What index is 2.35% away from closing a very important gap that occurred in
October of last year?
The answer: The SPY (ETF) with a gap that will be closed when the SPY reaches
109.68.
At the close yesterday, the SPY was at 107.16 which was 2.52 points, and 2.35%
away from closing the gap.
As we approach the event, what phase is the SPY's short term cycle at? See
the next chart.
This is our short term cycle chart going back to August 18th. There are 2
cycles that work together to confirm each other. The white vertical lines show
the beginning of an up cycle and the red vertical lines show the beginning
of a down cycle. When the 3 and 6 exponential moving averages (EMAs) merge,
then it is time to be cautious or take profits as a cycle turn could be nearby.
So, where are we now? The EMA's were still okay yesterday, but the cycles
where showing the possibility of wanting to turn down. Indeed, the cycles do
show the best or safest part of the run has already occurred since September
8th. A little caution here would not be a bad thing.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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