Monday, October 6, 2008

Market below all trendlines

All of the markets are below current exponential trendlines. That means to find the new trendlines it is/will be following, new pivots will be chosen reflecting earlier and bigger patterns then the ones I have been using. This is a normal part of the process. The influence of the earlier pivots may still be felt, however. The $SPX has a 1.0 node on November 4th and the $SPX has a .75 node on 10/30/08 which are close enough dates to each other to bear watching. From a technical standpoint, the markets have fallen below their Bollinger Bands and could rally a bit here, but don't expect too much...

Mark L.

P.S. I see Carl Swenlin tracks a 9 month cycle and calculates a potential bottom around the 23rd or so...so the end of October to early November could be indeed be significant...I will try to find the next pivots and see what they say...

2 comments:

lagscrew said...

Here is what I posted on Greenies blog

sold my gold and silver today. --step one--

the lows hit my target today for a bottom so now just see if its a V or W

Ill buy some QLD or SSO tomorrw if things look OK

mlytle said...

Hi lagscrew,
I would agree with that, we are beyond the Bollinger Bands on most markets, and that is also consistant with a bounce of some kind...

Regards,
Mark L.