Friday, March 21, 2014

Charts 03-21 a.m.: Wish I had posted this last night

Had a thing on the curriculum last night at our elementary school, and some work after.

Today has a very real potential to complete an ending-diagonal triangle.  Up to you to figure out if it is significant or not.  Gap up, gap fill, and a steady rally into the close would do it.

I sketched this yesterday while considering the scenario.  Bradley turn this weekend, BTW, if you believe in such things.

SPX into March opex

EDIT -- one more quick count, larger degree.  This would be one of those broadening wedge tops.

SPX expanding wedge?


Christian Gustafson said...

No late rally, but we did get a very nice intraday reversal candle, and 1884 would be close enough for a top in this.

Permabear Doomster said...

1750 early April ?

What a thought, it'd then offer a larger H/S formation, although I'm sure you are aware of that.

Need to break <1830, and then door is open to 1770/50 - its difficult now, since lower weekly bollinger is support in the 1760s.

Bryan Franco said...

I like the ring of March 21st 2014 for the history books. Today was a classic long trapper. Hopefully this holds for more than a day, week, month, year. 3 and 21 are fibonacci numbers too.

Permabear Doomster said...

At least 'hope' doesn't cost any money, although someone out there is wondering how to monetise it.

A spring high, yes..but maybe not until next month, the 1925/50 zone would make sense.

I see a lot of people talking about the 1940s, I guess there is some kinda fib' level or something there.

Bicycle said...

I don't know why we would stop at mid-1900s.

Draw trendlines on an S&P500 quarterlies chart from August 15, 1971.

We are either in the process of topping now (where housing bubble peak was an overthrow of the trend intersecting dotcom peak)


house bubble wasn't an overthrow and we're heading straight for 2200's.

Bicycle said... any case... the current levels could provide much more resistance than many expect, especially if we are next headed to 2200s.

We can skate along the current trendline in a range for the whole rest of the year for that matter.

QE ends in October, but maybe at xmastime or early '15 Yellen "delays" the promised '15 rate increase to late '15 or '16.

That gives us one final 3-400 pt rocketshot to the max upper trend

Top by mid-late '15...

Then a multi-year or perhaps decade long bear market all the way to either mid-400's or low 200's.

DoAsk DoTell said...

Are terms "inflation" "deflation" content-free like "freedom"? Thanks.

T.Berry said...

on board with bicycle and the trip to 2200+. continuing to add longs on pullbacks. 70% long