S&P brief update – for serious traders

[GannFiboTrader]

ES mini June contract update:
April 10, 2008
I will keep this short and sweet but extremely enlightening.
Today’s Market:
Yesterday’s low (1351.25) held strongly as it was an important Gann-Fibonacci level and important number in numerology; I’m sure those who uses wave59 and uses the 5/9 count got already a flag (8) yesterday.
Elliot Wave - Target and Timing:
As you may know, the S&P is in (wave 4) and it looks like it’s forming an expanding pennant. According to my calculations the top it’s not reached yet and I believe the target will be either 1426.50 or 1436.00 +/- few points.
When this will happen? That could be in 2 weeks or during the summer, all depends on how (wave 4) will unfold. This wave is a complex one it’s not a simple (ABC) so we may see (ABCDE) or more before it’s over.
The Big Picture:
Although the main direction for the whole market is down but the astrological environment now favors buyers to take action, so that’s why we will see a tradable band that will span between 150 to 175 points on the S&P. So far we had 2 lows 1255.50 and 1253.00 and 1 high 1400.00, and the rest will unfold in the future.
Hope this will give traders a better outlook on what to expect for the few coming weeks or months.
PS. Watch 1330.75 and 1318.00 for reversal if 1351.25 is broken.
The above statement is purely my opinion on the market and it’s not recommendation for trading. Trading is a risky game and you should use care when trading. And always use a stop loss at all time.
Happy trading.

[GannFiboTrader]

Saturday April 12, 2008
ES M8 update for Monday April 14, 2008
Whenever my time permits, I will update the S&P market condition, however I would like to know if anyone in this forum trades the E-mini and reads my comments or I should not waste my time writing these updates, so kindly, let me know.

From my Thursday’s update: “PS. Watch 1330.75 and 1318.00 for reversal if 1351.25 is broken.”
On Friday, the S&P had a free fall breaking the 1351.25 level with minimal power to retrace till the closing. Just few minutes before closing as it was approaching the 1331 level, heavy buying took place marking the low of the week at 1331.75.

Important level
I believe this is the take or break of this cycle which started on March 16th at 1253.00. If 1326.00 or at worst scenarios 1318.00 are broken, it may indicate that 1389.00 on April 7, was already the top and we will see March 16th low broken in the coming weeks.

Monday outlook
The most probable scenario is that S&P will open with a gap up due to more buying during Sunday evening and Monday before hours. If this will be true, then the S&P would not be shy reaching 1344.50 in one breath. The early few hours of trading will set the day mood and may reveal whether it’s a rally or just a retracement.

Intermediate outlook
As I mentioned above we are at crossing roads, whether or not this level is broken. Next week should decide the fate of this cycle. If Friday’s low is a major one then, this wave should reach a zone in the 1400.00.

Happy trading