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Warning: The Stock Market Panic Button Is About To Be Pushed
Investors are now dealing with the looming fiscal cliff and the prospect of higher taxes on capital gains and investment income starting next year.
MINYANVILLE ORIGINAL In October, we published two articles suggesting that there might be a stock market panic in October (see here and here). We were early. Whether the delay in the potential market panic was due to organic reasons, such as the excitement leading up to the November election, or some other factor is beyond the scope of this article. What we do know is that the day after the election the stock market had its worst day since November, 2011.
Continued below.
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On that day, the S&P 500 (INDEXSP:.INX) decisively broke the Rising Wedge formation with a potential for a complete retracement to 1074.00 and the potential neckline (dotted line) for a Head & Shoulders Pattern with a minimum downside target of 1322.00. Either event could be construed as bearish — but the combination of the two may be a disaster for the longs.
Warnings
In prior articles exclusve to Minyanville, we discussed stock market patterns that give warning to the probability of a reversal in trend and a possible panic or crash. A classic pattern is the Broadening Formation. These formations make their appearance as a rule only at the end or in the final phases of a long bull market.
One characteristic of Broadening Formations is that they become activated only upon the crossing of the lower trendline. Thus, you can see the larger Broadening Wedge Formation where the SPX has remained within its widening trendlines for almost an entire year. By early October, we were able to identify a smaller Orthodox Broadening Top that is a degree more aggressive than the Larger Broadening Wedge formation and with an easier-to-reach trigger point at 1395.00.
On Thursday, November 8, the lower trendline of the Orthodox Broadening Top was breached. In addition, The Dow Jones Industrial Average (INDEXDJX:.DJI), Wilshire 5000 (INDEXNASDAQ:W5000), Nasdaq (INDEXNASDAQ:.IXIC) Russell 2000 (INDEXRUSSELL:RUT) and S&P 500 all closed beneath their respective 200-day moving averages. You might say that the stock market panic button is about to be pushed.
Due to NEGATIVE news & all this Fiscal cliff Drama ( whenever this drama happens ) …Wall Street usually go in correction MODE…or wall street is correcting itself … Anyway during all this is Drama…U will see all of a sudden …The mother of EVIL federal reserve intervening & bang the STOCK MARKET ( wall street especially ) gets Stable & other markets around the world follow …ALL…we sheeple will calm down & praise the Feds quietly in our mind … without saying a word…
… Its a set UP which always happens to us the sheeple …WALL STREET is a Ponzi scheme anyway…Paper money, useless & worthless , Field for the Big boys Slave actors …PLAYING FIELD …The benchmark Standard & Poor’s 500 = distortion …so wall street is correcting itself ahead of U.S of A Puppet leaders , getting together & whether they can come to agreement on some $600 billion in spending cuts and tax increases that are due to kick in early next year… They will burn the midnight candle , drink lots of cocktails …while B4itsnews will scream…The Stock Market Panic Button Is About To Be Pushed…nothin will happen as usual …The prospect of higher tax rates in 2013 is driving naive investors to sell shares as they seek to decrease the tax impact from their positions this year and next…You would have thought the fiscal cliff scenarios would have been already mulled over and priced in, but they din’t or weren’t …I don’t think you have to panic here, but me think you really want to be looking for the market to move lower for the next couple of months…ALL POLITICALLY MOTIVATED …plus the real crash always happens in OCTOBER… So wait for October 2013 & Pray the Solar flare doesn’t get us b4 that… 
…
“Repent, Forty Days and the Wrath Shall Fall”
“And Jonah entered into the city a day’s journey and he cried, and said Yet forty days, and Ninevah shall be overthrown. So the people of Ninevah believed God, and proclaimed a fast, and put on sack cloth, from the greatest of them even to the least of them.” Jonah 3:4-5
We must have worldwide repentance to avoid the coming destruction. The Lord Jesus Christ is still walking among the churches and will forgive those who humble themselves and pray for forgiveness.
” If we confess our sins, he is faithful and just to forgive us our sins; and to cleanse us from all unrighteousness.” I John 1:9
We are in the last days of the Laodicean church. The mind control, cloning, greed and sin have doomed all mankind. The Lord may have mercy if we repent and they stop deceiving the nations and fix the food supply.
“Behold, I stand at the door and knock : if any man hear my voice, and open the door, I will come in to him, and will dine with him, and he with me.” Rev. 3:20
We must rememeber that Ninevah repented and God withheld His wrath. So repent and maybe the Lord will turn from His great anger. In mercy, I know the Rapture of the church of the Lord Jesus Christ will be soon. But anyone who is lost I beg you to repent. “Confess with thy mouth and believe in thy heart that Jesus was raised from the dead” and you shall be saved.
THe market will collapse only if the masters wish it to be. No charts no more stoopid projections where everyone says everyday with no brains in their head.
It ain’t gonna crash unless they want it to, Get IT?
ANd if they want it too, then too bad, so sad for all of us. NO gold or silver is going to save anything.
NOPE!
The pull-back can be viewed as nothing more than normal retracement.
There is SUBSTANTIAL support for the market between 1325.00 and 1350.00 — if it can even get there — and, even if it gets through that bastion, it would not fall to 1074 . . . there is so much more support between 1325 and 1074.
Sounds like another chicken Little the-sky-is-falling article to me.
The markets are so heavily manipulated nowadays that technical and fundamental analysis is worthless.
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http://www.jamesdamiano.yolasite.com