I commented yesterday: "The pull back may start Monday as we have two shorter cycles topping mid day. I suspect end of month window dressing is over (or nearly so) and the first week of November is an ideal time for a pullback. So I expect Monday could be a down day.". That appears to have been the case. Not much has changed from yesterday.
I looked at a couple of bloggers and they seem to think we see a bounce tomorrow. I look at the cycles on the charts and can't agree. All the short cycles from the 2.8TD to 34TD cycles should be down tomorrow if my interpretation is correct. So to me this indicates possibly a sharp sell off tomorrow.
Here is the SPX swing cycles:
GL traders. Do your own analysis and be careful.
With the down day yesterday, Keystone feels that we remain in a Secular Bear market as based upon the monthly moving averages.
ReplyDeletePhil Davis is suspicious about the large gap down today, since the Greece news was released at 2 pm yesterday.
I am hoping for a couple of down days, but I still feel the PTB want to target the S&P over 1300 before this year ends.
Doctrader - If we just knew what the PTBs are up to... At least I don't, so I try and interpret the data to see if I can figure it out. Got a sharp sell down as suspected. Sounds like I had some pretty good company (Keystone).
ReplyDeleteI suspect this sell off will be short (no more than 4 days - more likely 3 days) but sweet. Still it could mark a trend change. We will see.