Technically Speaking: Near Term Outlook SP 500
July 11, 2011 11:00pm ET
Near Term Outlook | S&P 500
Over the near-term, since mid-February of 2011, the S&P 500 has been going nowhere, stuck in a multi-month horizontal range that is bound between a floor at 1249, and a ceiling at 1370.
Following a rapid move back up toward the upper end of its range after testing its base in mid-June, S&P 500 bulls are expressing some reservations.
Short-term, we have circled capture of an old 13-point downside target of 1326 from early July, and draw your attention to a sell side setup mapped out last Friday, which currently cites a short-term downside target at 1313.
Our recent work in the US Dollar conveyed that the US currency was coiling and set to unwind. Well, unwind it did, at least over the short-term.
Trading with a respectable level of inversion to broad equities the recent upside move in the dollar added confidence to our outlook for the imminent weakness we are now experiencing in the S&P 500.
Technically Speaking Video
I trust and hope that you have extracted something of actionable value from this edition of Technically Speaking.
Until next time,
Trade Better/Invest Smarter
Elliott Wave Technology's Near Term Outlook is for those who demand masterfully consistent and objective technical analysis that visually lays out actionable ideas from which to engage the broad markets over the short and near term. The publication is delivered to institutional and private clients each Monday, Wednesday, and Friday evening.
The Near Term Outlook covers 7 essential broad markets.
US DOLLAR | DOW JONES INDUSTRIALS
| S&P-500
NASDAQ-100 | GOLD | CRUDE OIL | BONDS
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Author: Joseph Russo
Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology
Since the dot.com 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, ...
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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).
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In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."
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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."
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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.
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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.
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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.
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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.
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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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