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S & P - Wrong Is Wrong. Moving On Up.

Wednesday Evening  20 April 2011

  The observation of spacing on the weekly chart stands out like
the proverbial sore thumb, as of last night, so how we missed it
previously is just one of those things.  When we looked at the
weekly chart, Tuesday evening, scanning for set-ups/information/
formations, it was like a beacon shining only on that part of the
chart, previously unseen.  Sometimes the hardest thing to find is
under the brightest light.  Spacing, spacing, spacing.  It is a
concept with which we are very familiar but simply did not see on
the weekly chart.  [See S & P - Weekly Charts At Odds With Daily?,
click on http://bit.ly/gshKah, paragraph after first chart.]

 The only thing positive that can be said is the wrong perspective
did not result in a loss because we never got a confirmation signal
to sell.  Today's chart is a monthly, just to show where price may
now go, on the upside, of course.  The downside target of 1240
area has been dismissed, for now.

 The last swing retest high after 2007 was at 1441 in May of 2008,
and in June of 2008, the high of the wide range bar down was 1401,
and this is where the S&P last encountered difficulty.  Now, no one
knows how the market will unfold from here...there could be a failed
high anywhere in between, so this is just to establish some new
parameters while looking for potential buy opportunities.

 

S&P M 20 Apr 11