The Chart du Jour
Although we believe at Sand Spring Advisors that there is a certain fractal rhythm of human behavior and market emotion, we are not by any means experienced in the interpretation of the heavens. All that we can attest is that in over twenty years trading we have seen a significant number of major highs and lows take place (for whatever reason) on full and new moons.
As stocks like Amazon continue to toy with a dangerous neckline, and other "blue chip high tech large caps" start to fall from grace (Motorola Tuesday, maybe Cisco today), we find it of interest that Arch Crawford (at times in recent years rated the number one market timer by Hulbert Services, and a person very astrologically adept) points toward the period of April 15-May 5 as one of "major problems, bankruptcies, storms, natural disasters, economic shocks, and political upheaval." May 5, 2000 is also an important cycle date that we pointed to back in December (see Dec. Cycle Report) as a potential low.
Although we do not necessarily agree with the automated GET system Elliott wave labelling below of the Nasdaq 100 as having recently finished a Wave 3 (we fear it may have been an extended 5th), we do concur with the two potential levels pictured by the system as price targets -- just below 3420 and in the 2950/2970 region. These are both support levels to keep firmly in mind. While most may shudder, we actually feel the latter level is entirely possible, if not probable since it also represents the bottom of the pictured envelope study.
Could this all get quite scary quite fast? Both the heavens and the charts point to "yes."
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