On the close, new compression reading
Key level: 1018.25
Above Key Level: up to 1028.25
Below Key Level: down to 1008.00
Interesting enough look at our short term C/T (1 to 2 weeks) primarily the equalizer, it’s the same as the short term compression reading up price target.
C/T (from 5/25/09
Down Price Target: 998.50
Up Price Target: 997.75
The evening session is pointing up to 1024.75. Although a decline could occur first down to 1018.25, whereupon we add to our short term long positions. First profit level (50% of our positions) we cover at 1024.75 and the remainder of our positions at 1028.25. Then we review potential short entry points, I’ll update as such.
Overview: The Market traded almost exactly according to the updates. We got short from 1030.50 last night, (We were long from 1022.00 Friday) we then took profit at 1014.25, and we got long and still are long from 1015.75 and added to our position at 1016.25. We’re now heading up to 1028.25 to 1028.75 (maybe to 1032.25 although doubtful) then sharply back down. As I had mentioned before this decline will occur in either in three or five stages. The next decline is a tough one to call, in terms of how far we reach; it’s either 1008.50 or 1010.00 but it could surprise us reaching 997.75, although it doesn’t really matter the next bounce from the low will be marginal. At this point in time we have a lock on a decline to 991.75, although it appears this correction is creating a larger correction down.