Friday’s SPX lows got a little closer to the red .886 target at 1986.35: 1988.12 vs 1988.44 on Thursday. Sometimes it’s hard to time the USDJPY ramp job just right. USDJPY tacked on 1.90 Friday, and another 1.16 Friday’s post-Friday’s close. In last night’s leg up, it broke out of the falling red channel — … continue reading →
Yearly Archives: 2015
TPTB have done a remarkable job keeping the earth from shattering. But, of course, all those margin calls are being dealt with this morning. So, we’ll see just how big a deal it was over the next 7 hours or so. We suggested faded yesterday’s opening highs (2013ish), which proved to be the smart play. … continue reading →
The last comment I wrote in yesterday’s members’ section: The reality is, I expect a very nice bounce here — with that 2030 level (1:54 update above) looking good for the next big move. But, the headline risk has been pretty substantial lately. As such, I wouldn’t carry any position overnight unless you have the … continue reading →
Yesterday was a wild ride for SPX. It took off in the morning, overshooting our upside target by 7 points. But, our 9:40 top call proved accurate, and SPX maxed out at 2056.93. SPX just sliced through the SMAs and tagged 2054.75. It should top out between here and 2059 — the .886 of the … continue reading →
The overnight session in USDJPY nearly reached our next target — the white .618 at 2019 (formerly red, and the key .618 at 120.11 is now drawn yellow.) But, it was already testing the SMA50, and today’s open was approaching. The big bounce does nothing to change my best take on the developing channel plot. … continue reading →
SPX overshot Friday’s initial downside target of the SMA20/SMA50 levels, but bounced back to the SMA10 as expected just prior to the close. USDJPY continues to bounce around south of the key .618, and fell right to the purple .886 at Friday’s close. It dipped below yesterday, but bounced back above overnight. Last night’s high … continue reading →
Yesterday’s rally went beyond our target for SPX, topping out at 2064 before closing at 2059. From yesterday’s pre-opening post: This morning’s surge looks likely to reach the SMA20 and/or SMA50 (in yellow) with the next major upside resistance the purple channel midline where it intersects the purple .618 and SMA10 at 2057ish. The close-up: … continue reading →
I guess we’ll call this one the Evans Rally (as opposed to October’s Bullard Rally and December’s Yellen Rally. Last night, Charles Evans told reporters that “raising rates would be a catastrophe” and hinted that the first rate rise wouldn’t come until 2016 or later. This came barely 6 hours after the Fed’s minutes were … continue reading →
After yesterday’s sharp intra-day reversal, we identified SPX’s SMA100 and the round number 2000 as downside targets. It was touch and go, but SPX closed 2002.61 — just a smidge under the moving average. As we’ve long maintained, the key to a bounce was USDJPY, which initially held key support — but ultimately broke down. … continue reading →
A little over a month ago, we wrote that crude light (CL) had reached a two month-old target and what appeared to be a potential buying opportunity: the intersection of a key Fibonacci level and a long-term channel bottom. We were pleased with that call…until the rebound ran out of gas only a day later. … continue reading →