SP 500 MARCH 29th for the 30th

This wave count expects there there is a long way upwards to go before primary wave 2 is over. At 1,553.42 wave 5 blue will reach equality with wave 3 blue. At 1,564.02 wave C black will reach equality with wave A black.

SP for March 29th

The small decline we had was on little volume.  I am not too worried about it.  I am expecting the market to move higher tomorrow. 

SP for March 28th

We never did get confirmation of a trend change and now I feel the Dow is on another leg up and the SP  and NAZ will follow.   I look for 1332 on the SP soon.

March 24 SP hit 1309

Even though the market is up.  It is up on very light volume, which tells me with all the brush fires going on in the world with Libya, Japan and oil prices, Big Money is still on the sidelines and have not re-entered the market.  The market needs them to make a BIG push up and easy  money for every one.  Like a kid on Christmas Day or otherwise the move won't happen and it will be like a kid  who discovered there is no Santa Clause.

I was waiting for the S&P to break out of the narrow range in which it was trading to provide some direction with some clarity, but this did not happen. SP broke 1300 today.   Short term:  UP trend still intact, shorting is not a good idea.

 

March 22 2011

If the SP cant break 1300 we go down as the primary wave count suggests.

Wave C  is yet to have a complete impulsive wave count. The market fell out of its triangle and we should expect further down action, next target stop is 1276.

My bearish wave count is now looking much more likely.  The triangle structure is much to obvious to try and ignore. Wave 2 pink is here unfolding as a zigzag. Wave 2 may not move beyond the start of wave 1 pink. This wave count is invalidated with movement above 1,344.4.

FOR MARCH 8TH 2011

As expected for this wave count , we have seen some more downward movement from the S&P. Again, it has failed to make a new low. . At this stage the triangle formation is looking more favorable..

March 7th 2011

Recent movement over the last two weeks looks suspiciously like a triangle at this stage. It is still likely that we have had a trend change.

SP 500 MARCH 3RD POSTED MARCH 4TH

The S&P has moved higher for a deep second wave correction and price remains below the invalidation point at 1,337.1 on the hourly chart.

The trend change still looks likely today. However, it remains unconfirmed. We need to see movement below the pink parallel channel containing wave 5 blue impulse upward and movement below 1,265.1 to confirm it. Until this trend change is confirmed we must allow that the S&P could yet continue to rise to new highs, and that primary wave 2 is not yet over.

I am still having difficulty seeing a decent looking wave count which allows for more upward movement to a new high for the S&P.

When this correction is over this wave count expects a resumption of strong downward movement.

1296 on SP Here We Come!

As I said before the top was in  and I believe the market is  now in the 3rd wave down and tomorrow we should see 1296 on SP possibly a short bounce after that but to no more than 1310 just to go back down to  1294 and further drop from there looking at 1256

Futures are down tonite at 8:52 Pm EST and as we speak oil is going for $100 a barrel.  Stock markets never did play well with high oil prices because it hurts every industry and sector in the stock market especially the consumer.  When high oil/gas prices occur, consumers spend less, alot less.  We are looking at $4 per gallon gas right around the corner.

March 1 on SP 500

I feel the market is misleading everybody and when we breached below the 1300 we at that point had a trend change. I believe the market is going to make a double top and when the 2nd wave is over and everybody thinks the bull run is on its going to surprise everybody and fall hard.