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Market Commentary 27NOV11

Market Commentary 27NOV11

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Published by AndysTechnicals

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Published by: AndysTechnicals on Nov 27, 2011
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05/03/2012

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Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
S&P 500 60 Min: Wave Discussion
-a--b--c--d--e--f-
a
-g-
1154=Head and Shoulder Target 
-a-?
HEAD Left Shoulder Right Shoulder 
This is the best interpretation of the wave up from the 1075 low--
that we have witnessed a “diametric”
corrective a-
wave which concluded at 1260. It‟s interesting to note the presence of a short term “head and
shoulder” pattern
--
admittedly, it‟s a little messy. The target of the H&S would be 1154, which would be quite
close to the 61.8% retrace the wider price range (1159).
So, maybe it would be prudent to take some shorts off into this area (1154-1160) 
REPRINTED from 11/20/2011
 
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
S&P 500 60 Min: Weekly Support and Resistance
1260 level appeared to concluded with a smaller triangle, thus the “thrusting” feel lower. Markets that thrust out of 
triangle should not see any deep retracements until the next wave, of the same degree, concludes. So,1243/1260 are first and second levels of resistance for the week ahead, but it would be surprising to see a bounceback anywhere near that level.
I am lowering my “stops” on short positions to 1260 
--a break above 1260 would cause me to exit all shorts. In the meantime, the market appears destined for a test of 1154.
REPRINTED from 11/20/2011
 
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
S&P 500 Daily: Wave Discussion
In last week‟s discussion we said: “the market appears destined for a test of 1154.” That has essentially come to pass with
theS&P500 ticking a low of 1158.67. The market is now at a difficult position to judge
it has achieved some minimum downside
targets and is very oversold. Therefore, it‟s almost tempting to buy this thing for a shorter term trade; however, it has s
hown no
signs of “bottoming action.” The best bet is for 
 shorter term traders to cover current shortsand wait to see if there are any signs of abounce.
Longer term investors should 
have been out of this market long ago…
 
ab
“x”
 
“y”
 
cd
1075
e
“x”
 
a
1260
-a-?-b-?-c-?b
It’s impossible to know what shape this current 
b-wave is going to take. Presented here is an 
“idealized” b
-wave that should take twice as long as the a-wave.

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