We are now flat

Yes folks seem like the market is now flat on the year and up a whopping 37% off its March low. For most of us who really measure everything on a yearly basis we are no different since January 1st. The market seem very bullish here but the question remains how much higher can we go, well I will answer that right now, 1054!!!!! That's my upside project since we hit that 666 on the Market in March.
I would love to see that number not because I have been calling for it since March as a possible top to any lift higher but it will confirm the structure on the bigger pattern of a bear market rally.
I saw this chart today which just blew me away



This chart shows in a nutshell what I have been saying for a long time that we are in a long team wealth destruction cycle and it wont stop. Yes you stock value might increase in value but inflation is eatting so fast into that growth that you are net loss on your investment in the SP500.

I will post some analysis tomorrow as I was busy this weekend doing some other stuff.

MARKETJEDI

Update

Out 1/2 that S&P short from yesterday @ 963.50 +4. I will hold the balance


Nice average up

CRUDE ANALYSIS

Crude looks like it has setup a H/S on my trading chart (144T). It also appears as though it wants to fail.

It measures .80 and targets down to around 65.90. The 161.8% projection from the high is conveniently close at 65.96. We will see how this plays out.
The pattern looks like it is setting you a Head and Shoulder pattern which should work but don't think it has to so be careful and use stops.


Notice we hit that 67.50 area I said was the PERFECT area to short and you SHOULD be short there with a stop appropriate to the H&S pattern

We will see.




MARKETJEDI

Third push !!

All my students know about the 3 pushes and here we got a textbook three pushes above the 956 level. Today was the third push and we broke through showing confirmation of the move.
Got to read up your technicals they work.
NOW are we heading to my ULTIMATE 1054 AREA????? I guess we will see soon enough!!


MARKETJEDI

Update

Added again @ 972. Average is now 967.50

Only for the experienced!!!!

Building a position here short based on the S&P 500 FUTURES.

First position here @ 963

BINGO AGGGGAAAIIIIIIIN!!!

Again 956 stopped us today again. The high of day was 956.50 which shows that this level is EXTREMELY important. Now today if I am not tired I will run some charts and see what is the likely scenario here but The wedges in recent months haven't led to much on the downside so I don't want to jump the gun.

The earnings season is very similar to the last but Morgan Stanley's negative earnings this morning might put a cap on us here. If we do pullback I have those SSO Puts as a play but I rather stay light here.


MARKETJEDI