Volume was up but that was most likely associated with options expiration. The SPX reversed but ended lower than yesterday’s high. The market may move higher from here, but nothing in the charts says it is probable.
The regional bank index reversed off the low. Volume was good but suspect due to expiration. The July low has not been eclipsed which shows the Fed/Treasury has fixed at least some of the problems.
The price of Gold Continuous Contract bounced off the 1×2 Gann angle as expected. The descending angles and the previous high near 940ish should provide significant resistance.
Tags: Financials · Gann Angle Fan · Gold · Standard and Poor's 500 (SP500)6 Comments
6 responses so far ↓
Looks like we have couple more days in a fractal
http://forkoholic.com/images/spxfractal112208.jpg
Serge
help me read that chart of yours. how can you determine those turn dates?
thanks
almost44
it’s triangle apexes - just draw lines using highs/lows. software which “sticks” line like a magnet to any open/close/high/low points will give u good results
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serge
thanks for the link to your site — very interesting.
question for you
would another drop in the market say down to the low 600 range on the S and P negate your analysis for an upcoming rally or would it simply move the “fork” down so the rally would start from a lower low and go to a lower high
i am anxious to learn more about your analysis so I can follow it–thanks for replying and thanks to Andy for his analysis and this growing blog community–all great stuff.
almost44
no, it will just pospond the rally and price targets will be different but on the same lines
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