- 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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Friday, 8 May 2015

Seriously Choppy Market

My rally target yesterday morning was a retest of the daily middle band at 2100. SPX gapped over that this morning and the question now is whether the bulls can hold this break into the close. If they can then that would be impressively bullish and the new highs scenario would be back on the table. SPX daily chart:
I spent hours this morning doing intricate charts on SPX, INDU, TRAN, NDX, RUT and NYA, and came to the clear conclusion that all but TRAN had clear bottoming patterns that had not made target, and in the case of INDU and NDX, we're only mid-move from the low. After the bad NFP numbers all these patterns have now made target so bulls no longer have pattern support for going higher, though I'd have preferred that the indices had waited until after I published these to make target. We'll see whether this break up can last the rest of the day . SPX INDU TRAN 3x scan chart:
NDX RUT NYA 3x scan chart:
I'm still leaning bearish here and looking for signs that this may reverse back down hard. If the bulls can hold the daily middle band today though then the new highs scenario into the 2140 or 2170 area would be back on the table, though with the 2170 area now as the strongly preferred target on a break to new highs.

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