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Senior Contributor

Is this a Top in the S&Ps

   S&P's  slide into the close 1,814.20 . Could this be a top here in the stock market? I had a sell signal triggered today 1,828.25, and was just wondering if any of the SHARPS on here had an opinion on a trade here? The stock market has been staggering around at the highs since the Santa clause rally at the end of the year put it into new highs. Could we see a 15% drop from the highs?

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8 Replies
Veteran Advisor

Re: Is this a Top in the S&Ps

I got buy signals near the close for E - mini and mini Nasdaq....with a stop below 1806 ESH...............

 

don't see anything special about a larger top here. Seasonals are firm into May, yes?

 

 further, just appears to be completion of 1st correction after 1st mini impulse (from mid Dec lows) after major #2 elliot correct in Oct.

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Senior Contributor

Re: Is this a Top in the S&Ps

  Thanks c-x-1 for the break down. going to put a buy stop at 1842.75. With congress back anything can happen.

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Veteran Advisor

Re: Is this a Top in the S&Ps

you bet teaspoon73,

 

if the ES can come back to 1820-21 area i'd cover...just what i'm seeing.

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Veteran Advisor

Re: Is this a Top in the S&Ps

teaspoon,

this is an email i get periodically from a service i used to subscribe to: they send mktg emails occasionally...W.D. Gann was a long term genius in the mkts, however - so i believe his views are noteworthy: here's some cycle projections on equities.

 

ScreenShot087.gif

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Senior Advisor

Re: Is this a Top in the S&Ps

So your saying it's a good time to wisely invest heavily?
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Veteran Advisor

Re: Is this a Top in the S&Ps

i haven't said it to anyone, but..................i understand his basic philosophy(s) -- as a natural-ist and chart-ist. They are kind of basic common sense of nature.

 

it's a chart from Gann Global Financial..........you know anything about Gann's cycles?

 

here's one of his quotes:

ScreenShot088.gif

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Senior Contributor

Re: Is this a Top in the S&Ps

c-x-1 Thanks for the gann chart. Long term we could certainly go higher, especially if we can reap lower energy costs. I have a freind who works with timing rythyms and he had a top coming in the first part of Jan, S&p chart still looks like a double top. Got stopped out, but its worth a try in here if it fails to go higher. Even a hundred point break will still leave it in a bull market

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Veteran Advisor

Re: Is this a Top in the S&Ps

Possible on the shorter term correct.....not sure it's time yet...........might need to get to 2000 before 100 or greater break........................1 things for sure, though -- lots of short term opportunity up and down.

 

------- interesting to imagine 3000-4000 on S&P???

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