Today the market broke to a new rally high. ES has so far today printed as high as 1154.75. If you read the previous notes below you will see that we have an anticipated time and price target coinciding here which introduces the strong possibility of a turn. But it is still only a possibilty. WE NEED EVIDENCE.
I’m following closely today but once again I see benefit in delaying the webcast until tomorrow. This will be pre-open Wednesday.
Bob Debnam
from pre-open comment today
>>I note that some indices, futures and sectors made their July lows on the 6th (most were on the 2nd) and this gives a bit more latitude to the 91 day count – minor thing but if there was a break higher today or tomorrow it would be within the space I would allow the time pivot….As I said in the eBook the LT Sentiment indicators are looking toppy but the ST Sentiment indicators are not confirming – that could change.<<
from pre-open comment Monday 4th October
>>if ES breaks higher early this week and snaps back (or breaks lower with Effective Selling) be aware that early this week and late last week is/was a time pivot and therefore a high-potential turning point.<<
from pre-open comment Wednesday 29th September
>>If ES breaks to a new high in the near term I’d consider a move just above 1160 an ideal price target.<<
from pre-open comment Tuesday 28th September
>>We approach a time pivot at the end of this week / early next week which is a high percentage time period for a turn. Typically the market would accelerate up into that timeframe. As long as ES keeps finding support at obvious levels I’ll assume this scenario is a good possibility.<<