We have 5 months to go until December and its that time to make predictions. I have a chart of the SPX with some space ahead showing the months to come. Lets see if you can complete the chart. Simply save the image and use paint to draw the lines. We wont make fun of your artwork. Lets keep this thread serious and we'll bring it up at the end of the year to see who got it right.
Posted this weekly chart last week and it's still holding up. Follow the upperchannel line to the end of the year. http://www.elitetrader.com/vb/attachment.php?s=&postid=1511330
You should take a look at the historical charts of SPX between October - December for the past 20 years. I'm glad to see a few in this thread know exactly what I'm talking about. * You now know the market direction. * You now know when to position trade (hold a position for more than several weeks) for big profits. * You now know when to be aggressive in your position size management. Simply, the real question is what will the market do between July - and the October 1st? Yep, there's other trends (up and down) with a high probability of > 85% between July - October 1st that will occur again. However, these trends have smaller durations that deals with several trading days back to back instead of many weeks as the price action S&P 500 between October - December. Therefore, do your homework and follow the statistics along with some common sense (trade what is obvious). Mark
I think we could test 1460 again, then rally to new highs in the 1560-1600 range by year end (max 1660). If 1460 fails, we will see 1400 again (max down would be 1363).