Thursday, February 28, 2013

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Yesterday’s S&P 500 (SPX) move was good enough to record a bullish price flip and the market direction is moving towards to the bullish side. Technically, the bear case is not dead but they are at the last stand with the SPX at the last Fibonacci level at 1521ish and so far it doesn’t look good for them. 

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If the 78.6% Fibonacci levels are broken to the upside, here are some top Elliott patterns to be aware of. 

Tough market. Would like to stay bearish but yesterday’s behaviour seems too impulsive to the upside. It can’t all be short covering.  (updated mid trading day)

 

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2 Responses to Thursday, February 28, 2013

  1. Topher says:

    I thought you might comment on the current 9-12 daily sequential on the SPX? In combination with a completed weekly 9 tomorrow assuming we close above 1513. In essence we could get a daily 13 and weekly 9 completing on the same day. Also, fits very well with Fibo timing work for a more lasting high in the next few days

    • Art says:

      Good catch on the weekly. Looks like a setup snuck up on me. I was going mention the daily SPX but decided to defer it since I couldn’t find any clean confluence among other indices. I’ll throw it all in for tomorrow. Thanks for all the info.

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