Luna $ Ticks

August 4, 2008

Actually, I’m not that Bear

Filed under: Trading SPX SPY — moontrader @ 10:05 am

I was expecting today and tomorrow to produce a top above 129.15, but instead the market opened to the downside negating this short term outlook. On the other hand, however, it is possible that we’ll be producing a short term bottom between today and tomorrow. In this case, in my analysis of cycles, a Top in the past would correspond to a Bottom, in a strong indication of a trend reversal from 07/15 SPX bottom of 1200, which won’t be breached so soon as I was previously thinking. I would expect the market to start a rally between today and tomorrow to reach levels above 1290/1300 by 08/11.

In the next days I’ll have a better sign to confirm/contradict this outlook, hoping it’s not too late.

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