Friday, 11-16-07

The weekly projected high at 1487 was the top for the up cycle. Looking for continued bounce off yesterday 1443 low to 1460 today then on down toward at least 1415 with 1350s as a 2.618 extension. All we need to see now is take out the 11-12-07 low and I have a confirmed technical indication the rally from 2006 topped at the .786 extension 1552. Next week has a down bias until day after Thanksgiving.

Thursday, 11-15-07

Trading Wednesday turned into a bearish pattern day as breadth was negative enough to add to downside momentum. The weekly bias is up into this Friday however the high could be in Wednesday as the weekly down cycle projected high at 1487 was achieved. The last 30-minutes tanked the market back down to the 27 hour moving average. From here we just simply see which way it goes Thursday.

Wednesday, 11-14-07

The bottom did occur at 1439 area and a rocket ride of short covering has rallied to the 120 min chart moving average and the 60 min chart upper band. Today will have a down bias to the 60-min chart moving average. Todays high and low will be solid clues to where the market goes after options expiration games are over. Down to 1415 or higher to 1520?

Tuesday, 11-13-07

This model is getting close to a bottom for at least a bounce to the area of the moving averages at 1469-1484. First support id at 1431/26 second at 1419/15

Monday, 11-12-07

The SnP traded a sideways wave "iv" and started down for the wave "v" the last hour Friday. The 1431 area may be the low for this wave then a bounce until late Thursday.

Short term the markets are at high risk to a major top in place at the 1552 closing high. If we do get five waves down below 1400 over the next two weeks then the top is in.