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

Wednesday, June 15, 2011

June 15

From yesterday's post I said the bottom signal from my 60 minute chart ... will be confirmed if we trade above 129.80 before trading below 127.80 on the SPY

That obviously didn't happen and we made a lower low today. But as an interesting point, it got much closer to the 1x time, 1.62 price target. And my 60 minute cycle indicator turned down but did not yet make a lower low.

So we are at an interesting juncture. I still tend to think we have a low occurring here, but that would need to be confirmed by up days on Thursday and Friday. If that doesn't happen, then I really start doubting this count.

blog comments powered by Disqus