Bo Yoder S&P Update

Last week I wrote about the S&P 500 (ETF Proxy – AMEX:SPY)…”power readings will likely lead to a push back up to range highs …however, our proprietary 3D Apex Predictive Failure Technology™ indicates that any bullish price wave is destined to fail, so be forewarned not to get suckered into any signals.” Finally, after months of waiting, the deep time frame bearish pressure that I have been watching has taken control of the markets.  We are set up for a “Black Monday” say many in the financial press.  Monday to me will be a final test of the politicians will to prop up the markets.  I would expect to see weakness early on, then a snapback attempt will be made, and the amount of power and energy that shows there will determine my strategy for the market moving forward.  If an intra day trader, I would be watching intently for the market to bottom on Monday as the intraday trends off any significant low should offer great follow through.   Intel Corp (NASDAQ:INTC) rotated back down into the red zone for a re-test as forecast.  Price got caught up in the massive selling wave that shook the markets on Friday, and the stop loss looks like it may be hit as price breaks below the red zone.  If a powerful reversal forms in the markets on Monday as the odds suggest, INTC will likely bounce and offer a chance to exit for a smaller loss into strength. JP Morgan Chase (NYSE:JPM) completed our forecasted head and shoulders pattern, and this acted as the catalyst needed to push price deep into the blue zone. With this forecasted move now complete, profits can be taken in full as our focus is shifted to new opportunities. Denbury Resources (NYSE:DNR) acts as a textbook example of the kind of low risk opportunities that are available if you look hard enough. In spite of extraordinary selling in the overall market indexes, this stock exhibited outstanding relative strength, and just touched the red zone to provide an entry opportunity. If the market bounces in the next session of two, I would expect this stock to show strong relative strength as a bullish buying campaign pushes these shares to the upside.     Bo Yoder RBJ Financial