Another Thursday, another million filing for unemployment. Hopefully news of Jeff Bezos’ net worth topping $200 billion will take some of the sting out of being unemployed. As usual, the futures couldn’t care less, preferring to focus instead on whether or not the Fed will keep refilling the punch bowl following its virtual Jackson Hole … continue reading →
Category Archives: Charts I’m Watching
After a long, dry spell, I’ve had several requests this week for charts for AUDUSD. Given the USD’s weakness of late, this seems like a good time to dust off some very old charts. In April 2017, we noted that the pair was at important support – its SMA200. If it held, it was in … continue reading →
It’s been only two weeks since our last update on COMP in which we pointed out COMP might be running out of upside. In that time, the index popped up to an even more compelling reversal point. Due to its age, the rising white channel that dates back to 2009 is subject to a little … continue reading →
July Durable Goods orders came in at 11.2% versus 4.8% expected, driven largely by jumps in autos and defense spending. YoY, orders are still down 5%.Futures are up slightly on the news, propped up by VIX’s 15% drop from yesterday’s highs and tempered by the question of how the Fed will receive the positive economic … continue reading →
As the leader of the band, AAPL’s ascent has been critically important to the broader markets’ performance. It has more than tripled since tagging our 144 target in Dec 2018. So, what does it mean that AAPL reached potentially important resistance yesterday?At the very least, it should help ES backtest its February highs. But, what … continue reading →
ES is finally joining the new-highs party, zipping up past its February highs after bouncing on the white channel midline again… …prompted by AAPL topping $500/share and splitting (don’t tell anyone, but it’s also tagging overhead Fib resistance.)continued for members… … continue reading →
Futures tagged our white channel midline target again overnight… …before bouncing when VIX reversed for the third time at trend line resistance.Note that ES’ white channel midline was first topped back on March 25. Since then, it has been tested 12 times. Clearly, someone thinks it’s pretty important. Who am I to argue? All I … continue reading →
It’s those changes in latitudes, changes in attitudes nothing remains quite the same. With all of our running and all of our cunning, If we couldn’t laugh, we would all go insane. ~Jimmy Buffett As expected, yesterday’s Fed minutes disappointed and the market was none too pleased. Turns out the Fed isn’t quite as optimistic … continue reading →
Today’s post could be an extension of yesterdays, with more beneficiaries of the shutdown such as Target and Lowes reporting big beats. Winners and losers. Curiously, ES failed to make a new high yesterday even thoughy SPX briefly rose above its February highs. You’ve always had to worry about predatory traders and specialists trying to … continue reading →
Watching WMT this morning and wondering what it all means? After surging nearly 7% on blowout earnings, the stock has given up all its gains after the company’s commentary confirmed the obvious: there are winners and losers in a pandemic. Unlike many of its general retailer competitors…Walmart sells groceries, meaning they were allowed to remain … continue reading →