Back in Carmel, where today’s high temperature should be a perfect 70 degrees (21 C.) LA was great, but I had all the 105 degree days I need for a while. Best wishes to Bella and Ed on their nuptials. Thanks for including me! * * * * * SPX reached our 1636.81 reversal target … continue reading →
Monthly Archives: August 2013
SPX finished the day very close to our initial target for the corrective wave, the bottom of the red channel and the .500 Fib at 1634.28. Importantly, it closed within the large purple channel. I’ll look for an opportunity to go long this morning, probably at 1628-1632. The futures are off slightly, so there’s a … continue reading →
ES lost all its overnight gains and is trending lower. Note the reversal off the falling yellow channel midline. Will the PPT come to equities’ rescue? It appears likely to reach the combination small Crab Pattern completion at the 1.618 and larger purple .618 at 1611 — perhaps even on an intra-day basis — if … continue reading →
I ended yesterday’s post without the usual admonishment to not hold overnight unless you are capable of hedging and effecting stops overnight. Last night’s futures action is ample proof of why. War jitters have sent the futures tumbling overnight — but right to the .886 retrace of the latest move up. I’m assuming that SPX … continue reading →
Not that long ago, AUDUSD served as a great indicator for US equities. It still is at times, but the slide since April has been pretty steady. The charts I posted last Jan 11 haven’t needed much updating: At the time, a Bat Pattern had completed at the top of a corrective channel (in white, … continue reading →
The dollar continues to hang in there, with strong support at the bottom of the rising red channel and a potential bottoming pattern (IH&S.) For now, it’s a bullish sign. But, DX has been somewhat bipolar lately. Moving in union with stocks until there’s a bump in the road, then shooting up more rapidly to … continue reading →
USDJPY completed a second white channel backtest and a second purple channel midline backtest and is clinging to support: the midline of a parallel channel (in grey below.) The odds are probably 50:50 whether it drops to backtest the falling white channel it broke out of last Thursday in the 93.38 range or heads up … continue reading →
Gold reached the target we discussed last week — the white .886 and purple 1.618 Fib levels at the middle of a long-term channel. As I wrote on Wednesday, if it can punch through 1395, the next move is a shot up to 1551-1561 in the next week or two. Getting past there may take … continue reading →
You can always count on the Fed, or so it seems. As SPX was teetering on the brink of a 100-pt plunge the past couple of days, the Jackson Hole Gang came together to keep the dream alive. To them, our modern-day rock stars, I dedicate this classic… Interesting side note to this performance… It … continue reading →
Does anyone else find it odd that the Nasdaq suddenly went dark just 10 minutes after AAPL completed a H&S Pattern targeting a 30-pt drop… …the day after reaching our target from July 31? If I didn’t know any better, I’d think TPTB found a new way to ensure the markets remain “bullish.” Maybe these … continue reading →