INDEX UPDATE
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At this time many feel that the market will rocket to new highs, and increasing numbers are feeling that the bigger pullback is around the corner. Just noticed something of interest on a technical basis.
I have not completed my research, but so far the SPX,OEX,DRG, are giving the slight hint that they are going thru the TRIANGULAR OSCILLATION PHASE. It is too early to be close to certain.
SPX - APEX @1107-1110 range, and needs to stay below 1120
OEX - APEX @ 536, and needs to stay below 542
DRG - APEX @ 627, and need to stay below 634
The indexes can trade on both sides of the targeted APEX, but needs to stay below the limits to maintain the integrity of the triangle formation.
I am not saying that they will or will not go higher, but I am saying that if they trade within the limits, that would be further proof that the triangle is forming.
I am also targeting 4-8 days, per my cycle analysis, for the APEX to be formed. We all know that after the APEX is formed it surges in either direction. Triangle formation is commonly caused by waiting for news, and after the APEX is formed it will then surge, and normally the news will be the motivator as to the direction of the surge.
If the triangle is formed, the bias, for now, for the surge is to the downside.
After seeing such this weekend, I am now not so sure that I will go long. Need to check the other indexes.
Seeya |
