snippets - week ended 10 july 09, page-11

So I guess these two time cycles have more of my attention than yesterday:

- 144 day up trend from 6 March low (S&P) would mean a high at the end of the month, or

- 135 days from low (Monday 20th July) for a lower high (above the 1 July and below the 11 June high) would could set off alarm bells.

I would expect that tonight will consolidate the big move up with a small range of 10 or so points to close new the 900 level (50/50 on that one). Doubt a reversal but it happens. I remember once in 2005 on the XJO it was exactly like that - huge day like that up and the next day gave it all back. A reversal like that happening after the creep down is doubtful. The creep down is more likely to be followed by a fast move up, which is what looks to have just begun. The usual is to consolidate a big move like that.

The higher low of last Friday as against Wednesday is confirmed.