FOR TUESDAY: (3/7) S & P cash confirmed a top for now but we didn’t get a close below 2370 although it should come. So used to choppy congestive action before employment report that the chance of a sustained meltdown on the S & P is likely and at best 2350 could happen. Most interesting in the news is Asia with North Korea and major Chinese meetings. Wiretaps and impeachment headlines are mostly distractions to keep you addicted to increasing media ratings. Very sad the state that professional journalism has fallen to. Where is Walter Cronkite when you need him?
MARCH E-MINI S & P 500
S&P ANALYSIS FOR TUESDAY: (3/7) Cash did issue a sell signal although not on a closing basis but enough has happened that we should not see new highs in March. Still, choppy action is very possible. We continue to see key support at 2366 and 2362.50 and 2360 and the ideal pattern completion is closer to 2350. We’re moving toward Weird Wally Wednesday and rollover by the end of the week. We continue to think that the market will be under pressure under 2350 comes in.
NEAR TERM: When one looks at the telescoping nature of this market, hard to see an 80-100 point correction but still there. Seasonally the market is often lower the 2nd half of March. The 2520 projection for May is very clearly in the patterns now and wondering if it will happen. We see no point in top-picking.
OVERALL: (2/15) Still thinking an early April low and then still new highs this year and not thinking crash this year to 2520 and maybe a 10% correction between August-October and 20% If things seem more dire with US rioting and a deeper European collapse. Market seems lower from mid-May into late June and probably into July.
CYCLES OVERVIEW: Higher Tuesday; congestive into Thursday; higher Friday; higher into March 13-14.
Comments are closed.