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How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Approaching Sell and Hold

Stock-Markets / Stock Index Trading Nov 24, 2009 - 01:05 AM GMT

By: Bernie_Mitchell

Stock-Markets

With the General Market (OEX) registering new recovery highs last week, and the New Economy stocks falling to three (3) week lows, the final "weight of evidence" has fallen into place for a sustained correction in the eight (8) to 12 percent range over the next two (2) to (3) months.

Big target 100.88 basis the SPY which is major Fibonacci Cluster CONFLUENCE level - - a 9.7 percent correction from the high.


But first, we expect a good bounce that may come close - - or possibly exceed slightly - - new highs, so its critically important shorts be timed accurately so as not to take on too much risk.

Timing will be done in chatroom. (See below.)

Other evidence indicating the coming correction:

1. Back to back Weekly SPY Bearish Squats.
2. Bearish OEX Weekly Bearish Squats.
3. Bearish Momentum Divergences to be established next week.
4. Oddlot Shorts/Volume registers nine (8) week low and 4th all time low.
5. Multi week Bearish Divergences breadth based on NYSE 52 week highs/lows, showing 44 percent lower New Highs than peak six (6) weeks ago.
6. Volume Demand Index (VDI) showing multi week Bearish Divergences.

In the chatroom in pre market trading we went long SPY 108.94 - - exited 109.25 for +.31 - This low never reached in day session which recorded an unsatisfied SPY level 108.84 based on ES futures overnight low.

Long SPY points current series +1.19 points.
Long / Short SPY points (incl. all previous series 32 weeks 96.25).

By Bernie Mitchell

feargreed.com

In 1981 Bernie developed the POKE system for the commodities markets. He modified the same system for day trading in 1994 focusing on the S&P 500 Futures and then for individual stocks in 1996. In 2001, he created Fibonacci Cluster Software, a totally unique way of decoding Support and Resistance levels. Fibonacci Clusters can help any trading system be a better trading system. Today, Bernie has emerged as a leader in market technologies, being published in Stock, Futures & Options Magazine Investor Flash and Chartpoint Magazine. Since 1997 Bernie has published Fibonacci Impulse Strategies Market Commentary, a market letter that goes out about 20 times a month. Bernie has successfully trained over 800 traders which what has now become the Fibonacci Impulse Strategies.

© 2009 Copyright Bernie Mitchell - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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