I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Tuesday, March 2, 2010

SPX and RUT ... GO BULLS!!!!

The title was for those in the CIL today :) Good times :)

BTW, just call me binve the bull!!!! RAHH RAHH SIS BOOM BAHH!!!! GO BULLS!!!!

Well the RUT made a new 52 week high today. So it is still in it's P2. But like I was saying last night (Russell, Russell, Russell):

Yes, the Russell could make a new high. And Yes the rest of the indices can still be in P2 if the Russell makes a higher peak.

So lets first see what the Russell looks like:

We have a 5 wave move for the last 5 that looks like it could make a higher high. I think missmalibu's prediction will be right on. One more high before the fall. 60 min indicators are sporting divergence.

Next the SPX:

I know a lot of people are counting Minor 2 as an expanded flat, but I dont' buy it. Unlike the RUT, the rally the last 2 weeks on the SPX does not look impulsive to me. Could I be wrong? You bet!! In fact, if you want to use history as a guide, the fact that I say it doesn't look impulsive means it probably is. But it looks like a correction to me. 60 min here is also sporting divergence.

I think we have one more high tomorrow and then things begin some serious downward movement.

.... I mean: GO BULLS!!!!!
blog comments powered by Disqus