Wednesday, January 22, 2014

Charts 01-22 a.m.: Idle speculation

I wonder if we are finishing up a surprise tight little ending-diagonal 5th here. 

An intraday reversal at SPX 1852 would be an interesting thing.  The .382 retrace from 1852 back to 666 is 1398, which would be my target for "A" down this spring -- retracing all of the 2013 rally in about 6 months.

BIG data day tomorrow.  Be careful out there!

SPX 01-22 a.m.


T.Berry said...

CG, is your 1629 s&p for march still in play? market has perked up since earnings began. seems majority coming in better than expected . thx

T.Berry said...

(cont. )still 90% long and considering selling half sometime soon. would be nice to buy back in @1629

Christian Gustafson said...

Nothing is really in play until we get a real top in all this. We're still waiting as a series of bearish events (e.g. 0% 4-week Treasury bill auctions) trickle in.

If it's early tomorrow, then we get an early bottom around 1610 in early March. I would definitely buy such a low, with leverage.

Christian Gustafson said...

We drew a little right-angled ascending triangle today, with an upward target of 1852.

The daily upper Bollinger band on the SPX is also 1852. That would make a great target for early in the session tomorrow, IMO.

superhotasses said...

I know we share a mutual disdain for Karl DOUCHENGER, so you'll appreciate this. A little over a week ago, the Blackberry spammer blogged "NETFLIX IS DONE" and called it a screaming short. Ummm, yet another horrific call by that clown. NFLX is up about $70 (over 20%) from his "screaming short" pronouncement. Don't worry though, I'm sure he warned his Gold folks to reverse course, cover shorts and go long right before earnings. BWAHHAAAA!!!!

Permabear Doomster said...

Hey Deflationland.

I still think you have a case of Danericitus, but..hey, it looks like we might have a top at 1850 after all.

The smaller waves make it damn tricky to work out this nonsense, and I've got 'lost in the noise' again lately.

If..1850 is a key top...based on previous cycles..we'll hit the lower bol within 5-7 weeks. By end Feb'..that'd be 1750 - since lower bol' is still doesn't have to go to 1700 to hit it.

Have a fun week..especially FOMC Wednesday.