Economic Calendar - Existing Home Sales at 10:00
Pivot Points - Know 'em
I'm sitting in the middle of the road today, sorry. I'm thinking the minis are possibly starting 5 of 1 of 1 of 3 or they are still in the 4 corrective. If in 5 it fits nicely with the third level pivot targets near 43. It is possible based on the three fibs you can throw on this mast recent fall from the 1175 level that the corrective is completed for fall to 51. If not a bounce to the 1100 level should be it for any move north at this time with 1120 being the max possible I see.
SPX bounced when it closed the 1056 gap which was just fine. It was the ramp job in the last 30m of trading that was a load of crap. Friday my triangle target was hit (green arrow where price hit black dashed TL). The two green rectangles are fib correlations that may make nice targets in the 1102 to 1115 range. combined with the daily 200ma is at 1102 you get your upper resistance range. The lower range is bound by the weekly lower BB is at 1048, the weekly 50ma is at 72 and then there is the February low at 1044.50. If the February low goes the bottom may literally fall out.
GL this week. I'm expecting more serious weakness to come, but the question is it now or in a week or two. I do not expect anything much as far as correctives go. The counts vary. One thing not mentioned above is the daily SPX chart indicators. They are oversold. No divergences yet, but their resistance lines are nearing and a cross of those would be bullish. SPXA50 is at 43. I believe NYMO is possibly setting a telling divergence. CPC and CPCE are pretty much off the charts. Given the move in the CPC and it's position, I'd say we're not bottomed for this move yet and the move there has further confirmed the top is in. No bull.
