Friday, May 6, 2011

Make or break Day

The majority of the Cycles, including the Long term and master Cycles that called the 4/29-5/2 High (see previous posts) , were now looking for a 5/4-5 Low, which we have seen sofar,  but today was a Make or Break day as we had to reverse higher today or be proven wrong.

The Jobs report was seen as bullish as Globex futures are + 12.00 SP's at the moment, which is a good start.

A rally and close above 1346 SPX down trend line (DTL) was needed to get short term bullish.

2 comments:

Big Bang said...

Raj,

When you say a 1346 close WAS needed to become bullish the market, are you referring to a close above 1346 on Thursday or Friday?

Thanks.

Raj Time and Cycles said...

Any close above 1346 today is bullish short term