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 →
Category Archives: Charts I’m Watching
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 →
…to the list of countries not coming to the financial world’s rescue. Fascinating article on a subject we haven’t talked about in a month or two — China’s 64 million empty spec apartments. Read the rest of the article, complete with satellite photos here. *********** And, just to balance things out, an excellent commentary on … continue reading →
EOD: 4:05 PM Apart from 20 adrenaline-soaked minutes of rumor-fueled overshoot, the rest of the day went exactly as scripted at 3:25 below. We closed at 1261.01 instead of 1261 (sorry), completing the now A-B-C backtest of the megaphone and wringing out all but the gutsiest bears (or at least those on a bathroom break.) … continue reading →
It’s been a while since we looked at some of these longer-term charts. 1. EUR/USD 2. DX 3. SPX … continue reading →
UPDATE: 3:30 PM The yellow channel we discussed at 1pm is doing a good job of guiding the market. Still in the megaphone, still trending upward. UPDATE: 2:00 PM This churn is getting old… now we’re back testing RSI resistance, meaning the very near-term should be up. UPDATE: 1:00 PM Should have slept in this … continue reading →
UPDATE: 11:00 AM Broke through 200 SMA but pulled back. Hourly negative divergence getting pretty extreme. Just reached .886 Fib retracement of the 1277.55 high. Daily RSI right up against its two TLs. Any further and it will start to look like a breakout. Given the potentially imminent loss of AAA status by Germany, France, … continue reading →
Just to make it official, today is the long-awaited Day 150. UPDATE: 2:55 PM This morning’s gains fading fast. At this rate, we’ll have a pretty bearish candle pattern on the day, too. UPDATE: 12:00 PM SPX has fallen back to a 5-pt gain. Meanwhile, the EUR/USD slide has continued. The 60-min chart broke decisively … continue reading →
EOD: 7:00 PM The broken RSI trend line on the 60-min chart may or may not have completed its backtest. If so, it was feeble, but may have been enough. Regardless, the RSI hit a 6-month record high — significant in and of itself. The hourly MACD also turned negative. Another interesting development today, we … continue reading →
Perhaps a better title would be: Whadda you lookin’ at!?! In a replay of September 15, the Fed has essentially offered to swap out US dollars for all the crappy collateral the rest of the world can throw our way. Below, in its entirety, is my analysis from the last time. Turn off CNBC and … continue reading →