On the last thread, I presented a case for the S&P which saw potential to 1515 (mean of the pitchfork) and sure enough that is where it hit (just shy). I thought 1508 would hold as resistance but you could see another push forming when the S&P failed to close 2 consecutive closes below the trend channel. Hardly even a dip!
So the first chart I'm going to show you is the same one I had last week since it's still in play, except the target of 1424 was based on a 1508 high. I'm still expecting a 50% fibonacci retracement which would be approximately 1428 as a target for late Feb early Mar however this chart is important as I think you'll see how the mean is respected (unless we are breaking to new highs from here with no pullback) and this is why I'm showing it again:
The next chart shows the fibonacci support levels, and where my target is:
Now here I'm using Gann angles along with fibonacci time using 2 major lows, and what its suggesting is that my 1428 target is certainly possible in the time frame I'm looking at with absolute support at 1399. What the chart is also telling me is that Early May is looking like a major turn date similar to June and November lows. What I didn't illustrate in the chart, is Feb 19/20 I see 1457.
Now, after seeing this, have a look at the 2013 Alternate Roadmap which I think is now in play, and the link between the 2 charts is telling.
How are you playing the next 1, 2, and 3 weeks?
By the way, the moon enters Sagittarius tomorrow morning. As I've stated before, moon in sag tends to move markets one way in a big way as Jupiter rules Sagittarius. So if 4th is a turning point, watch out below but if we head higher, it'll be a massive bear squeeze
ReplyDeleteAwesome Mishka. Thanks. Which 4th you referring to? Tomorrow?
DeleteYes feb 4th. It is also 144 solar degrees from sept 14 high.
ReplyDeleteFeb 5 is 377 TDs from 3-6-09 decade low. Every Fib sequence TD from that low has had market rippling affect.
ReplyDeleteLots of evidence then David, the 144 solar degrees I mentioned above is also 90 trading days from sept 14 high. The moon is in Sagittarius till Wednesday mid day so the next couple of days are going to be important.
ReplyDeleteSo Mishka, I'm wondering then if my dates in this thread line up with any important planetary movements/harmonics? I don't know enough about them but am coming to recognize certain aspects that seem to come up time and again marking important movements in the markets. I just saw Platy's Feb 1st post. Interesting stuff.
DeleteBearish February 4th Blogger Sentiment Poll jumped nearly 11% from last week.
ReplyDeletetickersense.typepad.com/ticker_sense/
S&P 500 for today thanks to fx tech.
ReplyDeleteSupport: - 1504.28, 1492.30, 1485.29 and 1473.70(main). Break will give 1462.30, where correction could be. Then follows 1450.23, where correction could also be. Be there a strong impulse, we would see 1440.00. Continuation will lead to 1430.44.
Resistance: - 1516.70(main), where a correction may happen. Break would result in 1528.14, where correction may also be. Then 1539.22. Be there a strong impulse, we would see 1552.30. Continuation will lead to 1563.75.
SS, just curious if you have heard anything from Zig Zag and if he has changed his correlation chart?
ReplyDeleteHi. No, I haven't had any communication with ZZ whatsoever. ZZ was certainly open to alternate roadmaps and things changing but stuck with "if it aint broke don't fix it". Right now, Roadmap Alternate is most likely however constantly reassessing as we go along. Today could be a last gasp however we are now moving along in time so todays action certainly is not comforting. Want to see where we close.
DeleteFrom my perspective, as long as 1515 holds, we should be good to go down significantly
DeleteYesterday was telling in that the Rut underperformed the spx, and so far it is outperforming on the sell side in futures. Notably Europe is selling off and appears to be accelerating. 1515 could really be the cieling I pointed out Jan 27th.
ReplyDeleteS&P500 levels - thanks to fx tech
ReplyDeleteSupport: - 1504.28, 1492.30, 1485.29 and 1473.70(main). Break will give 1462.30, where correction could be. Then follows 1450.23, where correction could also be. Be there a strong impulse, we would see 1440.00. Continuation will lead to 1430.44.
Resistance: - 1516.70(main), where a correction may happen. Break would result in 1528.14, where correction may also be. Then 1539.22. Be there a strong impulse, we would see 1552.30. Continuation will lead to 1563.75.
My indicators showing a higher close today. Just my 2 cents
ReplyDeleteSo it seems the RUT has had a consistent pattern of selling off but bouncing off support, same as the SPX. Still in this tight trading range of 1497 and 1515. It will break one way or another, but in the meantime this is all just noise.
ReplyDeleteI'll be interested to see if the markets go green today given the turmoil with the EU budget talks which seem doomed to fail, and perhaps the trigger to a downtrend commencing into Late Feb Early March.
I haven't updated the pitchfork chart, but likely the mean is higher around 1517 - 1520.
ReplyDeleteHi SS
ReplyDeleteyou still holding your shorts. wondering if you have any stops in mind?
Thanks!
Looks interesting, my take is 153.55 matters..A LOT as several
ReplyDelete"trap doors" point there. See my SPY fraud theories at
thetruthonlydementia.blogspot.com/#!/2012/11/stock-market-fraud-tips.html
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ReplyDelete