Posted on June 23th, 2009 at 2:30 PM
The S&P 500 ($SPX ) is pulling back on the daily. When will it end? Time is one of the most difficult factors to work with in the markets. However, some simplistic number series can be used to give us some points in time to look for near term low/hi to come in. I personally like a combo of Fib and Gann numbers. I typically look for the turn to come in + or - one bar (day in this case). Below is a daily chart of the S&P and I have the the relevant bar counts below. As you can see we are approaching a day 72 (using trading days) from the March low. You can see we turned off off day 55 and 45. I am looking for this market to establish a near term low around this day 72. What kind of bounce will this be? I am not sure yet, but I will be prepared for it to start.
Good Trading
Craig Russell
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