resumption of the bull market?

[steveosborne]

Let's not forget that Fridays are Fridays, days that are often countertrend because of pre-weekend liquidations happening. I find readings from Friday data to be much less reliable.

 

[gharghur2]

Hi Steve,

Fridays are fridays...

The DOW has resolved it's issue today, along with the SOX this morning, joining NAZ/NDX from friday. Now just waiting on the SPX.
Heavy resistance at 1226 ES?

 

[murray t turtle]

Quote from gharghur2:

I'm seeing a myriad of bullish technical signals just about everywhere I look: p/c ratios, vix, advisor sentiment, strong commercial buying, recent oversold levels that have indicated intermediate term bottoms, 3-year uptrend lines that have recently been touched, possibly a completion of the base building process in the SPX/DOW similar to Apr 2005, a potential washout gap down selloff in the SOX index, and five waves up in the NAZ/SPX/DOW from recent lows.

Unfortunately I can't list all the charts here. Go to:

http://spaces.msn.com/members/caldaroEW/

You be the judge!
FWIW: it's looks like pretty impressive evidence for the bull market to resume...

========
Yes you be the judge, good uptrends;
partial profits are fine also.

 

[gharghur2]

Quote from murray t turtle:

========
Yes you be the judge, good uptrends;
partial profits are fine also.

Always!

 

[steveosborne]

Quote from steveosborne:

I also haven't changed my mind about $60/$61 being the gravitational area for CL prices over the next few weeks.

What I now see for the next few weeks, is oil prices bouncing up and down OVER a MILDLY DECLINING (very mildly) line that is now in the upper 50's. That line will connect a succession of lows that will stay above $55 for a while.

 

[gharghur2]

thanks ... will watch it

 

[gharghur2]

With a gap down opening, and negative closes across the board, the short term wave counts have cleared up, and we appear to be in wave iv of 3, afterall. In fact, the recent wave ii of 3 correction started with an gap down opening too, which was also retraced in the same day.

http://spaces.msn.com/members/caldaroEW/

 

[cnms2]

Quote from gharghur2:
With a gap down opening, and negative closes across the board, the short term wave counts have cleared up, and we appear to be in wave iv of 3, afterall. In fact, the recent wave ii of 3 correction started with an gap down opening too, which was also retraced in the same day.

http://spaces.msn.com/members/caldaroEW/

Would you please explain how does it change your forecast?

 

[gharghur2]

Quote from cnms2:

Would please explain how does it change your forecast?

It doesn't, still very bullish, it's only very shrot term activity

 

[gharghur2]

I see some short term negatives unfolding:

Five waves up from the OCT 28th lows in ES.
Bearish divergences on MACD, and the divergence with NQ today.
The contract seems to be giving some pretty clear signals and waves. Unless these divergences are resolved, we should be in store for a decent pullback. ES chart: