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Hi OJ,
Usually, I like to let the charts do the talking for me -they're a lot better than me at reading the market <G>... but I'll give it a try.
Looking at the SPX chart with the two more recent forks:
short term... the market looks like it will go down some more, having
reacted off of the middle tine of the up-fork. For the overall uptrend to remain intact (from october), I would like to see any near term sell off contained by the lower tine of the up-sloping fork (1st), and or the middle tine of the sideways fork (2nd). Since the end of December, both of these forks have been calling the action well.
All of my other stuff says higher yet... the only caveat is that if SPX drops below 1210 or so... things could get real ugly real fast, IMO, BWDIK. One thing which amazes me is the MACD (13,34,89). It has managed to stay positive all this time -it almost turned down 3 days ago. As I've said before, it's tough for me to justify going short until it turns negative. Ditto for the MAC method (i.e. red line/blue line).
In short, things could be down near term, but the trend is still up, IMO. Of course, if anything major changes I will let you know. I'd appreciate your thoughts, if any, on the market. What's the P+F saying? FWIW, the other day I bought P+F charting by Dorsey, used... I'm looking forward to reading it. Talk to you later
Regards,
Frank
P.S. the Flyers are 14-1-6 in their last 21 games!!!!!! Tonight they are beating LA 4-1 in the 3rd. GOOOOOOOOOOOO FLYERS!!!!!!!!!!!
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