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--- In gannsghost@xxxxxxxxxxxxxxx, "topos8" <topos8@xxxx> wrote:
I am writing this at 10:25 am eastern standard time when the bonds
are trading at 107-04 and the S&P futures at 989.50.
For the first time in six weeks the bond futures are showing strong
support and a well defined accumulation pattern on my 1/4 point
reversal point and figure charts. This pattern projects an upside
target in the 113-114 range, but this projection could easily be
raised into the 114-115 range by a little more sideways action.
This point and figure work support my square of 9 calculations of
strong intermediate term support at 107 and a projected rally to 114-
115.
The S&P appear ready to breakout above 1015. This past week has so
far been a very narrow one. The most significant development
occurred Tuesday and Wednesday when the market broke to 982 and then
moved sideways between 982 and 997 for two days. A close look at my
point and figure charts shows a very striking accumulation pattern,
one that really became obvious yesterday with so much sideways action
in a narrow range between 984 and 989. This pattern was followed by
an upside breakout this morning and, more importantly, by a test of
support after 10:00 am which carried the futures down to 987. This is
a classic test of accumultation support (for you point and figure
experts, I see a compound fulcrum with a breakout past the catapult
of the second fulcrum, then a test of the "notch" support at 987 of
the second fulcrum.)
This whole pattern in the S&P today projects a move up to at least
1050.
My square of 9 support is at 984 and if this S&P analyis is correct
we won't break that level.
If I am wrong then the market will drop back to 960, but I still
think a big rally is likely to start from there. In either case I
expect to se the S&P trade well above 1100 later this year.
Carl
--- End forwarded message ---
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