Monday, February 4, 2013

Image

First real market bear beatdown occurring – Finally. First order is to keep the close contained under S&P 500 (SPX) 1500 or market will just look toppy. 

ImageImage

Weekly DeMark counts on the SPX looks imperfect as the TD Countdown finished a 13 two Fridays ago and TD Combo is currently at a 12 count. Could be one is late and the other is early. The Nasdaq Composite (COMPQ), however, looking right on time.

Image

Touching base with last week’s call from Tom DeMark on Apple (AAPL) turning higher with SPX simultaneously turning lower today, it would be a reasonable question to ask him on how he reconciles AAPL reversing without help from SPX. My preference right now is to concentrate more on the weekly DeMark and see what converges there. 

 

Still have megashort bias on the SPX and would be nice to see it unfold for at least 1-2 months.  (updated mid trading day)

 

 

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

4 Responses to Monday, February 4, 2013

  1. tom says:

    so 13 is just now? you said it is now 9 13 9

    • Art says:

      The 13 today I was referring to is on the SPX weekly chart. The 9-13-9 is on the SPY daily chart three days ago. The main takeaway is that the market is showing exhaustion points through different timeframes and different indices.

  2. tom says:

    what kind of correction we may expect?1450 spx?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s