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S&P Update - October 10, EOD
Submitted by Nic Lenoir of ICAP
We fell a little short of the target at 1,069.40 earlier today but it now looks the pattern may be complete. The good news is that we have established a clear support line as well, so short-term traders have a clear game plan. It would appear that since the pattern from the lows looks complete we could expect to break through the support and retrace, the overlap at 1,056.70 should act as intermediary support but it's 1,042/1,045 that we will be looking at reaching and that will be a key pivot to determine what happens next. Since we have the 88-week moving average acting as resistance right
above at 1,066 it would make sense to hold off a bit and decide the way
to go after the long weekend especially since tomorrow's volume can't
be expected very high barring anything major happening. However this
remains a carry trade driven by excess liquidity, and running
extensions to the upside is always a possibility, so if we do not break
lower I guess we should keep using our friendly support line as a
lifeline towards the highs.
Good luck trading,
Nic
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Yo Nic, tough call right now. I am even getting antsy and thinking of betting against the manipulation dollar crushing team. If I do, I'll have stops on a short leash at each support and retracement point. GL with your call!
I think that is the most bullish post that I have ever seen on here. That scares the shit out me because I'm currently long.
Love how AA gave back virtually all of its gains today (continuing afterhours), but the markets were substantially up 'because of AA's surprising good earnings" according to most MSM trash.
+1
i was watching too and do that on occasion with a number of stocks that get the big cnbc dot com headline.
I wonder how many shares will be sold if it does break below support. I don't think we get out this 1930's style.
nic...yes the counts on your line look right. except this wave UP is a corrective wave and letters notate the counts. corrective waves are the most difficult to handle.
we are riding a corrective wave UP and have nothing to fear but hope. the entire run up from the march bottom was a corrective wave, which may be on the verge of completion.
no one follows EW anyway, its all smoke and mirrors. "these are not the droids you are looking for."
Nice nautilus picture, very telling.... and I agree, Elliott Wave is a waste of time. ;)
Nic's count is only correct if we are looking at a small degree 5 wave C with a distorted A-B preceding that corrects from the recent top. Counts get funky at the tops and trend lines are key. My hats off to Nic in that respect.
General comment: The dollar shows a completing wave count, and in my estimation, when the dollar turns... SO DOES EVERYTHING ELSE. It's all a dollar trade. Don't be a sucker for silly banker liquidity games where you become the idiot providing the liquidity!
agreed.
TD, today is October 8th or maybe you are telling us something...
EOD=End of Days?
End of Dollar.
LOL!
Sadly, the last great bull market will be the $USD. Wait and see...
When the dollar is a major factor, always take your position before the long weekend. It's a notorious calendar period for event-driven jawboning by CBs.
shes going down like a kardashian sister on prom night, baby. 10/13/09 - Black Tuesday. Or not.