Friday, September 05, 2014

 

Do or die for the stock market

Update 9/11: Unless we are down tomorrow (9/12) the bull market looks like it will hold up for another few weeks.   So one way or other the tomorrow's market direction is important.


Daneric has an ending wave count for the 2+ year bull market so it is time to look at some support levels that, if broken, would indicate lower prices to come. (Go to Daneric's site for short and long term wave counts.)

We are pretty close to the first one, 1990 on S&P 500, and that break would indicate a likely correction of the last few weeks.  The big number is 1904 which is the early August low.  Below that would be take out support levels and trend lines for the 2+ year bull move.

So 1990 and then 1904.  A move above 2034 without breaking either of these levels would indicate a very strong move higher likely good for another 10%. 

Labels: , ,


|

<< Home

This page is powered by Blogger. Isn't yours?