Today's Black Spinning Top suggest the market is undecided. The candle sticks analysis is hold short. The long tail hints that a bottom is in. I and expect Price to rebound to the 1034-1040 level.
Either the cyan or the green fork will prevail. The hourly indicators are bullish which leads me to believe it will be the Green fork and that Price will find it's way back to the top of the Kumo. I've draw the Weekly Kumo in with olive green near the 1040 level.
This is a chart with the DDF and Smoothy . Persons Pivots show 1037 as an expected high range.
Below is a wide view showing how many pitchforks line up for this low. The weekly Kumo in olive green and the daily Kumo in magenta can also be seen drawn in.
Well I'm off to make money the hard way. I'll leave you with this short term chart. Smoothy says accelerating but this is only a 5 minute chart so don't trade on that. But notice the lines of influence caused by the Andrews Pitchforks. This would be a likely place to peak.
A peak right here would add credibility to the downward forks and place Price in the lower sector of the forks. That is a significantly bearish sign.
It has been suggested to me that my analysis is difficult too understand. There is a lot to explain but I'll attempt to show you what I'm doing a little each day.
Here is an example of MoneySpy indicating a bottom. Notice that I have placed a time line each time the histogram turns green. Now notice that that can occur before Price actually makes a reversal. This is what I was referring to earlier today at 11:23.
Persons Pivot is at 1016. Price is now above it. I think we have seen the low of the day. This area down to 1000 is going to be sticky, but when it breaks and I'm sure it will, it will fall like a rock. I'm holding short, even though I expect a bounce. The downside potential is too probable.
I should probably shut up, but I'm starting to see signs of a turn at 1010. I have a stall warning on both hourly and daily charts. MoneySpy has a green line on it's histogram which indicates a possible bottom.
The indicators are all raging Bears, but I'm just saying we are due for a correction, and there are very small signals appearing that would indicate the immediate term bottom is in.
DDF is Bearish today
Overnight the minis have hit 1016. In my recap I proposed a target for the SPX of 1014. As I've explained this current level of support is of great importance. While it seems likely that Price will bounce here before continuing down, I'd like to emphasize we may only experience a slight pause and that if Price does break this barrier, there is almost no support below.
The Fibonacci ratios indicate once through 1000 the 957 to 943 area will become the next target.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.