'Recurring S&P500 buy support results in my indicators now suggesting a significant equity rally is possible. DOW cash index last 12,443' Market Outlook: http://www.elitetrader.com/vb/showthread.php?s=&postid=3238281#post3238281
Despite the recurring DOW/S&P500 buy support, sellers keep appearing and bearish daily and weekly charts slowly gain strength. Signals are now mixed and the rally I was expecting is looking undecided. Unfortunately the delayed / slowed down correction that started months ago will probably result in a sudden sell off similar to 2008.
Clarification of the Wile E Coyote correction for readers who asked: I'm referring to the price action on the sticky S&P500 chart at top of blog. It's been suspended in the air for many months just waiting for gravity to take hold...
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As seen in sticky chart at blog, monthly chart has been tracking sideways this year. This distribution and topping signifies that the big picture uptrend is ending and a significant downtrend will follow. http://stockmarket618.wordpress.com
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