“Well, I ain’t superstitious, black cat just cross my trail.” Howlin’ Wolf, I’Ain’t Superstitious, X Jeff Beck/Rod Stewart
After Wednesday’s rug pull in the SPX it seemed like the short straw that the Daily Swing Chart would turn up on Thursday.
Yet that’s what we got.
The surge held the gains but close well off the high and at the bottom of the day’s range and below the open.
That said the index held its 50 day line.
The Q’s were rejected by their 20/50 Bowtie failing to turn their dailies up.
However, they did turn their dailies up on Tuesday.
If the analogue from 1929 is going to play out we have our 1 day turn up precisely in the trading day count from high as occurred in 1929.
As wild a setup as this is, as you know nothing is guaranteed.
The market has infinite rabbits up its sleeve.
We’re looking for what’s probable.
While the Roadmap for the week suggested we would see a 2 to 3% down day before the end of the week, I don’t think we’re going to get one today.
If it’s on the table, it will be next week.
I can’t help but be superstitious.
The QQQ high is 637.
The SPY high is 689.
Both on October 29…a day of infamy in markets.
637 and 689 are 180 degrees opposite and straight across from each other.
They square-out with December 26.
Further we are 96 years from 1929 and 96 is straight across and opposite December 26.
We are 7 panic weeks from high.
We are 7 years from the Christmas Crash in 2018.
What could possibly go wrong?