Stock Market Down 16% More into March 11?

By: Brad Gudgeon | Mon, Feb 22, 2016
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The chart below shows that the SPX 1650 level +/- may be next and sooner than most think. Looking at this 2 hour chart of the SPX, we can see a similarity to the December 27, 2015 top. The move up from February 19 into February 22 is stronger by 27.7% suggesting a harder move down this time than in late December into January 20th. March 11th is nearby to the Bradley March 10th date. March 11th is the anniversary of the 2015 20 week low, is 20 TD's from the January 20th low, and the 7/28 week cycle low from August 24th, 2015. The 1650 level beckons.

SPY 2-Hour Chart
Larger Image

GDX looks like it will make a bottom on Tuesday this week and rally one more rally up above the 19.00 area. GDX and gold look vulnerable to lots more selling ahead.

My 1840 SPX level will have to wait three days. By Thursday this week, we may be well below 1840.

 


Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info
BluStar Market Timer offers auto-trading for those who don't have the time or inclination to trade their own accounts.

 


 

Brad Gudgeon

Author: Brad Gudgeon

Brad Gudgeon
BluStar Market Timer
Blog
eaglesoveramerica.com

BluStar Market Timer Investment Philosophy: The stock market is currently in a technical Elliott Wave Bear Market Rally. It has been exhibiting A-B-C type waves instead of the normal 5 Waves since the market topped in 2000. According to "The Original Works of R.N. Elliott", we are due for a move down to about the S&P 500 442/443 area in the next few years. In my opinion, this is no longer a buy and hold market, but a traders' market. We mainly swing trade the market with funds and ETF's, but otherwise trade according to the market's disposition and to the traders' discretion. For the year 2014, BluStar Market Timer is rated #1 according to Timer Trac. http://www.blustarmarkettimer.info

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