• 21 hours Why The World's Central Banks Aren't Yet Sold On Renewables
  • 2 days How Much More Cash Can Uber Burn?
  • 2 days Inside The Biggest Counterfeit Gold Scandal In Recent History
  • 2 days EU-U.S. Trade Relations Are Deteriorating
  • 3 days Over 184 Companies Have Bailed On Facebook
  • 3 days BP Sells Petrochemical Business For $5 Billion
  • 3 days U.S. Moves To Secure Domestic Rare Earth Supply
  • 4 days E-Commerce Explodes As Boomers Go Digital
  • 4 days Major U.S. Cities Are Turning To Renewables
  • 5 days Economic Reopening Backfires, COVID Surge Snaps Recovery
  • 5 days How Are Low Car Sales Impacting The Metals Market?
  • 6 days Are Gold Stocks Still Undervalued?
  • 6 days Singapore's $3 Billion Oil Trading Scandal
  • 7 days Luxury Clothing Isn’t A Priority As Americans Grapple With COVID-19
  • 7 days Natural Gas Demand Hits 25-Year Low
  • 8 days Gold Inches Towards $1,800 As Investors Pile Into ETFs
  • 8 days The War On Gold Has Begun
  • 9 days Immigration Attack Will Ruin America’s Tech Dominance
  • 9 days Saudi Arabia Builds $4 Billion Tourism Fund
  • 10 days U.S. Banks Have Seen $2 Trillion In Deposits Since January
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

Bulls be Aware! 2245 SPX+/-5 is Major Long Term Resistance

Forecast from my last public blogpost on 11/4/16"The 47 TD Cycle is still suggesting a 11/8 Low +/-3 TD"

From the 11/9 Update: "A solid close above 2155 SPX confirms the 11/4 major Low as the 180 TD/9 Month major Low and we now rally into the next 1-2 months"

Actual: The Cash SPX Low was on 11/4L at 2083.79 SPX, which was a quintuple time CIT, while the Globex SP futures made its Lowest Low on 11/8-9.

From the 11/22 Update: "it is best to use any short term pullbacks to add to longs and just be long until around 12/XX. There is a "Tunnel" Price target at 2239 SPX"

From the 12/1 Update: "There is long term trend line resistance at 2245 SPX+/-5"

Actual: From the 11/4 Low, we rallied so far a whopping 157.84 SP's in one month into 12/7H at 2241.63 SPX, which reached our 2239 SPX Tunnel Price target.

S&P500 Daily 1996-2017 Chart
Larger Image

We have rallied into major long term major trend line resistance that started from the 10/28/97L, touched 10/8/98L, 3/22/01L, 3/19/02H, 10/11/07H, 5/20/15H, all major Highs and Lows! and now 12/07/16H at 2241.63 SPX. Of course it can pierce this trend line a little, but it suggests limited upside potential as 2242-45 SPX +/-5 should be major resistance.

Thursday 12/8 is a major long term proprietary Geometric Time CIT, that dates back from the5/2/11H. 12/9 is the next Solar CIT and the "Ezekiel Wheel" next CIT is on 12/9.

S&P500 Daily 2009-2016 Chart
Larger Image

There is also a 45 week cycle due this 12/9/16 week that started from the 3/6/09L.

What's next: We should make a Dec 8 High+/-1, targeting 2245 SPX +/-5 and start a retrace, we should then retest these Highs at a long term projected future major High date.

 

Back to homepage

Leave a comment

Leave a comment