Market glance:
Note that XLF is having a whipsaw. Other than that, the mid-term trend is confirmed down.
SP500 daily chart and wave counting:
If we inverse the SPX chart, it does look like a bull market. This is why I believe we are in a bear market. All comments are on the chart.
XLF daily chart and wave counting:
I am not saying the correct wave counting is correct but most likely this is the best scenario that bulls can hope for. Pay attention to the Near-Term Trend comments.
SP500 60-min chart:
I guess the market will open at 1260 and dive down to 1250, then goes up to 1270+. If it doesn't drops below 1260 on Monday, most likely it will go straight up to 1270+. Because the resistance between 1260-1270 is quite heavy, I don't expect it goes straight above to 1280+. Be reminded that the mid-term trend is still down.
XLF 60-min chart:
It does look quite strong. I expect the next reversal happens at about 22.5. Note that the Acc/Distrib lines has not decisively dropped down yet. This is consistent with the current range-bounding situation.
SKF 60-min chart:
Everyone knows SKF is going down. It seems the correction wave is not completed yet, let's be patient. I expect the minimum target after the correction wave is from 130 to 140.
QQQQ 60-min chart:
I am not very sure about QQQQ. But it seems the technology sector is very weak so I don't expect a strong rally. It will lead the rebound in the next week.
DJIA 60-min chart:
The Acc/Distrib line looks unusual.
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