SPX update: minor 2 an expanded flat, or is something more bearish brewing?!

For now the below is my preferred count with an ideal target of 1828 for minute c of minor 2. That would be the 1.618x extension of minute a, measured from minute b. It would be a retest of the 50d SMA as well as blow many long stops set at 1834… Break below 1828 and something more bearish (likely Primary IV) is unfolding…

spx update 03132014


3 thoughts on “SPX update: minor 2 an expanded flat, or is something more bearish brewing?!

  1. Forgot to mention the NYSI. Just started looking at it as a timer a month ago. Seems if it turns down from peak levels/extremes the market follows for a few days to a few weeks. Turned lower from an extreme peak 3/10/14, 1/24/14/, 10/31/13 (not so great), 7/29/13 (mrkt went sideways then fell), 5/21/13.
    I’ll be careful in my approach to get long. 1834 then 1815, 1798… feb lows?…..still think we are headed to 2100 or better. finding a good entry is key to being able to hold a position.

  2. Bottom in sight? TRIN hit an extreme level which has led to bottoms, sometimes same day, sometimes a 1-3 day lag, but there was a 7& 9 day lag in March and Sept respectively. It takes other indicators to line up; Put/Call, VIX and % Down Volume all hit good levels, but not the extremes I would like to see. I’ve learned to respect OEW and 3X ETF along with Bob Hopium have me cautious and do you and Standard and Poor.
    I don’t sense fear yet so I am waiting for a break of the levels everybody is looking for and capitulation to gain confidence in the upside. Similar to the June bottom I suppose.
    Just my 2 cents

    • hi hrmny! I agree. Looks like the market has gone nowhere in the past 2 weeks, but all it did was burn off OB conditions, to OS which can provide all the room it needs to run higher again… ideal target is 1828ish, it would blow many long-stops at 1834, get many on board the short-train, so all it can and will do is reverse hard back up… !?!? time will tell…

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