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Friday, May 22, 2009

SPX Weekly



I'm going to start posting the weekly every Friday or on the weekend. I sometimes get asked why I don't show this. I should as I certainly always look at it every week. The weekly does indeed, trump all as Erik http://erikmarketview.blogspot.com/ likes to often say. He is right.


What stands out a bit on this chart are these items: 1) Gravestone-type doji candlestick pattern which is bearish. 2) Lighter volume on the downside the last 2 weeks from peak which is bullish in the long run. 3) RSI trendline just went below 50 which is bearish for next week. 4) For all the people who still email me telling me this is wave 4 in Primary 1 look no further than the RSI or all the lower indicators on this chart. Does any of these appear consistent to be in a P1 still? 5) The "look" of P2 so far appears on the light side. A move down to my (X) and then up to 1000 SPX would be very aesthetically pleasing to the eye for an EW pattern. Sometimes its just that simple. 6) The four lower indicators appear ready to "break" the uptrends in place. That would be a weekly sell signal I suppose.


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