Comments and outlook for 06-14-2011

Not exactly what I expected for today.  Looked OK until around 1 pm when the 2.8TD cycle bottomed - then the bounce off that bottom was a lot stronger than I had anticipated.  With the close near unchanged I suspect that the 2.8TD cycle is now spent to the upside....

So for tomorrow we have the 22TD, 11.2TD, and 5.6TD cycles are down.  The 2.8TD cycle tops, but I suspect is spent.  In addition to that the 20 week (Wall) cycle is down and the 1 year is hard down.  So I expect tomorrow could be one of those hard down type days (1% + down on the S&P - test the 1159 FIB and possibly break below it?). 

Here is the SPY chart:

GL traders.  BEAR CROSSING ahead - drive carefully.  Do your own analysis.