We’ve Got Crabs

Back on June 27th, with SPX at1279, I suggested an upside target of 1322 [Patterns, Patterns and More Patterns.]  At that price, I noted, we would have completed a bearish Crab Pattern at the 3.14 extension of the BC leg. At the recent high of 1341, we’ve completed a nearly perfectly formed Crab Pattern at … continue reading →

Be Careful What You Wish For

With all the (justifiable) recriminations aimed at rating agencies post the last crash, it’s more than a little ironic that they’re now being criticized for doing what we asked of them —  telling the truth. In the past 24 hours, two huge bombshells.  First, Greece is no longer “fixed.”  According to S&P;, the restructuring, even … continue reading →

Final Destination

Friday’s close at just shy of 1340 was purely a function of the way we got there and does not represent a breakdown of the similarities with 2007’s top.  There.  Got that out of my system. Am I as confident as that makes me sound?  Ask me after Tuesday’s close.  I’ve spent considerable time this … continue reading →

Descending broadening wedge on VIX hourly.  rising wedge on SPX hourly???  negative divergence rsi vs histogram.  Inverse etf, falling wedge. Gartley on SPX daily?  neg diverge on rut/comp/nasdaq.  hitting 50 sma all over the place. overbought.  Right shoulders building all over the place.  vix lower BB.

Mission Impossible

UPDATE:  11:00 PM PDT Not much to add.  Just looking at chart patterns… and see what looks like: There’a a bearish Bat pattern setting up on XLF in another .10 or so; VIX horizontal support at current prices, a falling wedge and descending broadening wedge on VIX hourly, bumping the -2 bollinger band on VIX, … continue reading →

Mission Impossible

What seemed laughable two weeks ago actually happened today, as SPX reached 1321.97 intraday — 3 cents shy of our 1322 target drawn back on June 16 by studying trend lines.  In so doing, it is within spitting distance of its IHS target as well as completing bearish Bat and Crab patterns.  It reached our … continue reading →

Intra-day: June 29, 2011

UPDATE:  6:45 PM PDT We closed up almost 11 today at 1307.41, coming within 3 points of overlapping [i] down, which seemingly everyone believes would invalidate the bearish count.  Other indices such as RUT and COMP did overlap this wave.   Here’s the daily chart again, with my original projections from a couple of weeks ago … continue reading →