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After testing their June 7 daytime lows early this morning these markets have rallied toward the highs of their recent trading range. I now think today's rally is the first day of a two day rally that will be the third phase of a three phase corrective move up from the June 7 low. I think the S&P futures will reach 1535, the Spiders will reach 152.50 and the Q's 47.30. After this rally ends I shall be expecting the resumption of the move to the 1470, 145.50, and 45.50 targets respectively.
Once the correction from the June 1 high is complete I expect all three markets to rally to new bull market highs.
2 comments:
Carl,
Just to be clear (as with the pictures), shouldn't the last sentence in the first paragraph read:
"After this rally ends I shall be expecting the resumption of the mvoe to the 1470, 145.50 and 45.70 targets respectively"
Thanks again for a great web site and for being so generous with your time.
Larry
carl
there is certainly some truth to your short term veiw . yet here is
somethign to think of given the general trends of the market .
typically fundmangers buy the best
quarterly performing stocks into the end of the quarter .
typically the mkt rises into fed meettings.
lately the mkt has been ralling into options expirations .
cyclely there is a short term low
which is due this week.
yesterday was a fibonacci turn day
the 60 minute chart called for a fibonacci turn on the close .
so both hourly and daily fibonacci called the turn .
the next cyclical turn is near the end of the month and this is also a fibonaccii turn date .
all point to the end of june to early july period as one of the most important turn dates of the year .
we very well could have already seen the price low of the correction as all cycles turn up
next week .
i would expect and decline would hold abot the june 8th low
as well as the june 12th closing low .
with futures and options expiration coming the fear is getting out of bearish positions .
and i would think the bullish positions alread exited the june contract .
end result we have the makings
of more highs into month end as
the bearish positions get squeezed.
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