When we last examined EURUSD [see: Jan 23 update] it had just reached our Dec 3 target at the .618 Fib level of 1.12. We were looking for a bounce, but its magnitude was a big question mark. The degree of any technical bounce is a bit tricky. It would take a lot of short … continue reading →
The Wall Street Journal recently reported that, over the past two years, the Bank of Japan has purchased stocks on 96% of the days when the market opened lower or closed lower after initially opening higher. In this two-part series, we’ll pick up where the Journal left off and examine how this activity by the … continue reading →
SPX broke out of the falling white channel yesterday… …largely on the back of USDJPY, which rallied sharply… …to offset CL, which tumbled to our target — in the after-hours, of course. When it comes to manipulating prices higher, it’s important to backfill at night, when the e-mini volume is light enough to prop it … continue reading →
SPX reached the SMA100 yesterday, less than six points from our target of 2033.88 — but, couldn’t quite punch through. The target remains unchanged from Mar 4. We’re watching to see whether or not the overnight ramp job can hold, with futures currently up about 7.50. USDJPY is being rather coy — bouncing off the … continue reading →
The euromess continues to have everyone on edge. The genius of Mario Draghi is that he trashed the euro and took interest rates below zero without having to do much besides flapping his gums. The idiocy of Mario Draghi is that the euro and eurozone interest rates have sunk so low, no one knows whether … continue reading →
SPX hit our purple target yesterday, bounced to the first level of resistance at the SMA50, and continued toward the red target. The purple target was first suggested on Mar 4: If the H&S should play out, it would target around 2060 — which is coincidentally (or not!) the SMA50 and might allow a backtest … continue reading →
Last Friday, we updated SPX’s price targets to reflect the completion of the H&S Pattern we had originally forecast back on March 4. If the H&S should play out, it would target around 2060 — which is coincidentally (or not!) the SMA50 and might allow a backtest of the broken falling gray channel. Ultimately, I … continue reading →
Last week’s charting worked out well, with the H&S Pattern and price targets we forecast Wednesday Mar 4… …playing out nicely by Friday. USDJPY reached our 121.12 target a few days ahead of schedule — which, unless the previous high is at least tested, will leave it with little levitating power. And, CL is showing … continue reading →
Futures responded to this morning’s jobs numbers by promptly selling off… Look for ES to complete the little H&S Pattern targeting 2052. Whether it’ll be allowed to play out is another matter altogether. USDJPY ramping is in full swing… …with the pair approaching our upside target of 121.12 — the .886 retrace of the drop … continue reading →
A lot of people get that wrong. They talk about drilling for oil. But, what’s the point, when you can just spoof for it instead? [If you’ve missed our previous discussions of spoofing, the WSJ recently put out a nice article and video discussing it in some detail.] Crude light stumbled badly yesterday morning after … continue reading →