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Stock Market Indexes Creeping Towards the Edge

Stock-Markets / Stock Markets 2015 Feb 28, 2015 - 12:24 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX appears to be working on Micro Wave v of (c). The ideal target is 2114.27, but the trendline is at 2113.20. The maximum that it may rise in this scenario is 2115.47. This morning’s suggestion of 2014.00-2015.00 may have been a bit generous.

This may be a good spot to add another layer of aggressive short positions in equities. No confirms yet, but that may change rather quickly.


The Hi-Lo index opened at l lower low, but no downside breakout has been achieved, yet. A break down may occur when the NYSE Hi-Lo opens/closes beneath 14.00. Today may be the firsrt time it closes beneath the hourly mid-Cycle support/resistance line at 171.26, which may be considered an aggressive signal.

VIX appears to have nearly completed a reversal pattern this morning with one more minor probe lower to complete it. The next objective is Short-term resistance at 15.23.

MUT is approaching its Minute Wave [ii] high if not already achieving it.

The Euro is edging down towards a breakout beneath its low. European markets are now closed, but that is when bad news may strike.

The primary source of news is Greece. ZeroHedge reports, “As the rest of the world appears happy to assume everything is fixed in Europe (and if it's not, Draghi will buy it back to being awesome), Greece is looking unwell once again. Initial exuberance has faded dramatically in the last 3 days as IMF default warnings and a 22.5% plunge in tax revenues has sparked concerns about Greece's sustainability once again. Default (or restructuring) risk is soaring, Greek bond yields are surging, stocks sliding, and Greek banks (bonds and stocks) are getting hammered. As The Guardian's Helena Smith notes, "the country is in a strategic vacuum," and next week's T-Bill auction could be a major catalyst.”

Regards,

Tony

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