June 10th Market Close forecast update for SP 500 Index-Video
June 10th SP 500 Forecast Update Video
The SP 500 gapped up and ran higher today on the back of good economic news out of China. Recall around May 18th I forecasted a near term bottom in the Shanghai Chinese Index here on TMTF for our subscribers. The theory was it would bottom before the US markets, and that an A B C correction was completing or in the final stages of completing.
What we have now is a series of choppy and overlapping A B C patterns in the US indices which must be reviewed now. I see two scenarios, and the bull scenario is a move over 111 decisively on the SPY ETF is very bullish and starts to portend the 2010 lows are in for the indices. The Bear scenario is we take the SPY up to 111 and reverse down to new lows.
These are updated in the sub 5 minute video below, and it may be interesting to see how these lay out. 31% Fibonacci re-tracement of the 2009-2010 bull move has already occured as mentioned on TMTF recently. However, the amount of time is rather short to complete a correction… review the video to see where we stand.
