving.

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