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Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Brad Gudgeon

Brad Gudgeon

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…

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Watch Tuesday, Big Move Coming!

The SPX is due to go down into Wednesday. I believe the 2144/45 area beckons. The June 27 low was exactly 110 TD's from the Jan 19 low. Adding 110 TD's to June 27th gives us Nov 30, the 5 month low. This should have been the low for November. The cycles are either off or we have a huge down week ahead of us. Normally, off a wedge, the first support is the 1991 area. We never got that low.

The recent high is not confirmed by OBV (on-balance volume), neither is the running A/D line. It looks like a 64 TD top (+2) right here and perhaps the beginning of something bigger.

I had 2213 SPX marked as the expected top for around the 16 TD top due mid month and we hit that at the end of the day Friday. It has built a nasty wedge on the hourly chart.

Venus sq. Uranus is telling us to look for a nasty surprise on Tuesday regarding a monetary issue. The Sun, Moon and Saturn are in Sagittarius early next week and the Sun sq. Neptune on Wednesday (look for the OPEC meeting on Wednesday as a possible catalyst too). On Tuesday, Saturn is 17.4 degrees in Sagittarius, the same as it was during the crash of '87 Oct 19th (and for the first time since). I can't imagine a crash off a top this quickly, but it certainly fits the normal cycles and a possible Wave Z. If it does crash, downside targets are 1991 and then 1950 SPX.

If GDX falls on Monday, it would be a sign to exit all longs as there is a Sun sq. Neptune Direct turn due Wednesday. If we rally, look for higher prices into Wednesday.

The big play this week will likely be the stock market.

S&P500 Daily Chart
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