Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.
SPXBullish long day. Midpoint above EMA(10). Still above all SMA's. Tested and held the 0.0% retrace (1661.49). New high on daily 3LB (reversal is 1633.77). QE2infinity. Still below 2 of 3 trend lines and RSI(14) above 50.
DXYBullish long day. Midpoint above EMA(10). Tested and held the 0.0% retrace (84.00). Still above all SMA's. New high on dally 3LB (reversal is 83.22).
VIXBearish short day. Midpoint below EMA(10). Now failing all SMA's. Still failing its 61.8% minor retrace (16.45). Daily 3LB reversal down (reversal is 13.07).
GOLDBearish long day. Midpoint below EMA(10). Holding above its 0.0% retrace (1335.10). Still below all SMA's. No daily 3LB changes (reversal is 1586.70). Must have the precious.
EURUSDBearish short day. Midpoint below EMA(10). Still failing all SMA's. Still failing its 38.2% retrace (1.3145). New low on daily 3LB (reversal is 1.2973).
JNKSpinning top day. Midpoint below EMA(10). Tested and failed SMA(21). Still failing its 0.0% retrace (41.86). No daily 3LB changes (reversal is 41.94).
10YR YIELDBullish long day. Tested and held SMA(89). Midpoint above EMA(10). Tested and held its 61.8% minor retrace (19.37). No daily 3LB changes (reversal is 18.13).
WTIBullish short day. Tested and held SMA(89). Midpoint above EMA(10). Holding above its 61.8% minor retrace (94.01). No dally 3LB changes (reversal is 96.91).
SILVERBearish short day (didn't confirm hammer). Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (22.60). New low on daily 3LB (reversal is 24.19).
BKXBullish long day (didn't confirm bearish harami). Midpoint above EMA(10). Still above all SMA's. Tested and held its 0.0% retrace (60.76). New high on daily 3LB (reversal is 58.79).
HYG/LQDBullish short day. Still above all SMA's. Midpoint above EMA(10). Tested and held its 38.2% retrace (0.7907). No daily 3LB changes (reversal is 0.7879).
COPPERBullish short day. Midpoint above EMA(10). Holding above SMA(21). Tested and failed its 38.2% minor retrace (3.322). No daily 3LB changes (reversal is 3.080).
AAPLBearish short day. Tested and failed SMA(21,55). Midpoint below EMA(10). Still failing its 61.8% retrace (463.72). Still failing BB(2,200). No daily 3LB changes (reversal is 463.84).
GSCIBullish short day. Midpoint above EMA(10). Tested and held SMA(144). Holding above its 61.8% retrace (31.04). No daily 3LB changes (reversal is 30.05).
IWMBullish short day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 0.0% retrace (98.67). New high on daily 3LB (reversal is 96.83).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
3 comments:
Weekly 3LB Update 5/17/13
http://finance.yahoo.com/news/wall-street-week-ahead-correction-082923880.html?l=1
Wall Street Week Ahead: Correction talk gets old as rally sails along
By Angela Moon
NEW YORK (Reuters) - With the broad S&P 500 Index (.SPX) gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.
Concerns about a technical correction have been a hot topic for weeks, especially as the rally accelerated in May - the S&P 500 is up 4.4 percent so far this month and up nearly 17 percent for the year. But as the three major U.S. stock indexes inch higher and higher to set record after record, many analysts are shrugging off the pullback worries.
"There isn't a technical level that we have in mind at this point when making decisions. The momentum is really strong, and riding along that momentum is what we should have in mind at this point," said Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors in Wilmington, Delaware.
The S&P 500, which rose above the 1,600 level only about two weeks ago, is now less than 40 points away from 1,700.
As the market continues its upward move, some market participants are beginning to believe that the rally is not a bubble but rather the start of a new bull market. Others argue, meanwhile, that the strong momentum is not based on fundamentals like economic data or corporate earnings but is relying heavily on easy monetary policy from global central banks.
Regardless, the consensus in the short term is that the market will avoid two of Wall Street's most popular maxims - "sell in May and go away" and "summer doldrums" - and maintain the upward momentum.
All I can say is "Famous Last Words" seems to apply here.
Arrgghh!!! SPX looking to test 1675. Don't let it pass the test. The bears will thank you. Because if it passes the test then 1700 is assured.
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