The goal of this blog is to identify medium term tops and bottoms in the markets. I use a variety of technical indicators to confirm turn dates identified on the 2013 Roadmaps. This blog will always remain free as the intent is that the market is the one who pays me, not you. TimetheTrade (aka TTT) is born. SS76
Thursday, 4 April 2013
S&P Roadmap #1 or #2?
Both S&P Roadmaps called a March 31st top well in advance along with what we are seeing, a minor pullback. We had a higher high April 2nd, but the momentum definitely turned as confirmed by todays big drop. So, where do we go from here? Well, for starters, that question will become clear as time goes on, however I don't think this is the time to get greedy if you have shorts. According to both roadmaps, we should only be down till early to mid April before rebounding, but this is where the roadmaps start to take a different direction.
The best way to play this, is take profit on your shorts. I suspect before the week is done or early next week, we could see 1530. At this point if we reached there, you should be out of all your shorts.
Roadmap #1 is looking at a higher high come May 14 - 16 timeframe. Roadmap #2 by contrast would have a significant low May 1 - 3. I think the key is to see where the S&P is come May 1-3 timeframe to determine which roadmap is in play, but I am now thinking based on the levels of the S&P today, that Roadmap #1 should be your guide and as such, the best strategy would be to wait until mid May to place big time shorts.
Both roadmaps can be accessed at the top via the the 2013 Roadmaps Tab.
Commodities are perilously close to breaking some critical support levels spanning a few years. Particularly Silver which has a $26.11 support level that is critical, and I'm thinking we are looking at a bounce there which will coincide with the S&P early next week. Notice all of a sudden Gold/Silver tracking the S&P again?
No fancy charts today, just the roadmaps.
One more push higher into May 14-16? Why not.