By many means the market should turn down even if its just short term within 48h - rather 24h. We have reached exhaustion levels at least short term and the 50% retracement level and what you can not see on this chart we have reached strong resistance on the weekly chart. The only thing missing for the big top yet is that some sentiment indicators have a more positive sentiment and they are more neutral except for the Rydex. What should happen basically is a similar pattern like the one at the top in 2007 where we had a kind of double top with a 10% swing in between. The time window is til end of Jan as the market is dreaming about a rosy future and unfortunately the Obama admin is supporting this illusion. We climbed a wall of worries though but now all eyes have switched back to the bright side the recession has been declared over - which was/is rather a depression.
Monday, November 16, 2009
SPX update
By many means the market should turn down even if its just short term within 48h - rather 24h. We have reached exhaustion levels at least short term and the 50% retracement level and what you can not see on this chart we have reached strong resistance on the weekly chart. The only thing missing for the big top yet is that some sentiment indicators have a more positive sentiment and they are more neutral except for the Rydex. What should happen basically is a similar pattern like the one at the top in 2007 where we had a kind of double top with a 10% swing in between. The time window is til end of Jan as the market is dreaming about a rosy future and unfortunately the Obama admin is supporting this illusion. We climbed a wall of worries though but now all eyes have switched back to the bright side the recession has been declared over - which was/is rather a depression.
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