1052/1041?

        

Why I don't think this is a Head and shoulders (sample) so we should rally out of Tuesday.

Watching

MIXED

Went to a CIT buy on Wed close 7-14  but many indicators say we are overbought.
Just to fast for a trending market, risk little till after Monday 19th to see if we spike higher  ( spx 1116)  or so and then plunge.    Pure speculation at this time.

MIXED

 Cricital Area
Short term (days) buy was on 7-9 crossing 1070
Med   term (wks)  sell
Long term  (mth)  sell

Have moved to ST buy but aggressive could be whippy.
We have moved to OB very fast, still looking for $vix lower than 30 before a serious decline.Not a trending market making it hard to track. We have been in an extreme trading range.

Moving to agressive buy

We do have an aggressive buy above 1070 for Friday. This can be a whipsaw pattern that is why it's aggressive,
This is for fast traders only.

One Favorite Indicator SPX

I use the last 10 minute bars to project next day opening direction. We had a very bearish close Friday and I would normally expect a gap down open next business day. Even with 3 day holiday it still should work.

Jerry

All down

Targets support   1040 gone,1029 gone, next 992, 980 and some much lower EW targets
Went to total sell on open Tuesday this should not turn back too quickly.

My momentum indicators are getting OS and it's possible we test a low Friday depending on market action. Not shown.

Circuit Breakers for 2nd 1/2 of 2010 NYSE

http://www.nyse.com/press/circuit_breakers.html

ALERT a CIT DN could be forming

Today's action was the pits! (Monday)
A close under 1064 SPX will turn all cycles to down on Tuesday 29th
Futures are at 1063.80 at 1:15 am so not a lot of wiggle room.
This is only a warning not advise.

Jerry

Cricital area MOB

Short term (days) sell was on 6-24 open
Med   term (wks)  Buy still holding my cit signal
Long term  (mth)  sell

If we break 1048 Monday then wave (5) targets and down CIT should set up and fast.
That seems to easy and look for a run to 1140/1150 completing a H&S pattern
We have both EOM & EOQ strength, (window dressing).
Seasonals are bullish for the 1st week in July.
Like to think 1073 fann area will hold. chart 2 days ago, below.
Have a 15 degree hit on the 8th of July that could be the summer high.