Wednesday September 21, 2016
Dear Subscriber, fellow Trader and Speculator:
Just a quick warning note: Today the Socrates (SOC) forecasts for the Dow, S&P, Silver and Gold were all very IFFY and on top of that, we have the FED announcement @ 11:00 PST during the time when the Markets are still open this morning.
We decided NOT to Day Trade this morning because, the Markets are very unpredictable right now and thus too dangerous to trade for now. In the event we do Day Trade, we will be very cautious Day Trading for the remainder of September as well.
As an example for today, the following is what SOC stated in its S&P 500 Day Index Futures forecast:
The strongest target in the Daily array is Tue. Sep. 20, 2016 for a turning point ahead. It does appear we have a choppy period starting Tue. 20th until Mon. 26th with each target producing the opposite direction for that 5 day period. We also see a choppy period between Wed. 28th until Thu. 29th with each target producing the opposite direction for that 2 day period. There are Daily Directional Change targets from Thu. 15th to Wed. 21st suggesting a choppy coiling period for 5 days. Centering on time using the Array, prospective Daily targets on the Turning Point Model, defined as highs or lows on an intraday or closing basis, are the days of Tue. 20th, Wed. 21st, Thu. 22nd, Fri. 23rd, Mon. 26th, Wed. 28th and Thu. 29th. Centering on the patterns unfolding, there is a prospect of a decline moving into Tue. 20th with the opposite trend thereafter into Wed. 21st.
Since the high of 219120 established on Tuesday August 23rd, we have declined into a low at 211750 created on Monday September 12th overall for 14 days electing in the process 4 Daily Bearish Reversals. The low formed at 211750 did penetrate the technical channel at 220527 which still presents some technical overhead resistance.
Consequently, this market has bounced from that low established on Monday September 12th for 3 days creating a reaction high at 215100 on Thursday September 15th failing to exceed the previous high. We have not elected any Daily Bullish Reversals so we need to focus on 216110 as closing resistance. A closing above this will show some strength. Ultimately, a Daily Closing above 218920 will signal a retest of the last high at 219120 and potentially a breakout to new recent highs.
Indicator Description... Trend
Immediate Trend ........... - Neutral -
Short-Term Momentum ....... - Neutral -
Short-Term Trend .......... - Neutral -
Intermediate Momentum ..... (Bearish)
Intermediate Trend ........ (Bearish)
Long-Term Trend ........... (Bearish)
Cyclical Strength.......... (Bearish)
Broader Trend ............. (Bearish)
Long-Term Cyclical Trend .. BULLISH
So be very, very cautious for now1
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September 21, 2016