Today was up as expected. Stronger rise than I would have guessed. Still I said yesterday "but will not stop an upturn if indeed the shorter cycles are up". Tomorrow we get the job #s for October. Usually this number can move the market. Recently I believe it has moved the market down. This is the news on deck before the market opens. Of course - the so called experts have trouble predicting the # so don't expect me to try.
Two of the swing cycles should top by mid day. Given most of the swing cycles start the day up it seems we may get some push up early, but it should be over by/before mid day. Looking at our chart you see the potential for an H&S pattern as the 5.6TD cycle turns down for 2.8 days. So is the 5.6TD cycle going to give us a nasty little sell down starting tomorrow and running through Tuesday? Looks possible.
Here is the SPX swing cycles (my interpretation):
GL traders. Do your own analysis and be careful.
"It's a good idea to know where you're going or else you might not get there." (Thanks Yogi.)
ReplyDeletePhil Davis is on one of his "Hate the Republicans" tirades today, so he didn't mention the markets in his initial part of his blog.
ReplyDeleteKeystone Speculator mentioned watching the same parameters as yesterday. Basically, if copper (JJC) rises and the ^VIX falls, the bulls are in full control & the markets will rises.
I closed out my SDS calls yesterday at a loss. Time decay would eat away at them and I just feel the markets will somehow grind higher. Seems like we are in the middle of the trading ranges, and I am going to wait for overbought or oversold conditions.
Your H&S pattern could be right, but need to wait on that left shoulder.