Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Approaching Sell and Hold

Stock-Markets / Stock Index Trading Nov 24, 2009 - 01:05 AM GMT

By: Bernie_Mitchell

Stock-Markets

With the General Market (OEX) registering new recovery highs last week, and the New Economy stocks falling to three (3) week lows, the final "weight of evidence" has fallen into place for a sustained correction in the eight (8) to 12 percent range over the next two (2) to (3) months.

Big target 100.88 basis the SPY which is major Fibonacci Cluster CONFLUENCE level - - a 9.7 percent correction from the high.


But first, we expect a good bounce that may come close - - or possibly exceed slightly - - new highs, so its critically important shorts be timed accurately so as not to take on too much risk.

Timing will be done in chatroom. (See below.)

Other evidence indicating the coming correction:

1. Back to back Weekly SPY Bearish Squats.
2. Bearish OEX Weekly Bearish Squats.
3. Bearish Momentum Divergences to be established next week.
4. Oddlot Shorts/Volume registers nine (8) week low and 4th all time low.
5. Multi week Bearish Divergences breadth based on NYSE 52 week highs/lows, showing 44 percent lower New Highs than peak six (6) weeks ago.
6. Volume Demand Index (VDI) showing multi week Bearish Divergences.

In the chatroom in pre market trading we went long SPY 108.94 - - exited 109.25 for +.31 - This low never reached in day session which recorded an unsatisfied SPY level 108.84 based on ES futures overnight low.

Long SPY points current series +1.19 points.
Long / Short SPY points (incl. all previous series 32 weeks 96.25).

By Bernie Mitchell

feargreed.com

In 1981 Bernie developed the POKE system for the commodities markets. He modified the same system for day trading in 1994 focusing on the S&P 500 Futures and then for individual stocks in 1996. In 2001, he created Fibonacci Cluster Software, a totally unique way of decoding Support and Resistance levels. Fibonacci Clusters can help any trading system be a better trading system. Today, Bernie has emerged as a leader in market technologies, being published in Stock, Futures & Options Magazine Investor Flash and Chartpoint Magazine. Since 1997 Bernie has published Fibonacci Impulse Strategies Market Commentary, a market letter that goes out about 20 times a month. Bernie has successfully trained over 800 traders which what has now become the Fibonacci Impulse Strategies.

© 2009 Copyright Bernie Mitchell - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in