SPY reversed without hitting the high target, a
bearish reversal. The sell signal came on Friday and I apologize for
not sending it to the group.
There are no Near Impulse dates for next week
so my interpretation is for a prolonged down turn. If SPY closes below
124.24 it will add evidence for more downside expectations. A minimum move
expectation is 140.77 with an extended move to 137.77.
At the beginning of the year I promised to
report the Pivot Trading forecast for SPY for the first quarter. This will
be the last post for that holiday gift. The performance of this
methodology continues to astound and I hope these posts have helped members
capture profits. If members would like more information on performance,
please contact me privately.
Best Regards and good trading.
Jim
----- Original Message -----
Sent: Thursday, March 22, 2007 9:00
AM
Subject: Re: [RT] SPY Forecast
No daily sell signal yet on SPY. Could come
tomorrow or Monday (Near Impulse date) Look for 14470 as the high of
this move.
Today's downturn is quite weak and should not
last the day.
Regards,
Jim
----- Original Message -----
Sent: Tuesday, March 20, 2007 2:09
PM
Subject: [RT] SPY Forecast
Tomorrow and Thursday are Near Impulse
forecast dates for SPY and most of the market indexes. These two
dates originate from opposite turning points, one from a previous low
and one from a previous high. Usually this indicates a very volatile two
days with mid-day turns. We are also at price levels which usually
terminate the shorter term correction in a longer term bear move. On the
positive side I did not get sell signals on today's activity for the
indexes or the 200 stocks I follow but tomorrow may yield a sell
signal after the Fed announcement.
This is an important two days in the future
development of the market. If we get through this without a major
bearish impulse and continue up to the bullish reversal areas, it bodes
well for the next few weeks. If, however, the reversal occurs , we could
see another major leg down. Short term traders be careful and position
traders should protect profits with stops.
Regards,
Jim White