968.75

Well, the S&P closed at 968.75. My prediction was 1015. I was 47 points off. The reality is, it was heading towards that 1015 mark, which is where the 200 EMA is on the monthly. My 200 EMA monthly does not go back to the Great Depression, but starts around 1977. I'm thinking it should've began like by 1950. Oh well.

I think it's monumental that Oct'08 closed BELOW the 200 EMA. Oh, traders know where they are. What it looks like to me is that more bears are going to be coming in. Of course, I could be wrong.

It's had basically 3 cycles since 10/8 to test the 1015 range. The first time it came up near that and slightly exceeded it with a high at 1044. The 2nd time the high was 985.40. The third time, which is today, the high is 944.50. The highs are getting lower. There is not enough umph to get back up.

The last 3 days (10/29 to 10/31) have been not strong bullish days, in fact, quite lack luster.

However, RSI does have bullish divergence. It'll be interesting to see what happens after the elections. My vote is we'll continue down after maybe a little bit up up. We've had 2 strong bearish months, so it would not be surprising to get a pullback of some sort.

I can't help but to think that closing firmly BELOW the 200 EMA on the monthly is significant. It's never closed below this or even had a tail below it in the past 30 yrs. I'm thinking we are in for some rough waters as the United States.

Of course, I could be wrong.

If we drop below the 770 area, that's REALLY bearish.

Well, I need to get to bed. G'nite folks.
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