Ominous chart…

Posted on Jun 30, 2015 by .

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0630spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=3&dy=0&id=p76611673066&a=266398464

If you’re looking for trouble you might have found it.  We will belabor the obvious by pointing out the negative aspects of this chart:  Possible (maybe even probable) head and shoulders; Neckline penetration reacting to Greek tragedy; Penetration of mar09 trendline (!!).

0630spxmar09-15

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=7&mn=0&dy=0&id=p29060750188&a=414449998

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More and bigger questions…

Posted on Jun 25, 2015 by .

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0625spxtls

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p96995943835&a=413887823

It is a characteristic of prices at  tops to do two things:  drift sideways and break short term trendlines.  Here a trendline from feb15 and a longer and more significant trendline from oct14 are broken.

Here we begin to see some shape to the market.  And it is not pretty.  Without too much contortion we can see a possible head and shoulders.

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Questions, questions, questions….

Posted on Jun 21, 2015 by .

1

0618spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=3&dy=0&id=p76611673066&a=266398464

A promising zeta wave was interrupted Friday by contrarian selling.  Not a very favorable omen, since next week is according to tradition  a down week.  But the situation is one of questions, not answers.  The answers may be forthcoming next week.  Of note, volume was notably heavy as the chart shows.  These heavy volume days often mark the end of a wave.  Various ominous questions hang over the market — a Greek implosion, a Chinese meltdown, and the market reaction to Donald Trump’s candidacy.  If there is to be a rocky week ahead it will set the stage for the next wave up.  As we look at in the following PnF chart.

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Z wave underway?

Posted on Jun 17, 2015 by .

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0617spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=3&dy=0&id=p76611673066&a=266398464

It appears that the gamma wave was arrested 3 days ago by the long range day which threatened to blow the market away, then recovered over half the range by day’s end.  This is a bullish event.  And kicks off what appears to be the zeta wave.  Today, in keeping with the contrarian controlled market we are in a sharp sell off occcurred and the market transversed a large range.  Candlestick analysts identify this formation as a spinning top and  characterize it as a formation of indecision.  This is not particularly positive for the z wave, leaving the next few days to confirm or deny the z wave.

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