Market Turning Points | Andre Gratian | 2011-06-05


Every time there is a correction in the stock market after it has had a good run, there is a lot of speculation that it might be the beginning of an important decline. This is the case again today, especially when there are signs that the economy is slowing down. Last Friday, the unemployment rate ticked up to 9.1%, and the number or jobs created fell to 54K, far below the previous month’s report of 232K, and far worse than what had been anticipated, and this was only one of several negative economic reports.

Since the SPX filled its phase count of 1370 five weeks ago, the indices have been correcting. But there is no technical evidence that the equity indices are at the end of the bull market which started March 2009, or even that it has started an intermediate correction (yet), for that matter! This is what I intend to demonstrate in this newsletter. We’ll look at the weekly, daily and hourly charts of the SPX, as well as sentiment.

2 Responses to “Market Turning Points | Andre Gratian | 2011-06-05”

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