Tuesday, May 3, 2016

Charts 05-03

A light truck crashed into our mailbox today and decapitated a tree-size rhododendron.  Driver and passenger are OK, I believe.



Today looks like we tested the channel wall, one channel at any rate.  Market will need some lift soon to make those new (and final?) highs.

SPX 05-03

14 comments:

frank said...

Toyotally wrecked it.

Christian Gustafson said...

My 8 y-o loved to climb that tree; she was distraught.

Will this W4 ever end? UVXY's not too worried.

Bicycle said...

TED spread

Bicycle said...

Gold to Monetary Base Ratio

John Smith said...

That's a damn shame!

Toyotally

Hugh Jazole said...

Big wave lower on deck, but how low will it go?

Hugh Jazole said...

Time to buy the dip T. Berry!

Christian Gustafson said...

This tape is tedious, but it still looks corrective, with a couple of subwaves left.

The .382 retrace of the thrust from 1891 to 2111 SPX is very close now at 2027.

Maybe we reach a low on this into May opex, and bottom with the Full Moon over the weekend.

Still need that 5th wave up and new highs, IMO.

Bryan Franco said...

Need a reversal Friday to trap shorts and close above the mini head and shoulders neckline formed over the last month or so.

Christian Gustafson said...

Very yes!

Trapped head & shoulders shorts must become the stupid mules to give us our final new highs at long last!

T.Berry said...

hugh, nothing wrong with buying here if you're in for the long haul (5-10+ years). mkt is in ok shape for now but look for a better 2nd half unless a trump presidency then the bear could return early.

cg, there's over 1 trillion in mule money out there,, mules are good : ) you think after 7 strong bull years they'd learn lol

Christian Gustafson said...

/ES breaking out here. Would be nice if this can last into the holiday weekend, maybe even tag those elusive new highs.

Stubborn bears need to be destroyed here.

T.Berry said...

the old "sell in may' is well old. hasn't worked in 8 straight years but thne again we're in one of the strongest secular bulls of our lifetime. if we can keep trump out of office we should be good to go for still a while.

T.Berry said...

wow oil has already almost doubled off the low. yeah, it'll be awhile but we're on the road back to 100 and that is good news for jobs