zondag 18 juni 2017

SP500 Update

# The SPX finished an EW a-b-c correction early Thursday and we are rallying for another test of the SPX 2444 highs. However, we feel that the upside is minimal in the short-term. We are close to our SPX 2450 target for June and we are still expecting a 5-10% correction (FlashCrash?) in the SPX from June to July/aug.
# We had a descending triangle (green) on the chart. As often happens price crashed through the upper line of the triangle, in effect gapping twice. Those gap areas may act as support. Note price moved down and bounced close to where the arms of the descending triangle met...


# I’m expecting volatility with the next 9 / 18 month cycle is early August but this needs a broad orb and could occur in July. If this is marking a low nearby the market would have to turn down in the next few weeks to be in a position to put in a trough in late July or early August. The Primary cycle is also due in early August...


# The following chart of the SP500 includes the heliocentric Bradley indicator (blue line). There are two possible change in trend dates are June 19 and June 23...


# I continue to watch the 24th harmonic cycle (360 / 24) cycles for short term turns. The brown squares are Sun / Saturn 24 degrees on the following daily chart. The blue vertical lines are 24 cd’s (calendar days). The next hits are June 29 which is on the 24 cd cycle. The latter could start a change in trend. The next hit is July 14th. These price lines can act as support / resistance. It has been at highs and lows...