Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 684.83

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Dec 22 4:00 PM EST

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To: GROUND ZERO™ who wrote (11822)	10/27/2010 1:10:54 PM
From: Chip McVickar	Read Replies (3) of 220537

GZ and Friends Weekly SPX cash chart DOWN andrew's pitchfork median line is sitting near 1030-1040... Its origin - 9 august high 1219 and 1039 23 aug to oct 11 high at 1184 Weekly forward UP origin is low of 1010 28 aug... looking at 1400... High 1129 9 aug and low 1039 23 aug - The market has been following this median line perfectly in the weekly and daily bars since it was formed in august '10... both are looking forward about 3-4 months. Todays weekly bar is the first bar to drop off the median line in a reversal... since this fork was created 10 weeks ago. The markets sit IMHO... at an apex throughout this chart of Aug - Sept - Oct - Nov... actually it goes back into the summer... What happens here will determine the direction of the overall equity markets. Also in the currency and commodity markets. We could see both 1400 or 1020 depending on the out come of pressures the markets are watching. So far the 1400 has the upper hand... So far the prospect of a reversal is getting weaker and thinner for this broad time band. Lets hope it stays that way... but to me it's still 50/50. stockcharts.com Chip

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