Tuesday, June 4, 2013

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The S&P 500 (SPX) 9 count TD Buy Setup on the four hour chart is still in motion. It’s on the cusp of more selling but some issues have not been resolved. To keep the bearish side going, a close below 1631.26 by the end of the day today would be beneficial. From last Friday’s high of SPX 1661.91 and yesterday’s low of SPX 1622, the SPX has already retraced the standard 61.8% of that range so it is up to the bears now to start doing some damage. Image

 

For the Japanese markets, there are two main ETF’s that are traded on the US markets. the iShares EWJ Japan index (EWJ) and the Wisdom Tree Japan hedged equity (DXJ). Because of the rising US Dollar, the DXJ is more popular to trade but for DeMark purposes, the EWJ seems to track better. From the patterns that are showing up, it is in the next decision stage. EWJ is about to record a 9 count TD Buy Setup but it has not been ‘perfected’ yet. If EWJ can close under 11.09 on tomorrow’s close, I will consider that as a sign the Japanese equity markets are still under pressure. 

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If the SPX closes above 1631.26, I will switch to neutral and take short term break from anticipating lower prices. Otherwise, I will let it ride. (updated intraday) 

 

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3 Responses to Tuesday, June 4, 2013

  1. blackjak100 says:

    Art-

    Where does today’s close leave us? You had to know when you threw out 1331.26, we would basically close right on that number.

  2. Art says:

    Seriously, I don’t know where I came up with 1631.26. I meant to say the close of bar 1 at SPX 1631.67 and the close was 1631.31 so the count on the four hour SPX chart continues.

  3. sung says:

    Seriously. i been researching tom Demark works. for the past two years. Its freaking me often.
    Thor hammer indeed.

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