Weekend 9/7/2024
Here are the major indexes. My take is that they either topped Jully 11, last peak, or a week ago Friday.
Industrials PMO has a long way to g before bottoming
SPX made a much lower high via the PMO but
still room to drop
NASD
This index topped July 11, fell in Wave One, rose in Wave Two, which means we are in a storng Wave three down
Bear Funds
Prudent Bear BEARX converse of Industrials or SPX
Notice I am using Fibonacci Exponential MAs here PMO just now crossing this has a long way to go
Pro Shares Short SPX SH
SH really jumped on Friday, again PMO just now crossing to the upside
Pro Shares Short QQQ which is the NASD symbol PSQ
These charts should post soon. We also have the advantage of the blue dots which represent the parabolic stop and reverse systen found by welles Wilder.
These are very long term plays, I believe a major top of serious consequence has occurred. Example the 200 month MA for the Industrials was last tested in the 2009 bottom. It
has not been touched since. It is currentluy at 21,188 about half the current Industrial level. That is a good first long term target. The 200 week MA is 34,549. that level is another good preliminary targer. Yes there will be ferocious rallies along the way these will be additional shorting opportunities.
Silver is still correcting, patience.
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