I’m just going out on a limb a little bit submitting today that Dow Jones, Russell 2000 and S&P 500 have topped and the Nasdaq has finished the marginal breakout to new highs and will now follow the other broader US indexes downwards.

The S&P 500 index is now shortly before a confirmed GUNNER24 Sell Signal in the monthly time frame. The first one since almost 2 years!! A July close of the S&P 500 below 2092 – the current Friday close was 2079.65 – would activate:

as 1st target another test of the “round” 2000 mark being most likely to fall short, hence be penetrated rather deeply during any correction on monthly base that might follow.

the 2nd target at 1968 whose being worked off would be reckoned with as early as in August 2015 in that case!

and – as the GUNNER24 Main Target till October 2015 – the 1860.

Maximally possible downtarget through October 2015 would be 1740. The possibility of this lowest of all the GUNNER24 Correction Targets being worked off is mere theory however, only being feasible in case August 2015 closes below 1900.

For the S&P 500, also some important GUNNER24 Buy Triggers have appeared of course anticipating the dissolution of the sideways phase of the last months upward. Yet these triggers are pretty unlikely now to be released till September 2015. Both important buy-triggers are to be found in the monthly setups below.

For as many as 9 months, the S&P 500 has been orienting itself by a combined double arc resistance in the important monthly time frame. In the subordinate monthly 5 Candle up as well as in the most ruling monthly 13 Candle up, it is trading at a red GUNNER24 Double Arc. Within the 13 candle up, the market is situated at the 3rd and in the 5 candle up first analyzed now, it is at the 5th double arc = MAIN RESISTANCE!


The 5 Candle GUNNER24 Up starts just like the immediately following 13 Candle up at the 2009 bear lows.

The April + May as well as the June and now the current July highs are at the lower line of the 5th double arc. The May + June + July highs pierced somewhat into the strong resistance zone that is between the lower and the upper line of the 5th: ==> the highs of the last 4 candles reached strong and natural monthly resistance that results from the very first 5 month up impulse arising from the 2009 lows.

==> Never a month was able to close above the lower line of 5th. So the lower line of the 5th is well confirmed future monthly closing base.

==> Just a monthly close above the upper line of 5th double arc (= 2160) will activate the maximum extension of the up setup for the bull = possible final bull market uptarget at 2350!

Now to the impending sell signal, a July close below 2092:

The pivot for the market whether or not to swing now into its summer correction till at least October 2015 will be the coming July closing price related to the Support Angle 1.

By the Support Angle 1, the bull market has been oriented itself since mid-2011. Since then, the market has been risen along the Support Angle 1. The Support Angle 1 presets the gradient angle of the bull market. Well, June 2015 closed below the Support Angle 1. The last time of such a condition to be recorded – a monthly close below the Support Angle 1 – was scarcely 2 years ago, in August 2013. Then as well as today, thereby a sell setup is being built that – then like today – is finally triggered by the second consecutive monthly close below the Support Angle 1.

Then, in September 2013, after the close below the Support Angle 1 in August 2013, the index achieved the immediate re-conquest. So, it denied the first sell signal at once.

==> If the current July 2015 does not succeed in re-conquering the Support Angle 1 on closing base – it takes a close above 2092 – the next lower Gann Angle will automatically be activated as a correction target.

==> This next lower Gann Angle support is at the Support Angle 2 (last tested in January 2013) taking its course for August 2015 at 1968. The 1968 will be activated 2nd downtarget if July 2015 closes below 2092!

In this case, the Support Angle 2 can be worked off very fast. Correspondingly, as early as in August 2015 the working off is achievable! Quick working off is possible and allowed because a confirmed sell signal in the monthly is able to provoke enormous down-energy thruts when the market remains at a combined double arc resistance! If in deed this down-energy is released, merely theoretically the market will be able to retrace till the region of the 4th double arc support = maximum downtarget for the summer correction at 1740!

From the monthly 13 candle up that has accompanied us for many years now, the 1st and the probable main downtarget of a most certainly coming correction move as well as the first important monthly buy-trigger can be derived:


The most important setup in the monthly time frame. It’s most important regarding the signaling and its resistances/supports etc. because it measures up the complete first up impulse from the 2009 bear lows (13 instead of only 5 months).

So far, the index follows and considers the natural resistance of the upper line of the 3rd double arc at the May-July highs. Thus, the next important buy signal on monthly closing base is to be evaluated easily: If now a candle closes up above 2133, the next more important uptarget of this bull will be activated on monthly base = the next higher identifiable GUNNER24 Resistance Horizontal at 2266.

In my opinion, the now threatening July closing price below the 2092-Support Angle 1 combined with many negative technical divergences, the most recent hefty weekly net-declines in the US indexes, the probable exhaustion top in the Nasdaq as well as the more and more prevailing lack of market-breadth in the main indexes make rather likely and pretty certain to happen the next test of the “round” 2000 Gann Magnet as early as in August 2015.

1st downtarget and minimum goal for the rather imminent summer correction – finally confirmed with the July 2015 close below 2092 – is the 2000 magnet. Also the next lower most important GUNNER24 Horizontal Support in the 13 candle up above takes its course at 2000. During the January and February 2015 lows, the 2000 underwent a first intense test. Summer is supposed to bring along the 2nd test of the 2000.

As mentioned above already, at least the Support Angle 2 is more likely to be reached during a 2-3 month correction move = 2nd downtarget at 1986/August 2015.

Main target for a summer correction is nevertheless the next lower horizontal support below the 2000. It is matter of the GUNNER24 Horizontal that springs from the intersection point of the upper line of the 2nd double arc with the beginning of the setup. The main target for the summer correction is at 1860!

If July 2015 closes below 2092 in the S&P 500, we’ll open a monthly sell position with downtargets 2000/1968 and main target 1860, SL is a monthly close above 2133. In such a case, at the same time we‘ll close the monthly NASDAQ-100 long position we went in at 4129 index points on 12/16/2014.



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Eduard Altmann

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