Monday, September 22, 2014

The bearish count from here

Last week my sister was in town from upstate New York, so I took her up Sahale Arm above Cascade Pass.  We had a nice day out in the Cascades.  You can see that the blueberries are just starting to get their fall color.

looking south over Sahale Arm, North Cascades NP

First order of business this week is to get back to 1978 SPX for a bounce; then we can reject off the old channel in a few days.  This will give us a stealth wave 1 off Friday's high.

SPX 09-22
SPX 09-22 3PDH

3 comments:

christiangustafson said...

If SPY AH is any indication, it looks like we open at that 1978 low in the morning.

christiangustafson said...

Aaaaaand there's 1978 SPX.

Halfway-back retrace up at 2000, which is also the old channel lower bound -- tomorrow (Thursday).

We either kiss it back and head straightaway to 1925, or the bears get one more shellacking.

Blow up the world.

christiangustafson said...

I dunno, maybe it's just my bias, but the tape this morning feels kinda bearish to me.