Looking for a Move below 1086..

By Wednesday close of business, I believe the SPX will have broken down below 1086 as an intraday low...if not close price.  If it does so decisively, this very well may push the SPX down towards 1060...which is also a measured move from the potential head and shoulders that is forming.

If the market does not drop below 1086 by Wednesday, my system will have me out of this current move.

Below is a 60min SPX chart.  We may see a drop toward Friday's close (1091 range) tomorrow...with another move down on Wednesday...albeit on low volume due to the upcoming holiday.

MIDS:                         BEARISH
Move Start:               11/13
Move Price:               1093.50

Bearish going into Turkey Day week

Still Bearish going into this week...I expect this move down to end either Wednesday or Friday of this week.

MIDS:                         BEARISH
Move Start:              11/13
Move Price:              1093.50

First Leg Down

As projected, SPX was down approximately 15 today.  One thing of note...I actually jumped on this down move too early.  My system had me going in after close of trading on Tuesday...in the vicinity of 1110.  I decided to jump in early last Friday (close) at 1093 as I anticipated a BEARISH signal in my MIDS system.  To discipline yourself to a system that you know will generate signicant profits...while setting aside your emotional instincts...is one of the most difficult things every investor has to deal with.  In any event, I see the next day or two potentially being quiet, with a possible retest of 1101, which is the high of the last reaction (see 60 min chart) as well as the midpoint of this current reaction from 1113 to 1088.

I strongly believe the 1088 level will be broken on the down side by Tuesday at the latest.

MIDS:                              BEARISH
Move Start:                   11/13
Move Price:                   1093.50

The Beat Goes On...

Looking for down action that should be fairly decisive and bottom out by middle to late next week.  Next week will mark the 21 week duration since the early July intermediate bottom...this is a very significant Fibonnaci number and is typically very reliable.

MIDS:                          BEARISH
Move Start:                11/13
Move Price:                1093.5

B-E-A-R-I-S-H

Still strongly bearish.  Many others are calling for bullish continuation.  I am calling for a big down move either tomorrow, or Thursday.  All my analysis is pointing to downward price pressure and a possible push down below 1060 and heading towards even lower level support.

MIDS                             BEARISH
Move Start:                11/13
Move Price:               1093.5

Bulls Are Fighting Strong

Bulls are really hanging on.  Today's strong up move shows a sign of strength I didn't anticipate.  My system is based primarily on indecision between bulls and bears...which is where we were at Friday's close of trading  From there, I rely on several proprietary price indicators and in depth chart analysis to determine the next short-term direction.  I am currently BEARISH and, in most instances, the SPX would have dropped significantly today, but the bulls were simply not ready to step aside...tomorrow is another day.
 
MIDS:                     BEARISH
Move Date:           11/13
Move Price:          1093.50

New MIDS signal: BEARISH!

After reviewing my proprietary indicators after Friday's close, and confirming w/ various SPX charts, the Market Insight Directional Status (MIDS) signal is now BEARISH.  The first chart below is a daily SPX.  There is strong negative divergence between price and Chaiken Money Flow (CMF).  The horizontal line in the CMF has historically resulted in significant price drops once touched (from below the line).  If the market were to continue with its stubborn bullishness tomorrow, it would not last more than a day or two in my opinion, before starting to decline.  The Fibonacci levels are calculated with the start point of the move on the close of the first bull after the July 09' low.  38% retracement level is 1026 and 50% retracement is at 1002.  The second chart is a weekly SPX chart.  The important thing to note here is the high level of On Balance Volume (OBV)...which only reached this level once in the last five years -- late 07' before the market took a substantial dive.

MIDS:                              BEARISH
Move Start:                   11/13
Move Start Price:       1093.50