Fact: Over the last 15 months, the channel in the chart above is driving SP500 .
In high energy, there has been a few excesses above the top line (maximum 17days and maximum 1.6% above the line)
Given the lower energy prevailing on SP500 , i think the top line is not likely to be breached significantly
- This channel will be broken (sure thing) and this break is much more likely to be to the downside at some point.
- The channel climbs 0.8% per month.
- The time is counted, I would say the rally can last 5more weeks before a decent correction.
Not only mother’s day, but May 10th is:
2015 Bradley Bars Turn Dates for the S&P 500 (Bradley Siderograph)
May 10 (31/100 Bradley Siderograph Power; Note that a Declinations Turn Date also occurs on this date with a Bradley Bars Power of 100/100).
May 25 (31/100 Bradley Siderograph Power)
June 8 (28/100 Bradley Siderograph Power)
September 23 (32/100 Bradley Siderograph Power)
October 17 (48/100 Bradley Siderograph Power)
May 10, 2015
In 2014, the bradley siderograph had 2 occurrrences of 100/100 power declinations:
July 23rd : S&P at 1987. August 7th S&P at 1909 (80 point drop)
Dec 17th : S&P at 2012. Up 30 points from previous day. continued to 2090 on Dec 29th.
Declinations and turn dates can go in either direction. Was Friday’s monster move up a precursor of continuation like the Dec 16th to Dec 29th move ?
Or is it a significant short term top like July 23rd.
Some major move is about to occur. Given it took 155 million shares on a lousy job report just to get back to previous resistance on Friday and the VXV/VIN and VXX ratios are back to bearish territory is the reason for my thesis we will see recent lows retested in the coming days.