move above 2600 in the S+P 500.
With 40 years of trading experience,
I have learned to spot important reversal tops in the market
This afternoon, the S+P 500 made a split second breakout move above 2625,
that appeared to have caused big money shorts to capitulate, and cry uncle.
And then it was over.
Just like that.
What appeared to be a breakout, just as instantly,
became an exhaustion failure top, immediately recognizable,
and price sold off in the last very important big boy 30 minutes of trading
on the NYSE.
So now..the Jan.16,2019 high in the S+P 500 at 2625.76
is now VERY IMPORTANT. Short Term Resistance,
and should be used an an important STOP in the S+P.
If the market, follows thru to the Downside
and closes back below 2600 not breaching today's high,
then the "Terminal "Breakout above S+P 2600
...that I have been warning you about,.
.. will be realized.
SPX Last 2616.10
Tom Demark is one of the legends of technical analysis.
His book sits on my library shelf, and I first learned to use 4 hour institutional charting from him many years back.
Can you illuminate the importance on the demark 9 count please ?
Netflix subscription price rise before earnings, very interesting.
Thank you, Jay.
Yes Jay. Demark's important trend reversal calls,made him famous
. Thank you, for the illumination.
New Market Timing Techniques 1997 Hardcover.