UPDATE: 2:15 AM The low for the day was 1202.37, just a smidge above the 1200 target. Volume was on the light side, but this is the week before Christmas. As mentioned earlier, we have positive divergence all over the place. So, 1200 still fits as an interim bottom — although the lower target of … continue reading →
Category Archives: Charts I’m Watching
I don’t have a source for this, but it’s pretty clever. Enjoy! ************ The Night Before Christmas (Legal Style) Whereas, on or about the night prior to Christmas, there didoccur at a certain improved piece of real property(hereinafter “the House”) a general lack of stirring by allcreatures therein, including, but not limited to a … continue reading →
UPDATE: 3:40 PM EST Looks like our 4th OPEX in a row closing around 1220. Coincidence? I think not. UPDATE: 12:45 PM EST In basketball, the expression would be “get that **** out of here.” Investors just rejected the spike to 1230 in a big way, taking us back to flat on the day. Take … continue reading →
UPDATE: 12:45 PM I have to be out the rest of the day, but here’s what I see going on right now. We’re still in backtest mode on just about everything. SPX, in particular, is testing the fan line we talk about below. If we drop below 1214, look for a downdraft to 1200 or … continue reading →
Remember the fractal I posted last week? It’s, um…, still here. If it were to hold perfectly, it would do a .618 Fibonacci retracement of the 109-point Nov 25 – Dec 7 rise, landing at 1200 — then rise to as high as 1255 before a violent plunge to 980. As for the rise, OPEX … continue reading →
UPDATE: 1:20 PM Update on EUR and DX. Both are in a wedge, but with scant signs of divergence yet. We could see a reversal any minute, but the key is whether there’s a break out — not just a move within the wedge. My best guess is EURUSD is going to want to back … continue reading →
UPDATE: 3:00 AM Taking another look, I’m reiterating the post below. DX completed a small Crab (purple) that’s been setting up since Nov 25 and should now reverse. However, there’s a larger competing Crab pattern (in red) that started on Oct 4 and completes at the 1.618 at 83.872 — a 3.77% increase over current … continue reading →
UPDATE: 2:00 PM We’re at a critical level in the short run. SPX is paused here at the .382 Fib retracement of the rise we’ve seen over the last two weeks. It also marks one of our key channel lines (dashed, white.) A breakdown through the bottom of these support levels would also mark a … continue reading →
EOD: Charts to chew on… UPDATE: 2:55 PM Here’s an updated chart with the Fib’s clearly marked. This could count as a sloppy Gartley (which reverses at the .786) or a Bat (reverses at the .886). Either way, we stay within the wedge. UPDATE: 1:10 PM We’re stalling at 1253 as I expected — 13 … continue reading →
UPDATE: EOD The fractal we discussed yesterday played out perfectly today (the equivalent of July 8-11, 2:3 time ratio.) Look for more downside (targets discussed earlier today) before a rebound next week. The cynic in me expects the July 22 rebound high to line up with OPEX Friday, but we’ll see as we move along. … continue reading →