SPY reversed without hitting the high target, a bearish reversal. The sell signal came on Friday and I apologize for not sending it to the group.
There are no Near Impulse dates for next week so my interpretation is for a prolonged down turn. If SPY closes below 124.24 it will add evidence for more downside expectations. A minimum move expectation is 140.77 with an extended move to 137.77.
At the beginning of the year I
promised to report the Pivot Trading forecast for SPY for the first quarter. This will be the last post for that holiday gift. The performance of this methodology continues to astound and I hope these posts have helped members capture profits. If members would like more information on performance, please contact me privately.
Best Regards and good trading.
Jim
----- Original Message -----
Sent: Thursday, March 22, 2007 9:00 AM
Subject: Re: [RT] SPY Forecast
No daily sell signal yet on SPY. Could come tomorrow or Monday (Near Impulse date) Look for 14470 as the high of this move.
Today's downturn is quite weak and should not last the day.
Regards,
Jim
----- Original Message -----
Sent: Tuesday, March 20, 2007 2:09 PM
Subject: [RT] SPY Forecast
Tomorrow and Thursday are Near Impulse forecast dates for SPY and most of the market indexes. These two dates originate from opposite turning points, one from a previous low and one from a previous high. Usually this indicates a very volatile two days with mid-day turns. We are also at price levels which usually terminate the shorter term correction in a longer term bear
move. On the positive side I did not get sell signals on today's activity for the indexes or the 200 stocks I follow but tomorrow may yield a sell signal after the Fed announcement.
This is an important two days in the future development of the market. If we get through this without a major bearish impulse and continue up to the bullish reversal areas, it bodes well for the next few weeks. If, however, the reversal occurs , we could see another major leg down. Short term traders be careful and position traders should protect profits with stops.
Regards,
Jim White