Full moon today, so it's no surprise to see the futures spiking higher. Just as the new moon can cause a trend change (or a change in the weather) so too can the full moon, no matter how nuts it may sound.
Laugh, but I don't know a single fishermen who does not use a solunar table when calculating the ideal times to fish. Why should traders be any different?
I was looking for 1650 yesterday, then it looked as if an intraday bullish falling wedge was in play targeting 1647ish. That turned out to be wrong, and I started thinking of a waterfall decline.
The wave patterns feel a little ambiguous, so this bounce is more than welcome. Perhaps it will clear up some of the near-term scenarios.
Today I'll be looking to see whether 1651.63 gets reclaimed, which would form yet another overlap on the S&P chart. Continued overlapping without a waterfall decline would make me bullish.
1636 and 1617 continue to be of interest to me below. The former is a 261.8% Fib extension target, and the latter is the 61.8% retracement level.
Bounce targets? Anything from 1663-1670 would not surprise me.
In other news, while there may have just been a record-breaking Ferrari auction at Pebble Beach, The Guardian reports that Greece's only Ferrari dealership has had no sales for nearly two years. I'm sure the local economy has something to do with it, but apparently so do excessive duties which were imposed by the EU and IMF.
Governments never learn. Tax something and you get less of it.
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