Friday, May 18, 2012

Review of the last week and today's intraday Time and Cycles

In the last post, I was looking a for potential crash into OE week. "Crashes are rare events, so caution is warranted with the following analysis... If we see a Panic wave develop in the next 1-2 weeks, it should ideally be into 5/18/12, the New Moon -2 CD."

Actual: We saw only a Mini Crash this past week, as we are down -48.53 SP's  from last week's close at the opening today's 5/18 New Moon - 2 Date.

Overnight Globex dropped to lower lows as -7.75 at 1293.50 June SP around 12.40 am, then slowly recovered 14 SPs into +6.00 at the moment.

Was the Globex Low, the Low of the New Moon-2 move? It is possible, as the markets are extremely oversold and the Facebook IPO is causing some temporary optimism, that should keep the markets afloat today.

Intraday 5 min June SP CIT (Change in Trend) Times 5/18/12: 10.00, 1.00 Apex, 3.20 Eastern

The intraday bias today is for a 10.00 CIT High, down into 11.40 cycle Low+/-30 and perhaps into 1.00 pm Apex CIT LOD, then there is a 68% chance we see a rally into the last hour High at the 3.20 CIT.

Daily channel support is around current prices at 1300-1304 SPX (see chart). Daily Resistance is at 1325 SPX. 

A rally above 5 min down channel resistance at 1308 June SP is short term bullish.

Ideally we retest yesterday's lows today, but as we are overdue for a 1-2 bounce, we should see an oversold rally into the 5/20 Lunar Eclipse and 5/21 Solar CIT.

1 comment:

Raj Time and Cycles said...

If all goes according to a cycle I am watching, we should see a Doji day today.