mayday friday, page-7

I've been trying to get an updated wave count, and I think Tony Caldaro outlined a change on Wednesday: http://caldaroew.spaces.live.com/

He is calling for a low in the SPX below 827 sometime next week, which will complete intermediate wave C of the corrective wave B. Then up from there I guess.

So, this may not be the time for new lows, David Hunt forecasted that there would be a new low before the end of May, then up through to September, then watch out below.

For the S&P ASX 200, Trading Central says...

Our pivot point stands at 3670.

Our preference: as long as 3670 is support look for 4076.

Alternative scenario: the downside breakout of 3670 would call for 3533 and 3451.

Comment: the RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The index could retrace in the short term. The index is above its 20 and 50 day MA (standing respectively at 3723.45 and 3524.3).

Supports and resistances:
4160 *
4076 **
3994
3766 last
3724
3670 **
3533 *