Charts I’m Watching: Apr 15, 2013

The big story this morning is the meltdown taking place in the commodities complex.  Gold is especially taking it on the chin, continuing the plunge that started on Friday with the critical loss of the LT channel we discussed last week, the horizontal support at 1520-1535, and the psychologically important 1500 level. Recall gold had … continue reading →

The Big Picture: Apr 11, 2013

The chart of the day: We closed our longs (from 1539) yesterday, but are still a few points south of the market’s upside potential.  While yesterday’s 1589.07 might end up being the top, I rather suspect we’ll move just a little higher. Recall that we anticipated being in this situation a week ago [Charts I’m … continue reading →

Charts I’m Watching: Mar 21, 2013

ORIGINAL POST:  9:25 AM The EURUSD is still trying to change trajectories (purple channel to red), but hasn’t been able to break out yet. The dollar is similarly facing a change in direction if the red channel can hold. Judging from the futures, SPX is set to react off the neckline and TL we’ve been … continue reading →

Charts I’m Watching: Mar 20, 2012

The ECB will do “whatever it takes”, which I guess now translates into strong-arming the Russians into bailing out Cyprus.  Still no break out on the EURUSD, though. It makes sense to play along with the upside, but keep stops close.  It’s questionable whether this rally will have any legs. The dollar looks like it’s finding … continue reading →

A New Analog: EURUSD

As noted back on Feb 21, the EURUSD has broken down from its rising channel (white) and accelerated to the downside, breaking the Jan 4 1.2996 low and the psychologically important 1.30 level. The intersection of the purple .618 and two white channels at 1.38 will have to wait (till my next visit across the … continue reading →

Charts I’m Watching: Mar 1, 2013

Getting a nice sell-off following the completion of the Bat Pattern we were tracking yesterday.  Shown below on the eminis… The downside path is clear.  But, bulls will probably go for the obvious IH&S with what should be a decent bounce somewhere around 1495-1500. The dollar reached our 82.136-82.281 target from several days ago, and … continue reading →