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There seems to be a mini consensus that this market
is about to make a major run higher at this time. I see some conflict with
that idea at this time.
The SPY closed the month at 73.93 down
again. That makes 9 consecutive down months. There is still downside
pressure being applied to this chart and the indicator is in a very extended
area on this chart. The low of the month was 73.93 and if 93.80 is hit the
entry price for the next leg down will be activated. With the pressure
indicator in the overextended area it could be a false entry. For a major
upside move to take place price would have to go through 93.96 and then 114.12
would be the first price objective for that move.
The weekly chart also had sownside pressure being
applied to price and the indicator is also in an over extended area of the
chart. Price has gone throught the second price objective and there is a
target price of 68.86 for this move down on the weekly chart. for price to
start a move higher it would have to go through 82.55 and then the first price
objecitve would be 91.38.
The daily chart also has downside pressure being
applied to it and the indicator is also in an over extended area of the chart.
there also divergence at the low. There is a cycle target low at 73.48
that is not shown on this chart and it could act as temporary support if that is
taken out and price objective 1 at 73.02 doesn't hold then 69.73 is the next
price objective on this chart. For price to start a move higher on this
chart price would have to go through 79 and then the first price objective would
be 84.
Just one man's opinion,
Ira
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