Here are two weekly bar charts of the cash S&P 500 index. The first one is highly condensed and covers the entire bull market from its beginning at the 2002 low point. The second one is a closer look at the price action over the past two years. I last commented on these charts here.
On each chart I have drawn the 185 point boxes that I believe are controlling the swings within this bull market. I want to bring your attention to the top chart. If you look closely you will see that last week's break "tested" the 1/2 division point of the current box and this week's action shows acceleration above that line to new bull market highs. I think this means that a move to the top of the current box near 1512 is underway. I think that level will be reached sometime during the next two months.
4 comments:
Carl..do you have any updates with charts for CME
interesting thought regarding the next couple years . i tend to agree , yet im also a bit bearish
at this present time frame .
there is several bottom to bottom
to top as well as bottom to bottom
to top and even a larger bottom
to bottom to top to top counts that all converge right now .
so this next week should be very telling of what is coming next .
for me it is the spx cash index failing to get above 1455 ,
the break of 1441 is bullish
yet a break back below it right now into this time frame is also
telling .
we'll see soon enough as next week
should be a revesal down if all of this is tracing out .
We shd see a pull-back here to about 1400 before the push anove 1500 continues. Wouldn't this scenario also fit in with your domed house theory?
THX! GREAT BLOG!
-Jeff K.
Carl, wondering why you don't have 196 as your basic box unit for S&P500 cash. If you take the 2000 high and subtract the 2002 low it's 784, and divide that by 4, you get a unit of 196........ why do you have 185.65?
Thanks!!
suellen
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