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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Wednesday, 22 December 2010

S&P

Leaving aside Gann cycles,macro etc the bears have to admit we have broken to new highs and ema's are bullishly aligned.In the bears' favour there is negative divergence on the RSI and lots of unfilled gaps.Ron Walker (thechartpatterntrader.com) has also pointed out a sell signal from the put/call ratio,negative divergence on the AD line and a Vix level signalling extreme complacency.It looks like we could be in a 5th wave from the low on July 1st....watch that 6 mnth cycle !
I would like to see a firm rejection of the Murrey Math 1250 level (1250 is 10 000 divided by 8)
At major tops you normally get "big numbers" coming up in a range of indices.....1250 spx, 6000 ftse,7200 dax ....?  Have attached another good chart from Columbia1


 



 
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