Wednesday, October 02, 2013

Weekly Update

My system flatlined last Thursday, lower to +875 on Friday, lower to +825 on Monday, higher to +875 yesterday, and lower to +850 today. The major divergence is still intact and now the bears have their best chance in a long time to cause a big sell-off. In fact if the bears don't act on the advantage they have been given, there could be a significant ramp up in the market. However, the bears definitely have the ball and could cause a sell-off very soon. If the bears do follow through, then we could hit the 1610-1630 area next week. We would bounce back towards 1675 after that sell-off but then the zig-zagging down would continue until we reach the 1350-1400 area in Q1. But that's a long way off and not worth thinking about until we see the bears follow through down to this 1610-1630 area next week.


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