austrieconomist,
SPX broke its trendline (thanks to shoreco, too tired to draw my own)
stockcharts.com[r,a]daclyyay[pb7!b25!b50!b100!b150!b200][vc60][iub14!ua12,26,9!lh14,3!ll14][j6530777,y]&listNum=4
All IMHO, prospects for Monday, in order of probability:
1 Retest of trendline, bounce to bottom of second crow, resumes downtrend within 2 days
2 Black Monday
2 is not so bad, a real bad washout and we will probably be "rescued" with a nice bounce for a week or two, but possibly more meat for the shorts table after that.
3 Modest recovery, sideways chop for a few weeks...
HUI chart and INDU chart, monthly, are FUGLY!! 18 year cycle?
How about 76 years? Don't know about that, but have some corollary years that are pretty ugly and fit the election cycles.
Best of luck,
Roebear |
