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The dominant trend is still down, but various back tests are underway. SPX 200 ma is currently at 1284.95; 6.77 above the 1278.18 close on Monday, June 4, 2012. Above that, the 1290’s area is significant resistance. It previously was support when the market bounced off it on May18 at 1292, May 23 at 1297 and May 31 at 1299. I expect a stop at one of these areas.

Meanwhile the US dollar had a mini-H&S breakdown on the futures, and backed down to test the 82.4 area overnight. ...

6/05/12

Stocks struggled early on Monday but managed to come back about break-even by the close with the indices finishing mixed. The Dow lost 17-points, the S&P was flat, and the Nasdaq gained almost a half of a percent.
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6/04/12

Stocks sold off sharply after the release of the May jobs report on Friday. The Dow dropped 275-points.
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In spite of our sentiment survey remaining on a buy signal for the past six weeks, losses continue to mount for the bulls. In that time, the S fund has dropped -8.47%, including -3.96% just last week.




You might remember that going into the previous week, the Top 50 had increased their collective stock exposure by 20%, although total stock allocations remained conservative at just 29%. And on Tuesday ...

Fibonacci projections are estimated in the daily timeframe of the SPX to arrive at possible turning points or targets. All this talk about Elliott waves might be a little confusing, but try and wade through this blog to come to a better understanding of possible paths and turning points. Ralph Nelson Elliott in 1946 before his death wrote “Wave Principle, Natures Law-The Secret of the Universe.” Robert Prechter published R. N. Elliott’s works in 1980, in “The Major Works of R.N. Elliott.” Elliott ...