For Us, Today's Rally is Yesterday's News...

By: Joseph Russo | Tue, Jun 14, 2011
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Following a miserable May and rather dismal start to June, the short-term downtrend appeared to be imposing death by a thousand cuts to the bullish contingent seeking some sort of snap-back reprieve from the corrective downside torture endured over the past six weeks.

Last Friday June 10, we tagged our first downside swing target of 1276, which was established shortly following the S&P's 1370 print high in early May.

Yesterday's Near Term Outlook presented the following chart points and screen cast video to subscribers on Monday, June 13.

S&P 500 Daily Bars

As mentioned above in the lower paragraph of chart points, we stated that vs. Monday's print low of 1265.64 (if it held) a move above the cited visual boundary carried immediate upside price risk just south of 1290.

With overnight futures positive from their open and the headlines of the day meeting general expectations, there was no question as to the 1265 level holding amid a move north of our cited bullish boundary.

Within the first two hours of trade, and before you could finish saying double-dip, the S&P was up over 15-pts and knocking' on the door of 1290.

June 14 S&P at 12:50pm EST.

June 13 Screen Cast for the S&P 500

If the embedded player fails, here is the video link:

We hope that you have enjoyed today's brief snapshot of what goes on in the Near Term Outlook three times a week.

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Until then...

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Joseph Russo

Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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