Cobra's Market View

On SPX monthly we just made 5 consecutive red solid bodied candles. In this formation, each body is longer than the one preceding it… However, in its totality, the last candle shows that Sep was an “inside month”. Yes, it was, but not by much! LOL!
So, if you short the market, don’t take your honey to Vermont to look at the leaves, for more than 2-3 days! Da Boyz might prepare some surprise for us…

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On the chart, long term targets remain the same.

On the weekly, I can sense a strong bearishness hidden inside this congestion zone…and my indicators sense it too!

Have a nice weekend!

cougar wrote:
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On the chart, long term targets remain the same.

I don't think I see this on any of your charts, but check it out. Trend slope from the 03/2009 low to the August 9, 2001 low now works out to 0.50 points/day on SPX. So wouldn't that be a 1:2 Gann line? It projects to 1120.6 on this coming Monday, and so would constitute important support from that perspective....correct? Needless to say, if all this support is broken, then that could have some significance. Although, I remember the bear trap that occurred back in June 2010, so of course caution is warranted, as always.

rhight wrote:

cougar wrote:
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On the chart, long term targets remain the same.

I don't think I see this on any of your charts, but check it out. Trend slope from the 03/2009 low to the August 9, 2001 low now works out to 0.50 points/day on SPX. So wouldn't that be a 1:2 Gann line? It projects to 1120.6 on this coming Monday, and so would constitute important support from that perspective....correct? Needless to say, if all this support is broken, then that could have some significance. Although, I remember the bear trap that occurred back in June 2010, so of course caution is warranted, as always.

Thank you for reminding me of Gann lines. I have a “geometrical” chart which has 2 Gann Fans. This is because in time, even a very active and “verified” Gann Fan is hard to work with, since the time/price lines diverge too much. Instead of subdividing the angles of an older Fan, I introduced a new one with the same slope. In this case, m =1, where the 1x1 line acts as an attractant in both fans, is more than even Gann could have expected…

Back to our target/support discussion... On this chart, the 100% extension of W1 and the 3x1 time/price line of the recent fan will be crossing in the near future, while SPX is dropping toward that crossing. What will it do if it meets them when it meets them? - that is the Q!

This is an old weekly setup, which probably should be called “the very technical DOW”:

What is everyone's target for gold? By looking at the gold ETF GLD it looks like if GLD is consolidating for its next move higher then possible the $168-$172 area it might want to test. If the next move is lower then $145 might be a target. http://btdmarketsummary.blogspot.com/

Updates

NQ http://99ercharts.blogspot.com/2011/10/nq.html
AUDJPY http://99ercharts.blogspot.com/2011/10/audjpy.html

Sunday Evening Updates

EURUSD http://99ercharts.blogspot.com/2011/10/eurusd_02.html
ES http://99ercharts.blogspot.com/2011/10/es_02.html