Monday, August 29, 2011

outlook for 08-30-2011

A stronger move up than I expected.  Would not be unusual to see some consolidating here.  I would remind you though I mentioned a potential trend change:  Since then we have gotten 3 consecutive up days (Aug 15 and Aug 24) to complete the trend change signal.  May mean we get a few more days up?  We'll see.

I said I thought we would test 1208 high.  Thought it would take a couple of days instead of one day.  Now the target I showed on the weekly chart at 1228 looks like it is more probable.

The 34TD cycle continues topping.  The 22TD, 5.6TD,  and 2.8TD cycles are up.  The 11.2TD cycle is down.  So the bias should be up tomorrow.  My guess is some give back early and a strong close.

Here is the SPX swing cycles:

GL  traders.  Bought some RWM (short Russell 2000 ETF) today, sold covered calls on the remainder of my longs. 

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