As predicted in my last post this subject, the longer picture (ie weekly and monthly charts) has indeed proved to be true with the market turning at the double bottom of 3287 and looking decidedly bullish, the first time in 3 months.
The all important 50% barrier (3500 high in the "Ides of March" to the recent 3427 low) of 3394 has been taken out cleanly, indicating considerably higher prices. I would expect some minor retracement at some stage, possible Monday or Tuesday, then a continuation of the bull trend.
I have now shortened my trailing stop to 15 points behind the action, as no run goes without some corrections and this one has moved fast. Note it's now only 8 points below the high of 22/4/2002 so this may well be the resistance point. Following the retracement I am now predict the all time high of 3500 to be seriously challenged, and probably taken out.
The only thing I can see effecting this would be a major change in the DOW (still running on b/s but showing an upward trend also).
Since Mid December the SPI200 has been performing like a dream for Gann enthusiasts, both with time and price cycles. I hope you futures guys are having a ball. Good luck to all.
