Friday, September 3, 2010

S&P 500 -- daily chart

Reviewing the alchemical* composition of the stock market, I see a fair chance of a top next week at around 1115 to 1118 on the SPX.




*The first few lines of an unfinished poem inspired by The Diamond Age:

To seek the Alchemist
His mind alone conceives the bond
Enchanted keys to lands beyond


Update: I adjusted the speedline to the equivolume and that's kind of indicating a push as high as 1130...



I'm not sure how to interpret this. Certainly anything above 1130, particularly on a closing basis, would be a good indication that the market is prepared to rally longer than I currently have in mind.