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E-Mini’s, Money Flow Indicator and the Bear Channel
Double top on the Money Flow, and a H&S on the Money Flow in 2010…
ESwithMoneyFlow
The Bear Channel
Now that we have restarted the downward trend it is time to pull out the bear channel chart. The sub channels are by created by subdividing the main channel into fib zones. This should show all the major resistance and support lines. Enjoy!!
Bear Channel
Futurama Update
Here is the updated Futures Chart – As you can see we broke up thru the Fib this morning, paused, and have now dropped back below the line. Let us see what happens when FOMC statement comes out at 2.15. My Guess is some chop/chop stop trigerring and then a sell the news.
Futurama
A Quick Look at the futures shows an interesting relationship with the Fib Fans. If it can break thru the resistance line then we could go up some more – if not then we could be looking at 1115-1120.
Latest SP500 Elliot Wave count
The day started well. A correction kicked in at the 70.7% Fib Fan line (Jan 19 to Feb 5 ref line) and miraculously went all the way back upto to the 78.6% Fan Line – which acted as a key level of resistance. It felt like another wave 2 up, following a wave 1 down this morning. Did I tell you I hate wave 2’s. Anyway here is my highest priority count chart…
I have updated the SPY Price Prediction chart with todays prices
Also here is a close up on the SP500 futures withe major fan lines. Highlighted is the H&S pattern. As you can see the market seems to want to backtest every breakthrough.
Morning futures action
Well this certainly looks like the start of a (iii). I like wave 3’s. Looks like yesterdays anemic action was just to retest the fib fan.
S&P 500 Futures
Interesting chart. If support does not hold we could be heading for 1088.
ES022210
Fib Fans of S&P 500 suggest a volatile week
Looking at the SPY over a longterm with Fib Fans. You will notice both the devestating effect of breaking through a Fib Fan Line and also the confusion whilst at the line. The recent ups and downs of the market can be explained by this preparation to break through a major level of support (or a huge bounce if it cannot break through).
SPY Arithmetic Scale
Chart 2: This char is the same, however I have used log scale. In this chart we have already gone through support and have been retesting the now resistant trend line.
SPY Log Scale
You can see the retesting in more detail when we zoom into the intra-day activity.
SPY Log Scale Recent
Also look at the Fib Lines, from the March low on the S&P Futures. This should be a make or break week.
SP Futures Arithmetic Scale
Price Forecast for SPY Feb 15 to Feb 19
Okay, this is based on my SPX Elliot wave count, plus the Primary SPY channel. Now of course there may be some Futures related shenanigans on Sunday night thru Monday night, so I’ll send out another Update on Monday evening. I expect the top of the range to be 108.22 ish and the bottom of the range around 102.50.
If we get a close and confirm in the acceleration channel then much lower prices are in the offing.
A Close over 108.22 and a bounce off of the Primary trend line would be very bullish and would suggest a 110.0 ish target.
Here is the chart…
SPYder 02-13-10
