On the Verge: April 26, 2012

UPDATE:  5:35 PM S&P cuts Spain two notches, from A to BBB+, based on contracting economy…cites declining disposable income, private sector deleveraging, front-loaded fiscal consolidation and an uncertain outlook for external demand in many of Spain’s key trading partners.   UPDATE:  3:25 PM Here’s a close up of the alternative path, which looks stronger with … continue reading →

Update on EURUSD: April 24, 2012

April 24, 2012 From both a fundamental and technical standpoint, the long-term, medium-term and short-term pictures are all negative on the EURUSD.  Yet, it keeps hanging in there, the beneficiary of a great deal of ECB and, yes, Fed intervention. Here’s the long term picture as of this morning.  EURUSD has been stuck in that … continue reading →

Bottom Fishing

EOD:  2:25 AM SPX overshot the Crab’s 1.618, whichever Point X we use.   The next major lines of harmonic support are are the red pattern’s 2.24 at 1342, correlating with the purple pattern’s 2.618 at 1341. Given the level of oversold on the day, here’s an alternative view. UPDATE:  11:55 AM The Crab Pattern … continue reading →