- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Wednesday, 22 December 2010

Grinding Up

Watching this tape grind up day after day really couldn't get any duller really. Alphahorn says that there's a fib turn date on 23rd December & that could well be the turn date. Short term I have a rising channel on ES that looks likely to give the range for today unless we break downwards:


We are now really very close to the likely high on IWM, which I've been watching for for some weeks. That should be in the 79.75 area and we'll most likely hit it today. Looking at the chart IWM is now up over a third since the lows in July and late August. Wow:


We're also close to my target on XLF, which is in the 15.9 area:


When we reach those targets, I'm expecting the interim top on equities to be made there. There is a chance we might break up through them, though I'd be surprised. If we did break up through them I'd be looking at the top trendline of the rising wedge on the SPX daily chart, which I was originally expecting to be hit for the next high. It looks a long way away right now in the 1275 - 1280 area but it is just possible SPX could make it up there:


Oil is another that is still well short of the target I was originally looking for at the upper trendline of the rising channel in the 93.5 area. If it can break through resistance at the current fanline it might still make it there, but as with SPX it looks ambitious:


Vix bottomed at key support on Friday, and unless we're going to see a major break down there we must now be very close to the next interim top on equities. Looking at the IWM and XLF charts particularly, I'm expecting to see that top made today or tomorrow.

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