The trend tends to continue…

Posted on Apr 21, 2019 by .

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http://schrts.co/ArprhBcV

It is a vain enterprise to fight the trend –and a vain enterprise to ignore it.  At present we see nothing but bull trend in the immediate offing.  This is somewhat amazing to us, considering trade wars and China tensions and the wild man in the White House.  There are definitely several parallel universes here: Mueller, Trump, Congress, and the market, which, for reasons beyond human ken, chugs higher like the little train that could. And will.

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The snowball…

Posted on Apr 08, 2019 by .

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http://schrts.co/EETcHtyM

The power of this wave is illustrated here. The horizontal line is resistance and as you can see that resistance has stopped price many times.  Two reactions here mark minor and major wave highs.  The implications of this first recovery wave are great.  Technicians believe and have observed that the first wave in a new series has predictive implications –using the rule of seven  (http://www.edwards-mageee.com/ggu/ruleofseven.pdf).  This procedure generates several targets– in this case the first two are 3164 and 3434.  From the recently important level of 2800 these may be intimidating, and we do not present them as predictions or forrecasts, but as the products of the procedure.

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A lukewarm penetration of resistance…

Posted on Mar 20, 2019 by .

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http://schrts.co/dvPkjWWN

A weekly chart of the S&P to lend context.  A bull market interrupted by two sell-offs.  Clearly manageable with a simple trendline.  Now in recovery with a new high just made.  Withal, the market not manifesting much enthusiasm and–just a short time until Brexit happens, or doesn’t happen and continual uncertainty on the investigations in Washington.  But the market seems to shrug off developments in that political situation as though it doesn’t care about rats, witches or blatant tax fraud.  We think that when the Trump  investigation breaks we will see all the volatility that didn’t happen in this phase of the markets.

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The tipping point… nose up against resistance…

Posted on Feb 26, 2019 by .

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http://schrts.co/VuskVtDx

Weekly basis.  A weekly basis chart dramatizes recent price action.  There certainly is some drama in the chart– 9 weeks of advancing prices.  The upshot is essential drama.  Price is nose up against important technical and psychological resistance.  The price itself is shot with significance:  2800.  Centenary numbers have what Gibbon called numen.  This numinous character underlies market action, inhibiting advance and when broken acting as an impulsive force.

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