Charts will come later when I get back to workstation. Timing for today is for 10:30 AM and 1:30 PM. A 4:30 AM timing for a low was in play and that we met...which significantly increases the probabilities of a generally up biased day today. IF this low gets broken, then Friday probabilities move are negative. It is important to note that this Friday's range potential is the weakest of the week. In fact, Friday's have been one of the weakest days of the week. So, not expecting too much from today overall, but some upwards progress is the edge at this point into 1:30 PM. HOWEVER, we are reaching a point soon (as in day's to a week) where longer-term cycles top, market structure tops and resistance could be in. Market can implode anytime, as we fulfilled the basic market structure and almost all of the systems we monitor closed their long trades Wednesday at the close and Thursday at the open. They are usually early, which is another reason some further price progress is possible. But market is VERY FRAGILE and VERY DANGEROUS at this time and when it turns from these longer-term market structures its not likely to let many bulls out for quite some time.
The chart below is from around 4:00 AM - could not post it due to internet issues at my office.
We will be publishing the "IMAGINARY NUMBERS - Part 2" article this weekend and that should also help to put something things in perspective with regards to the quandary the market now finds itself. The data analysis and the article was MUCH more work than we intended...but what is worth doing is worth doing right. In our view, the data that will be presented should stun, shock or dismay just about anyone who sees it. This is of course, unless your name happens to be Bernanke. Important reading and apologize for the delay.