The midpoint of the rally from yesterday's 1037 low to this morning's 1061.75 high is 1049.50. If this market is going higher then either we will close above that level today and/or we will see buyers come in above that level there early tomorrow.
Right now I think the 1037 level will hold, but a weak close today, say below 1044, would mean that the market is about to take another step downwards to 1025.
5 comments:
Thank you for the update, Carl. I agree.
The pattern over the past 6 weeks is similiar to that before the March 2008 breakout as you carefully tested apparent bottoms. You limited losses but took advantage of the big gains when they materialized. Your use of pattern trading and stop losses are very educational. Thanks Carl.
hello again !
I have a analysis on sp500 every week , u are welcome !
mvh
j
AAII sentiment now has Bulls down to 20.7% This is the lowest number since March of 2009. combined with the lowest trading volume for the month of August since 1999, we should see a MAJOR LOW coming soon!
Carl, I do admire you for taking a position based on your calls.
Your one of the few who puts their money where their mouth is.
Would it not be a safer play to wait for more market conviction before taking a position one way or another?
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