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Offer extended through Friday (9/3).
The stock-market surge yesterday brought us right up to very visible trendline resistance, and it is difficult to believe that the equity bulls won’t find a way to break that trendline decisively. The daily chart of the e-mini S&P 500 futures is still not at all bullish, but a 43-point move from here will do the trick. Throw in another 13 points and we’ll have a really convincing impulse wave. Specifically, 1129.75 will satisfy our minimum standard of one internal and one external prior high, but 1143 will give us a second external, at which time we might have to start taking the bounce off of 1000 seriously. All of this would occur within a larger bearish context, however. In Wednesday’s tutorial session, we looked at the monthly S&P 500 cash chart and found that the index is on course for at least 833.08, and possibly 446.35. The attached graphic shows this pattern in red, plus an alternative pattern whose midpoint was almost hit by the famous 666 low. (Posted by Doug McLagan)
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