The collision of global markets and social mood

Tuesday, January 14, 2014

Updated McClellan Analog And Key Price Points

Hat tip to Zero Hedge for updating the McClellan 1929 analog chart after the close yesterday. So far it appears like it has hit the bull's eye.

The market has now left very clear waves to provide stops. If the decline is for real, 1843.45 should not be challenged or exceeded. Ideally for the bears, this morning's bounce will fizzle almost immediately, roll over, and extend. Ideally for the bulls, the bounce will last much longer, get back above 1827.74, and continue.

The "violent move" I was looking for happened, but it needs follow through to do real technical damage, and that won't happen unless 1767.99 is broken.

So do I still think a high is not in? The simple answer is Yes. Not in. Not yet. Not until 1767.99 breaks.

Not only did I have to spend extra time yesterday fixing some bad data that I posted here (I don't mind being wrong, but bad data is just plain bad), I also found that the nautical desk calendar that I've been using for years has some very wrong moon phase information in it this year. It listed the full moon as being Saturday, January 4th, and I cited it in these pages.

The correct date is Wednesday at 11:52pm EDT. I should stick with the Farmer's Almanac.

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