Well I didn't get my 10 points today, however we appear to be setup for a move tomorrow that should take us to 1150... Once we get to 1150 I think we will pullback to 1130 around jan 11th (monday) and then head back up to hit my target of 1175 on Jan 14th or 15th...
Long Term - Same top out around 1175 or 1200 (watch RSI on daily), then major pullback.
Short Term - See above... Pretty much stated what I think short term.
Trading Advice/Opinions - I would wait until that 1130 or lower to add a long position for the ride to 1175 or 1200 next week. I wouldn't play short here, because the bulls have this market. Longer term plays I would short above 1150 with a time frame of March 31st...
30 min gann - I think the gann chart has been extremly strong. Look at this chart very closely. Once we get to 1150 or top out tomorrow, this chart will help us point to a pullback area. I think around 1130 on Jan 11th looks good... Maybe 1125.
60 min SPX - Looks like we started the up move today, but it started late in the day. So tomorrow should be exciting. Watch that RSI, above 70 we are very close to the top on this move (1150)...
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Gary. Love you Gann Charts. Nice work.
ReplyDeleteGary keep up the good work you are a total star
ReplyDeleteThank you... Something that is true is we are close to the top.... Key is to look for signs of top! Stochastics not a good one... Best is RSI..... and all the other tools (EW, gann, etc)
ReplyDeleteNice job.
ReplyDeleteHi Gary, just found you through Steve's blog! I agree that a correction would be a great long opportunity but I'm thinking we finish correcting today and rally on Monday. I think there's a Sq of 9 target at 1142 which is why the market is correcting before we head to 1150. At which level will you go long today? Or are you still going to wait for Monday? Would love to hear your thoughts!
ReplyDeleteI agree that monday morning is going to be bullish most likely.. Probably get us to 1150.. watch the RSI on the 60 min.... Then we should pullback... I am currently working on that prediction (steve's count matches up with this)... off that top of my head I say 1130... Then we head back up... I still have a target of 1175 by jan 15th.... time will tell. Look for my post tonight.
ReplyDeleteGary/Pug,
ReplyDeleteGreat work! I am curently bearishly positioned. If you look at the time period from last OpEx to this OpEx two things have happened. The market has risen by 50 points in three weeks and volatility has fallen off a cliff. Also, there have been two down days in this entire period and the euphoria is very visible (frustration for bears!). I am therefore expecting a very bad week next week (at least until Wednesday).
I pretty much agree... However look for monday morning to get us 1150 then rest of the day sideways and down for tuesday and wednesday... GL
ReplyDeleteGary thanks for your analysis... your insights are much appreciated. Keep up the good work!!!
ReplyDeleteDo you still see the bounce to 1175 or can we correct a bit deeper from here?