Wednesday, July 1, 2009

More Upside

Negative Jobs report yet we are going higher with a decent size GAP up. Overnight session was quite volatile with a test at 927 SPX. I had said yesterday that the high for the week should be in - wrong again.

My EW count is fairly shattered at the moment as a W5 high VERY rarely gets retested after a break back into W4 range (I had marked it yesterday on the graph with a yellow circle).

At this point, I have no choice but to wait until I can get a clear picture yet again, at this point charts are very difficult to read. I had mentioned in the past that I would not be surprised to see this violate the 61% level and go one step higher to shake out weaker bears.

"Sam, this here is the decision whether or not we make a move to 1014. If we fail by Tuesday next week we are done on the upside. Tuesday next week needs to be above 930 close price with intraday test at 947 either on Monday or Tuesday. Then I am sold on the long side and will go long after pullback to 924."

I had mentioned this yesterday in the comments and at this point, we have to wait and see what the market does from here.

Also, will make a post on the monthly chart later, this is looking amazing for a BIG move to come. I will go into more details in a little bit with an updated chart and justifications. All I can see - from this point here, we will have an amazing range ahead of us for the month of July.

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