Monday, December 26, 2016

In case the markets fall apart in 2017

I had better post these charts now before things get moving.

checkmate
We have a couple of days left for the funds to mark-to-market for 2016 bonuses.  Then the selling can commence at long last.  The triangle on the S&P back in November was a B-wave.

SPX 40D
The count since the 1810 lows is a mess, but there is an interesting symmetry if we can make a high at 2301 SPX this week.

SPX 1Y
After that, who cares.  Maybe it all comes off in the coming calendar year.  Everything.

SPX 3Y

5 comments:

Christian Gustafson said...

Kill your tee-vee.

Hugh Jazole said...

"Kennedy was assassinated because he was turning away from the Cold War and seeking a negotiated peace with the Soviet Union." Sound familiar?

Christian Gustafson said...

Is it all over?

Draw the trendline from the November low up through the December low, extend it out today.

Now notice how the market has violated this line and now rejected it this morning.

It would be a failed 5th wave, and we can make up some plausible reasons for it later if it plays out.

Hugh Jazole said...

No real damage to breadth yet. February will be much more interesting imho.

Bryan Franco said...

Heavy down thurs and Fri with a bounce next week, just to fool everyone expecting a repeat of how this year began?