AMEX:SPY   SPDR S&P 500
78 5 3
Monthly Chart. Clear signal here. Caution.
The US market has been going up since March 2009, a 10-20% correction would be healthy for the continuation of the bull market. Fibline has showed us a doji on the monthly which I think is significant and his trendline is simple and solid.
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Just an inside candle, nothing to fear for macro investors. Maybe a good short for active traders. Know you timeframe.
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We are now in negative lunar cycle after new moon on April 29th. Next Wednesday May 14th is full moon and i will be looking for a short term bottom there, I rather wont call this bottom precisely but perfectly if they bottom at 1830-40. Then, when VIX spikes up (it is now due for another cycle up) and there is a full moon (both emotional indicators!) you have a chance for a massive rally up and new high, be careful with shorting after mid next week.
Check 2011 and dates between April 1 (new moon), April 18 (fool moon) and then rally to the top and another new moon on May 02 - then at that point it was massive opportunity to short.
Just my 2cents, good luck everyone.
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It will be interesting to see how the chart looks at the end of May. Let's see if May month end gets below your green trend line.
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timwest PRO Crinklebine
Agree Dunster, It's key to use monthly charts at the end of the month. Perhaps a view of weekly charts would be helpful, or, alternatively, design monthly charts to go back X# of days back from today. 22-days per monthly bar using today as the last day of the monthly bar. Maybe write a script to make that happen. Nice comment.
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