Market thumbs nose at 1929 analogue…bp rises…

Posted on Feb 14, 2014 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p83750808625&a=214966864

The present price wave has created a new Basing Point as illustrated, and the trendline from nov12 (2) has dropped down to anchor on that Basing Point.  The rising Basing Point has created a new stop at 1633.94.    This is fairly consequential.  The old new high stop remains where it is-- not a quantitative decision.  It is still probably too tight, but we would take it  rather as a storm warning rather than a dominant stop.

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