Thursday, February 3, 2011

S&P,Transports, Copper & USDX

S&P 500
  • Dow Transports are lagging--setting up a possible non-confirmation.
  • Breaking the recent swing low at 4994 spells trouble.

  • S&P 500 and Copper have been a reflection of one another until recently
  • Today's spinning top in copper could set up a test of the 4.20 swing low.
  • Copper seems to be leading the advance--any change it this may be a warning.
USDX
  • fascinating cluster of geometric cycles and a squaring of the 2010 range Feb 2-3rd (NOW).
  • a test of the November 75.63 low is possible but a turn in this time frame would not be out of the question.

3 comments:

Joge said...

Even if we see a pullback, it's hard to tell how low the index SP500 will go.

Fibocycle said...

I think that any pullback will be contained by 1173 (November 16) low if the primary trend is to remain bullish.
I suspect that the market may rally into the summer before the onset of another bear phase but the behavior of the market during the next pullback will tell us plenty about the structure of the market.

Joge said...

Nasdaq is now on the uptrend. Dow is trying to build value aroung 12K. a consolidation around these levels might mean another rally is awaiting.
who knows