The close above the risk level can only be ignored:
-- If the opening price on Monday opens below the risk level OR
-- if the opening price on Monday opens below Friday's closing price AND the high this coming week fails to exceed last week's high of 1330.79.
If the Combo signal does vanish then we have to keep our eyes peeled on how we close; it is possible to get sequential bar 13 to print this week. Meanwhile, the most bullish outcome would be a price this week above 1355.43 as that would put any possible combo/sequential signal on hold.
Bottom Line: Let's see how the cash SP500 opens this morning. I will review the weekly action and the daily chart tomorrow.
4 comments:
Here comes the Demark gray area. Opened lower, just barely bested Friday's highs which technically should non-confirm the weekly combo, but the market remains weak.
Can you post an image of the sequential 13 you are referring to?
Also, does the daily 9-13-9 mean we should expect a move in the next 4 price bars (between today and Thursday) or does a 9-13-9 make the follow-through window longer than just a regular 9 sell setup?
-Erik
Yep, the Combo 13 has vanished. As far as the pending sequential 13 ... it is based off of the same setup as shown in today's chart. Sequential day 1 = setup day 9.
I use the expectation that we should see a reaction within 4 bars for the 9-13-9 pattern. A bit more on this in tomorrow's posting.
Sax
Doesn't the newly active weekly sell setup from Feb 4th force the 13 count to start again because it finished before the 13 count did?
Regardless, we still have the highly active OpEx Tuesday and Friday to look forward to this week.
Currently
Daily 9-13-9 (ends Thurs)
Weekly 9 (ends Mar 4th/stop level)
Monthly 9-13 (potential end Feb)
No. Once again I first make a comparison of how the present setup compares in length (price-wise; not time) to the previous. At this time the most recent setup is not large enough to force a recycle.
You do make an excellent point about tracking the stop loss (or risk level) associated with the current setup. I will start tracking that myself!
Thanks,
Saxby
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