Monday, October 29, 2012

STD Red Week (Oct 29 - Nov 2)
While the S&P 500 futures continue to test support at 1400, Wallstreet's floor markets will be closed on Monday as New York braces for Hurricane Sandy

However,  STD Red Weeks are usually trenders from Tuesday a.m. to Friday a.m., that is: Monday and Friday usually reverse the Tuesday - Thursday trend. 

We expect a short term high around Full Moon (that is inverted to Mike Korell's forecast). If the typical Red-Week Pattern plays out, the low of the week should print by Thursday p.m. - Friday a.m., and will be followed by another decline with lower-lows into the Election-Week. As outlined earlier, the ITD suggests the high (some Elliott-Wave #4 or #2) could be reached as early as Tuesday-Wednesday (HERE).

This week includes the last 3 trading days of October and the first 2 trading days of November during the 4th year of the Presidential Cycle, and the bias of the S&P 500 in the Election Year Seasonal Chart is up.