NASDAQ and SP500 in Sync with Sept/October Drop
The charts below of the QQQ (NASDAQ 100 ETF proxy) and the S&P 500 show that the US stock markets are almost entirely in sync with the September 19-October 15, 2014 drop. The main difference is that they are tracking at a slightly lesser rate of 94.9% of the former drop.
One of the differences that threw me off this week was the S&P 500. It seems to be tracking slightly earlier than it did last year (and with a different pattern), and the QQQ seems to be tracking later in time. As I write this, it is about an hour before the FOMC announcement. It looks like the US markets are not going to like what they say. If it continues the same, watch for a fake-out rally on Thursday!
The charts pretty much explain themselves. Interestingly, the Bradley Siderograph has a Major Turn due on June 9th of this year. From the expected low of SPX 1919/20 due on March 26 (and adding the exact days of the October 15-December 29th top) to we arrive on the June 9th date. That sequence ran +15%, bottom to top. That should put us slightly above SPX 2200, all things being equal. Time will tell.
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