We were down for the day on 09-22 and down hard. But what does tomorrow bring? It appears to me the 11.2TD cycle should bottom tomorrow by mid day. At the same time we have the shorter 2.8TD cycle and 5.6TD cycle topping and turning down.
So IMO we should show weakness earlier and may recover ground in the afternoon. We may see 1100 on the S&P and reverse. IMO that is the probable scenario. So intra-day volatility but not a lot of change by the end of the day.
Here is the SPX and the shorter swing cycles:
GL traders. Comments and views are welcome.
Phil Davis of Phil's Stock World blocked his article today for 48 hours--so no guidance there.
ReplyDeleteKeystone Speculator does feel we could get a short term bounce, but overall feels the market will trade lower. They believe "Disinflation" is now present based upon their calculations. If this is true, seems that the Feds will have to launch some type of stimulatory program eventually.
My opinion (Oh-no) is that the shorts have made some nice money. Seems that they would want to cover & take profits as we go into the weekend. Thus, market could rise today.
Doctrader - Yeah, IMO today could well be a transition day. Looking at RJA (ag ETF) as potential buy here.
ReplyDeleteInlet,
ReplyDeleteBusy here at work so no time to play anything.
The selloff in Gold & Silver is impressive. I have some cash so might buy some physical when the hemorrhaging stops.
Adding some GORO on this weakness, flight to treasuries is fine and all but I doubt TPTB really want to be filling physical orders in the $1600 range for very long.
ReplyDeleteMorla - GL. Often these crashes last longer than one expects so I hope you are only nibbling.
ReplyDeleteI did pick up a few shares of RJA (ag commodities) today.
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