UPDATE: 11:35 PM No point in rehashing the Fed news today. Bottom line, they continue to try to influence the markets with promises of QE. Actually unleashing more QE is problematic from a lot of standpoints (political fallout, distorted credit markets, etc.) The bigger problem is that if the Fed whips out their biggest gun … continue reading →
Category Archives: Charts I’m Watching
UPDATE: 6:55 PM Not much action during the day, but Apple’s making news after the close. According to unconfirmed reports, Apple is purchasing the other 499 corporations comprising the S&P; 500. Said CEO Tim Cook, “imagine my surprise when I learned there were other stocks out there; this will simplify things for everyone.” In after-hours … continue reading →
UPDATE: 12:15 PM We’re seeing a little weakness on SPX, off 5 after topping out at 1322 earlier. We got within 7 pts of the Crab objective and, depending very much on how you draw it, possibly tagged the Oct 2007 fan line. Those who want to capture most of the move down are already … continue reading →
It was Saturday the 14th — the day after we normally expect the Universe to throw us a curve. My brother-in-law and I were day-hiking Mt. Whitney. It’s a 22-mile scramble from 8,360 up to 14,496 feet and back, not the most relaxing way to spent a day but (normally) a fun challenge. Before long, … continue reading →
UPDATE: 3:15 PM VIX slumped another point today, trading near its intraday lows of 18.75. This is the kind of capitulation we want in order to see a top in stocks. The small H&S; pattern we were watching has busted, and the Bat pattern has started looking off. I’ve moved my Point X back to … continue reading →
UPDATE: 6:00 PM NDX is suggesting an imminent plunge in stocks. I started watching NDX last summer, and found it to be a great confirmation of SPX activity. On July 25, I wrote about it tagging a trend line of previous highs, and how previous tags had led to market corrections [Tale of Two Tops.] … continue reading →
UPDATE: 11:40 AM It’s been a few days since we looked at whether the fractal is still alive or not. I suspect it, and the analog between 2007/8 and 2011, simply became too well known. TPTB have very strong vested interest in keeping this crap game afloat, and a July style plunge would be … continue reading →
UPDATE: 12:00 PM There are a few alternatives for the 1307-1313 target we’ve been watching for a while. I’ve always thought the trend line coming off the May 2 high would be important if the analogs we’ve been watching gave up the ghost. And, I’ve always given a range is because it matters whether … continue reading →
Market schedules for the Martin Luther King Jr. Holiday. UPDATE: 5:40 PM We clearly broke a trend line or two today. I’ll write more this weekend, but while I’m thinking about it… today’s retrace is not a big deal. When the July decline got started, the first few days were quite modest. No idea if … continue reading →
UPDATE: 10:20 PM Just noticed that AUDUSD just broke its RSI trend line on the 60-min chart. And, the daily chart shows quite well how the latest rise was most likely just a back test of the recently broken 200 SMA — indicated in red on the second chart below. UPDATE: 8:40 PM The AUDUSD … continue reading →