SPX Target 1291

Then a large rally to 5/12. EOM

That's 1291? Not 1391?

That's 1291? Not 1391?

Target 1291

hi blu, I won't debate the target but timing-wise we should see a top in the coming days. I had April 22 as a turn date (per Merriman) but that was a low while I thought it would have been a top. Now the next turn date is May 1-2 with a wide window. The $SPX is banging against resistance. I'll hedge any longs with SDS and wait for the market to break before betting short. But a good low should come about mid-May (possible turn date May 17-18). A 40 week low off the August 16th low should feature here as well. I'll leave the targets to you. cheers, john

I should add that McLaren says it very well here.

Bill McLaren CNBC

For the past two months I have indicated if this move up was an intermediate term counter trend up in an on going bear campaign the index you go up into this time window and trend down. The trend up since the “false break” low has been weak and that was a requirement for the counter trend scenario to be valid. It is struggling at the “obvious” resistance and that is not a confirmation since that is normal no matter which direction the trend. So the probability still exists but there is no confirmation yet. If the index could move past this time window it would indicate this is not an ongoing bear trend. But the “TIME” is now through the 2nd of May for the index to resume the bear campaign if the trend is down.

cheers,

john

We should decline a-b-c from here into next week, 'a' being April 30, 'b' being May 1 and 'c' May 6. C waves are where the big action is, so expect that going forward. RE: Merriman, there is a Jupiter top indicated for May 12.

hi blu,

RE: Merriman, there is a Jupiter top indicated for
May 12.

Astro aside, you don't see strength in late May into early June? I expect this from a market cycle point of view. What I am looking for is a pullback in May to buy with the 1260 - 1400 range being broken to the upside on a run into June. Meanwhile the market will work this $SPX resistance level this week but should fail. We'll see.

cheers,

john

I am counting on a rally based on all those tax rebates US Treasury is doling out starting TODAY!!

hi blu,

RE: Merriman, there is a Jupiter top indicated for
May 12.

Astro aside, you don't see strength in late May into early June? I expect this from a market cycle point of view. What I am looking for is a pullback in May to buy with the 1260 - 1400 range being broken to the upside on a run into June. Meanwhile the market will work this $SPX resistance level this week but should fail. We'll see.

cheers,

john

I believe the low you are looking for will occur next week and then higher prices into early June expected, but the major rally of the sequence should be off the channel bottom near 1291.

I believe the low you are looking for will occur next week and then higher prices into early June expected, but the major rally of the sequence should be off the channel bottom near 1291.

Needless to say, that is one hell of a drop and an ambitious target. Should be an interesting week ahead.

john