SPX Sign of Weakness

The SPX has given us a "sign of weakness". Sometimes when lines of support are penetrated and then come back through that line it is positive. The pattern and negative indicators suggest that is not the case here. We dropped a-b-c from yesterday's top with a positive divergence on the hourly MOM charts suggesting we have a bearish Y up wave probably back to fill the gap near 12:50 EDT. The A/D is not that negative today, but the M.O. has barely slipped into negative territory. I still have a target of 1344/45 by Tuesday. The astro suggests that we are forming a top with Jupiter aspected today. The way it looks right now is Monday will be the big down day, not today as I had hoped. blu

The SPX has given us a "sign of weakness". Sometimes when lines of support are penetrated and then come back through that line it is positive. The pattern and negative indicators suggest that is not the case here. We dropped a-b-c from yesterday's top with a positive divergence on the hourly MOM charts suggesting we have a bearish Y up wave probably back to fill the gap near 12:50 EDT. The A/D is not that negative today, but the M.O. has barely slipped into negative territory.

I still have a target of 1344/45 by Tuesday. The astro suggests that we are forming a top with Jupiter aspected today.

The way it looks right now is Monday will be the big down day, not today as I had hoped.

blu

Right now, the OEX vs. SPX P/C Ratios support my view at least today. OEX P/C are slightly below 1.00 while SPX is about 2.2.

It looks a big trouble out there when some big players had to physically jack up the futures in order to get out ASAP. You need to wonder what scared them out of their shxt to take such desperate action. We are likely have not seen the low of day yet.

Edited by redfoliage2, 09 May 2008 - 10:42 AM.

It looks to me like a little rally coming over the next hour into 2:30 EDT. Wouldn't be surprised to see the Nasdaq positive and the SPX down slightly. I don't think we cover the gap now tho'. OEX could come back to minus 2 from minus 6. blu

It looks to me like a little rally coming over the next hour into 2:30 EDT. Wouldn't be surprised to see the Nasdaq positive and the SPX down slightly. I don't think we cover the gap now tho'. OEX could come back to minus 2 from minus 6.

blu

Now looking like the old rally into 3:00 manuveur.