Market Commentary 27NOV11

8/3/2019 Market Commentary 27NOV11

http://slidepdf.com/reader/full/market-commentary-27nov11 1/5

Andy’s Technical Commentary__________________________________________________________________________________________________

S&P 500 60 Min: Wave Discussion

-a-

-b-

-c-

-d-

-e-

-f-

a-g-

1154=Head and Shoulder Target

-a-?

HEAD

Left

Shoulder

Right

Shoulder

This is the best interpretation of the wave up from the 1075 low--that we have witnessed a “diametric”corrective a-wave which concluded at 1260. It‟s interesting to note the presence of a short term “head and

shoulder” pattern--admittedly, it‟s a little messy. The target of the H&S would be 1154, which would be quite

close to the 61.8% retrace the wider price range (1159). So, maybe it would be prudent to take some shorts off into this area (1154-1160)

REPRINTED from 11/20/2011






S&P 500 Daily: Wave Discussion

In last week‟s discussion we said: “the market appears destined for a test of 1154.” That has essentially come to pass with theS&P500 ticking a low of 1158.67. The market is now at a difficult position to judge—it has achieved some minimum downsidetargets and is very oversold. Therefore, it‟s almost tempting to buy this thing for a shorter term trade; however, it has shown nosigns of “bottoming action.” The best bet is for shorter term traders to cover current shortsand wait to see if there are any signs of abounce. Longer term investors should have been out of this market long ago…

a

b

“x”

“y”

c

d

1075

e

“x”

a1260

-a-?

-b-?

-c-?b

It’s impossible to know what shape this current

b-wave is going to take. Presented here is an “idealized” b-wave that should take twice as long as the a-wave.




S&P 500 120 Min: Weekly Support and Resistance

The S&P 500 stopped right in front of last week‟s support level of 1254. The only near term support is

the 61.8% retrace at 1158. If the market does bounce at 1158 “exactly,” it increases the chance it‟s a

„false bottom‟ at 61.8%. Markets that reverse at that precise of a retracement can rarely be trusted.

Shorter term traders that want to “press their bets” should consider 1183 for stop loss strategies—the23.6% of the most recent decline. Classic chart resistance lies at 1216.



DISCLAIMER WARNING DISCLAIMER WARNING DISCLAIMER

This report should not be interpreted as investment advice of any kind. Thisreport is technical commentary only. The author is NOT representing himselfas a CTA or CFA or Investment/Trading Advisor of any kind. This merelyreflects the author‟s interpretation of technical analysis. The author may or

may not trade in the markets discussed. The author may hold positionsopposite of what may by inferred by this report. The information contained inthis commentary is taken from sources the author believes to be reliable, but

it is not guaranteed by the author as to the accuracy or completeness thereofand is sent to you for information purposes only. Commodity trading involvesrisk and is not for everyone.

Here is what the Commodity Futures Trading Commission (CFTC) has saidabout futures trading: Trading commodity futures and options is not foreveryone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Beforeyou invest any money in futures or options contracts, you should consideryour financial experience, goals and financial resources, and know how muchyou can afford to lose above and beyond your initial payment to a broker. Youshould understand commodity futures and options contracts and yourobligations in entering into those contracts. You should understand yourexposure to risk and other aspects of trading by thoroughly reviewing the riskdisclosure documents your broker is required to give you.

Wave Symbology

"I" or "A" = Grand SupercycleI or A = Supercycle<I>or <A> = Cycle-I- or -A- = Primary(I) or (A) = Intermediate"1“ or "a" = Minor1 or a = Minute-1- or -a- = Minuette

(1) or (a) = Sub-minuette[1] or [a] = Micro[.1] or [.a] = Sub-Micro

PLEASE NOTE THAT THERE IS ADDITIONAL INTRA-WEEK AND INTRA- DAY DISCUSSION ON TECHNICAL ANALYSIS AND TRADING AT TRADERS-ANONYMOUS.BLOGSPOT.COM

Documents

Market Commentary 27NOV11