todays low on the cash spx is now important support that needs to hold to confirm point 12 , we now need to see a move up above the recent intraday high at 1243.44 short term support has to be left at todays low yet 1237.40 is a key level for me .sometimes a perfect picture changes yet as it stands we are in point 13 up above 1250 as long as todays lows hold . once point 13 is in place then point 14 should come in sometime next week and then the spx should be on its way up above 1313 into early october . were not out of woods with the bearish case yet the past few days have been constructive . the ndx has its key support at 1744 and trendline support at 1687 the multi year uptrend on the nasdaq has NOT been broken the risk here is the 10 day trin which despite the mkts down trend still has not gone above 1.40 to give an oversold reading . lightly long the dow and still holding short the qqqq as a hedge longer term cycles are turning bullish , short term cycles turn up next following the sept 16th - 19th short term cycle low . to add to this there are now several cycles all turning to the upside . yet we are not yet oversold nore is point 13 or 14 in place . good luck carl joe
todays low on the cash spx is now important support that needs to hold to confirm point 12 , we now need to see a move up above the recent intraday high at 1243.44
ReplyDeleteshort term support has to be left at todays low yet 1237.40 is a key level for me .sometimes a perfect picture changes yet as it stands
we are in point 13 up above 1250
as long as todays lows hold .
once point 13 is in place then point 14 should come in sometime next week and then the spx should be on its way up above 1313 into early october .
were not out of woods with the bearish case yet the past few days have been constructive .
the ndx has its key support at 1744
and trendline support at 1687
the multi year uptrend on the nasdaq has NOT been broken
the risk here is the 10 day trin which despite the mkts down trend
still has not gone above 1.40 to give an oversold reading .
lightly long the dow and still holding short the qqqq as a hedge
longer term cycles are turning bullish , short term cycles turn up
next following the sept 16th - 19th short term cycle low . to add to this there are now several cycles all turning to the upside .
yet we are not yet oversold nore is point 13 or 14 in place .
good luck carl
joe