Is the massive upswing in the S&P500 Index on 6/06/12 for real, or just another fake out? Please take the time and share your thoughts and knowledge on where you think the S&P500 is headed.
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Ref. post here on June 7, this counter-trend ABC rally could reach the wave 4 high of 1,335 or the 50% retracement area at 1345.
On Monday the high was 1335.50. If today is the completion of wave C of a small degree ABC then the next move should be down to new lows. If not another pop higher to complete C . Either way the conclusion should eventually be the same. If this next leg down becomes primary wave 3 of C, it will be the big-brother of primary wave 1 Oct 2007 - Mar 2009, dropping faster and further.
The up move looks like the real thing. We had positive divergence in the RSI. The latest down move in the S&P into the 1270 area was not confirmed by the RSI and presented a great buying opportunity.
Nothing is looking green up north and high flooding in south, No good news or real market swings BBBBBBBBBBBeeeeeffffooorrr
EEEEEEEEEEEEEEELLLLLLLLLeeeeeeeeections
This was a prelude to what will take place when the G7 get together and inject still more liquidity to bail banks worldwide and some monies will trikle down to the trader fools. Nothing will have changed except the real value of assets will decline while everyone pays taxes on the nominal value increase. Short $$-buy commods-it will be a spike - an ugly spike when least expected over a holiday or weekend.
China Cut Their Rates for First Time Since '08 & we all know what happened in 2008, right? As the momentum driven-v-trades ramped markets I placed Armageddon
The S&P are up only because some gambling parties have bet on its low yesterday and somehow got it to a High whereby they will now cash in on it, make a fortune, and then let it come down to its regular level!
Lets see how it closes, is today's gap up an exhaution gap perhaps? If so, buy your puts on the SPY at 132.00-.01 on the way down through it.
the above play turned out well with early follow through early this morning, now it is a wait and see game.
I think this spike upward will be shorter. On Friday, it should continue down. imo
It looks like a short squeeze to me. When that is done then the markets will likely resume their downtrend.
Generally bearish but if the world & US governments start stimulating again we could see a repeat of last summers upswing. Guess we'll know later today.
Well I guess not! No answer from Bernanke and still the market goes up LOL
Mkts are not necessarily the blame on EUR, we have deep problems with employment, housing etc..
Mkts certainly a fake, sure mkts could rise, but they will follow fib levels. I'm not really following the news, but on technicals.
Charts don't lie, OUR govt is messed up with what Oblamer and his administration are doing... mkts will correct once we
have someone in the White House with more direction and less talk.
@ juan - the oboma dminstartion isn;t the one trying to deport your people. its the republicans. also, take a look at a chart of the s&p, dow or nasdaq...it's been on a tear since early 2009 (which concides with the early part of obama's tenure...
john loganiza (con bolas de pizza)
With 5 waves down since April, I see this as a counter-trend correction, if so it should reverse around wave 4 to the 50% retracement of the Apr high and continue down to new lows.
June futures(daily) look strong above 1290. I want to see little hesitation busting through 1330 then next stop around 1355. I think we will get to 1355 and that will be the true test.
The 15 week cycle ends on 21 06 2012 but i am note sure at what level
I think it's a nice looking fake out. Europe will continue to be a problem when the can gets to the end of the road and there's no place left to kick it.
63% for a fake-out, not massive but too many bears in the short term - up she goes (for a while)
I'm not sure if this is a real turn in the market, but it seems to be a nice place to take profits.
Looking back at SPY monthly charts, the trend over the last couple of years is for a drop in the late summer timeframe. Although RSI is improved in the short term, the position of Williams %R and other indicators point to a continuation of the downward cycle. My guess is we could see SPY below 120 by end of summer.