Still look for 2044 Spx this week. Full Moon. Sell still in effect.Over bought. If we gap higher then I'm totally wrong.
Jerry O
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Wed 4-29 -15 close update
Broken record again. Received a MA sell and a mechanical color sell. No EDT buy this time.
We did have an inside day I usually consider that bullish, however we had a -16.68 drop in momentum vs a drop of 7.91 Spx points. That calls for a lower price. If the market was to follow the DAX level we would be at SPX 2044 or Spy 204.5. My call is a sharp down at some point Thursday.
Jerry EOM position challenge.
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Monday close update.
Received a MA sell and a mechanical color sell . However you can count 5 waves down and a EDT signal also posted. I think we need to watch Dax for weakness, need at least Spx 2097 to get the bearish juices flowing. No charts tonight.
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Still think we are near a cycle high and one more day could put the MFI into OB and the DPO giving a better signal.
30 CD Cycle looks about right. On 2 -25 we hit a high and closed 6-8 points below the high.
On 3-23 high closed 6-8 points below high.
On 4-23 high close 6-8 points below high with following.
A cycle H+H+H look very good here. I expect a few days of strong weakness
Is this a top? Probably not because the 4.94% model would have us at Spx 2160 today.
I have a 4td MA on the MFI, very weak here. A better fit would have been O.B.
Jerry
