S&P 500 Week for reflection

        Next week suppose to be one of the important weeks for the S&P 500. 

       We have already 8 weeks decline and the price has already touched the important  Gann Angle closing above it. I pay attention to the number 8, because it is included in the Fibonacci sequence, and has it's importance. The odds are extremely in favor of a significant rebound to happen here in the environment of the support, offered by the Gann Angle, 200 day moving average gives price support as well. A reversal daily/weekly candle will be one of the signs for rebound. 

       I can also assume spiking weekly candle, reaching 1250 even 1232, with closing weekly price above 1247.80.

       The Elliott Wave pattern that has been forming for several months (2/22/11 - now) is running flat(3-3-5) in case the price doesn't break 1247.80. If does break it, the running flat turns into expanding flat (3-3-5).  

Good luck trading!!!

  

S&P 500 How strong is the fear

      The old saying - ' sell in May and go away ' , "pulled the market down again". It is a fact that US indexes have been faling as long as five weeks, and the fear melts the prices as always. 
       Exactly at  1266/20.06.2011 passes the 45 degree Gann angle with a start point 665.83/06.03.2009. Around that level the bulls should take control again and lead the price at new year high around 1393, marking a new top.

Good luck trading!