Tuesday, July 19, 2011

Comments and outlook for 07-19-2011

Update 2:04PM EDT  Sure looks like yesterday was a bottom......

It appears we got a 22TD bottom yesterday.  If true then that cycle is turning up.  The IBM report and outlook  last evening should provide some support in the tech sector.

So we have the 22TD cycle up, the 11.2TD cycle up, the 5.6TD cycle up, the 2.8TD cycle tops during the day.  You have the 34TD cycle down along with a couple of longer cycles (20 week and 65-70TD cycles) providing  some downside counter to these shorter up cycles.  So we have an upside bias, but IMO the upside potential is limited.  We well could recoup yesterday's losses.

Here is a visual using the SPX:

GL traders, do your own analysis.  The market continues to be choppy and move sideways so if you are trading it take those 1-2% profits as they become available (don't get greedy).
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2 comments:

  1. AnonymousJuly 19, 2011 at 7:54 AM

    Inlet can you revisit gold...a service I use which has been spot on in some calls ..sees a one hundred dollar decline to start...could it be the debt ceiling vote? who knows just wondering what the cycles say. thanks so much

    ReplyDelete
  2. InletJuly 19, 2011 at 10:28 AM

    c88 - Take a look at th weekend post on $hui, looks like a bit before gold possibly turns.

    ReplyDelete

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