Posted 15 July 2010 - 01:26 PM
I’ve been away so I missed the July 1 low. But price nailed the 5:1 Gann fann and found support, providing a good risk/reward ST long trade. This had been a target and the low was made in the 70th week (off the March 9 low). This can still be considered quite early for an 80 week Hurst cycle low.
Resistance now lies at $SPX 1090, and 1100. There is major resistance at 1116 and now 1090. Support at 1084, then 1070.
This week the $SPX is banging away at two fann lines from below on these weekly charts.
$SPX is correcting into a 80 Hurst cycle (low not confirmed). We'd have to see a rise above 1100 here to be bullish, which is major resistance on the charts above.
Market has to rally more than 7 days, and ideally 10 days to suggest something more bullish in the short term.
A major turn in many markets is due early August to mid August.
cheers,
john
P.S. If the $SPX manages to rally beyond 1100, then an 80 week cycle low was likely seen July 1. Not my preference though.
Edited by SilentOne, 15 July 2010 - 01:27 PM.
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
$SPX is correcting into a 80 Hurst cycle (low not confirmed). We'd have to see a rise above 1100 here to be bullish, which is major resistance on the charts above.
Market has to rally more than 7 days, and ideally 10 days to suggest something more bullish in the short term.
A major turn in many markets is due early August to mid August.
cheers,
john
P.S. If the $SPX manages to rally beyond 1100, then an 80 week cycle low was likely seen July 1. Not my preference though.
