Two heavy weights (BOE & China) take QE actions, but is this the sign of the market top - it might be!!
Initial signals of decline: 1363 and 1355 (SP500)
A close below 1340, will solidify the decline case.
Moreover, Euro has re-asserted its down-trend. So, we should be ready for a market top followed by a sharp decline.
IPM Turn Date: July 6, 2012 (+/- 4 days)
Initial signals of decline: 1363 and 1355 (SP500)
A close below 1340, will solidify the decline case.
Moreover, Euro has re-asserted its down-trend. So, we should be ready for a market top followed by a sharp decline.
IPM Turn Date: July 6, 2012 (+/- 4 days)
I found a pretty cool link from CNN for the Fear and Greed Index and how they calculate it together with other indicators. Feedback? Anyone know other tools? What do you all think? I kind of like it. The previous closed of the index was on "greed" mode of 56. And Naqvi IPM's market top was +/- July 6th as well. Everything ties together.
ReplyDeleteJoseph
http://money.cnn.com/data/fear-and-greed/?iid=A_INV_QL
ReplyDeleteJoseph
Naqvi, any thoughts about the depth of the decline? What's the projected level of support? 1290?
ReplyDeleteThat may be a tough question. You may want to bet on the later deeper decline which is supposed in late July or August. Naqvi projected this decline going on now and he projects a rally coming soon before the deeper decline. The rally upward may start tomorrow or later in the week or next week. What i find interesting is that the S&P is not being able to go lower the 1340 level with ease. There is some resistance around 1348 and 1358 in the past 2 - 3 business days.
ReplyDeleteJoseph