Wednesday, 18 April 2012

2pm Update - the bearish daily outlook

Market is certainly looking weak...sp'1395/1405 now looks out of range..and a move to 1340 is most definitely on the agenda.

Lets look at a more bearish chart..something a few of doomers might like

SP' daily - bearish outlook

*special note...
The 10MA will cross the 50 day MA tomorrow, that statistical event WILL trigger some automatic sell programs tomorrow morning.

As in the previous bullish outlook, 1340 and 1300 are key levels.

The point on this chart to note is if we can somehow get down to 1270/50 zone -where the 200day MA also lurks. It would make for a very nice wave'1 (black count)...before a little 2' up...and then a seriously major wave'3 lower in late May/June.

Such a wave'3 would be looking to hit the lower channel of the monthly wedge - currently somewhere around 1150/1200 you see.....

SP'monthly..simple chart.

More later...after the close.