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sample chart with analysis
sp500 target of 950 this may09 is still on.a free sample technical analysis at my personal blog. i believe the may 4 stress test is a non event. i think major short covering will happen as the news discount itself, leading to a spike at the 950 neck. after which, being a short term nature of the spike, profit taking will set in as investors will realized the sp500 have gone up too fast too soon.
picture perfect: driving force of the sp spike to 950 is the n0n event may 4 scenario. weekly job loss chart is in parabolic spike as well. if the paras is in wave 5 now, it will top this may09 or weaken a bit. the last study i have was in january when i mistook wave 3 as 5 with a target of may09 as the para burst. as most analyst were searching for the next bubble, i have search mine in a form of us weekly job loss.
back to sp. a wonderful inverted hs may take place after the said 950 sp spike. testing the 50ma on the daily chart, possible 800 low to mid. time element will be 3 months or so in forming right shoulder. a break at the 950 neck will mean 1k target in late quarter and possible yr end target of 1100 or near. caveat.
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please see chart of s&p 500 on my previous post (somewhere in this blog)