Monday, March 17, 2014
2014.03.17 Monday Update
The Wednesday SOS day took effect immediately but SPX still only fell a little over 2% from its all-time high. Friday became a small BOW day with very oversold conditions short-term, so today's bounce and a return to Wednesday's price levels is not surprising. This week (week of 3/17 +/-) was the ideal SPX price high based on my discretionary spending analyses. I'm not sure if SPX will make a new ATH or not, but there is a strong chance that a KEY top will be made in the next couple days. Today is shaping up to be a big SOS day but the hourly technical ideally need to reset for 1-3 days. If SPX/Dow makes a new ATH, the next bottom will likely be in mid-April. If not, the bottom could come in early April. There is potential for the current rally to last into next week but I believe the odds are high for the significant 8%+ slide to begin this week. Good fortune.
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Was yesterday at SOS day? Where do you get this data?
ReplyDeleteI added a link to today's post so you can check anytime you want. I look for SPY. I've thought about researching other ones like QQQQ or DIA, but SPY has given enough of an edge to my indicators. I've also thought about investigating situations where there is an SOS signal during the day with the market up, but then the market closes slightly negative so no official SOS signal is given at close of business. To me, that's a bearish sign but I don't have access to the intraday data nor time to pay and backtest it.
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