SPY Weekend Update
- Points favoring Bears of SPY.
- Low volume up move shown in weekly chart.
- Price closing in on weekly resistance line.
- Bulls struggling to go pass 78.6% Fib level for the for the fall from 135 to 137
- And most importantly RSI is turning down from very overbought levels which has resulted in correction.
- Even if an up move comes that will be accompanied by negative divergence so an up move through these resistance lines is unlikely to last long.
- For Bulls They have to do a large volume breakout above the resistance line, Even then the way Daily RSI is positioned does not favor big up moves.
- IWM - WEEKLY RESISTANCE LEVELS (50 WEEK SMA AND GOLDEN RATIO)
- DOW JOES WEEKEND UPDATE
I believe that the last week of April 2011 commenced an Elliot Wave 2 Up in the $SPX at 1363, and the chart for the last week of October 2011 of $SPX at 1292 is an Elliott Wave 2 of 2 up, and the chart for the second week of January of the $SPX again at 1292 is an Elliott Wave 2 of 2 double top up, with the result that the $SPX, traded by SPY, is going to enter an Elliott Wave 3 of 3 of 3 down for the week ending January 20, 2011 when options expire. These are the most destructive of all economic waves as they for all practical purposes destroy all economic wealth built on the five waves up. This coming down wave is going to take out even the yet to be established ten toed kingdom of regional global government, at which time the Sovereign will take the upper hand and establish a world one world government, with a one world currency and provide global seigniorage.
ReplyDeletePerhaps one might enjoy my linked article entitled The S&P Downgrade Of Nine European Nations Terminates The Age Of Liberal Finance And Commences The Age Of Sovereign Default ….. And Terminates Democracy And Commences Regional Global Governance
I believe that the last week of April 2011 commenced an Elliot Wave 2 Up in the $SPX at 1363, and the chart for the last week of October 2011 of $SPX at 1292 is an Elliott Wave 2 of 2 up, and the chart for the second week of January of the $SPX again at 1292 is an Elliott Wave 2 of 2 double top up, with the result that the $SPX, traded by SPY, is going to enter an Elliott Wave 3 of 3 of 3 down for the week ending January 20, 2011 when options expire. These are the most destructive of all economic waves as they for all practical purposes destroy all economic wealth built on the five waves up. This coming down wave is going to take out even the yet to be established ten toed kingdom of regional global government, at which time the Sovereign will take the upper hand and establish a world one world government, with a one world currency and provide global seigniorage.
Perhaps one might enjoy my linked article entitled The S&P Downgrade Of Nine European Nations Terminates The Age Of Liberal Finance And Commences The Age Of Sovereign Default ….. And Terminates Democracy And Commences Regional Global Governance
http://tinyurl.com/7fey9j3