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1388 Target Practice?

Nov 19, 2012 10:42 am Print Print

Well, it didn't take any time at all for the anticipated backtest by the S&P of its 200 dma to play out following Friday's reversal.

The index made a beeline this morning to its overhead 200 and as suggested in this morning's report the S&P could trace out a Bear Flag underneath its 200 as it did below its 50 dma in late October/early November.

In addition, while the S&P has been magnetized to a picture perfect backtest of its 200dma, it may trace out an A B C type pattern with a first pullback followed by a second test of the 200.

The range of the last leg down from 1433 and the backtest of the 50 dma was a very Gannish 90 S&P points giving a 50% retrace of 1388, which ties to a Pinocchio of the 200.

Moreover, momentum considerations suggest the important 3 Day Chart will turn up, probably on trade over today's high tomorrow.

This closely ties to a probable turn up of the Weekly Swing Chart which will occur on trade over last week's high of 1388.81 by 1 tick.

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