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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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Short Term Stock Market Bottom Close

Last week, I was looking for weakness not to exceed 4%. The drop was closer to 1.7%. A positive divergence is occurring on the 1 and 2 hour charts, which should lead to a bounce soon. There is fib support around 2329/30. Already, Sunday night, SPX futures are down 14 points. An attempt to rally into month's end looks likely, perhaps to near 2365 SPX and the dropping 20 day moving average.

S&P500 Daily Chart
Larger Image

GDX looks like it trying to find a Z wave bottom of an XYZ bull flag. Overall, there looks to be higher prices ahead. I'm waiting for more pull back to go long.

Last week we had a great week trading SPXS +5% and DUST +6%. Our option players also had another great week.

 


Website: www.blustarmarkettimer.info

 

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