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Friday, June 5, 2009

SPX market update

The SPX chart on the left is running into a strong resistance zone around 960 for now and will very likely start a correction in 2-3 trading days. We will reach the 38.2% retracement level though til end of summer at 1025 but that should occur after the correction.
The NDX made the new closing high yesterday and should give a sell signal today but that needs to be tracked. We have entered the desperate state of the we have missed the rally late comers and that's always a bit insane part of a market cycle. Thereby we will see more of that towards end June. This WE we get a very uncomfy Full Moon which should trigger some correction but we need to see how big the magnitude is. Right now people talk weird stuff on the talking head channels and a reduction of a few thousand jobless claims is presented as a good thing. every number around 600k is definitely bad news and this 'green shoot nonsense is bullshit but the propaganda machine is rolling ( and will for another 2 months). This market is in a clear upside manipulation but nobody will complain as is suits many interests but 6 months from here the picture will have changed dramatically.

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