If you’re a chartist, there are two distinct markets to deal with. Both are predictable, but only one is enjoyable. Friday, when SPX nailed our 2090 downside target, closely following the path we laid hours earlier, was fun. Then…there’s the market’s evil twin. It’s driven by algorithms that respond to manipulation in CL and … continue reading →
It looks like we’re going to get that yellow neckline backtest after all. That poor white dot has been hanging out down there at 2086 for a week, looking less and less likely to ever get tagged. Now, not so much.continued for members… … continue reading →
Last month was challenging, to say the least. After a deep retracement of the drop from 2134 to 1810, SPX began a well-formed, falling channel that lasted from Apr 20 to May 19, at which point SPX had completed two large Head & Shoulders patterns. Beginning on May 24, though, things got very “interesting.” SPX broke … continue reading →
Yesterday, CL and USDJPY ran into significant resistance. But, of course, they weren’t permitted to decline until after the market had closed for the day. So, we’re left with yet another gap down overnight. CL is finally backtesting the rising channel it broke out of yesterday. And, USDJPY very nearly nailed our downside target overnight. … continue reading →
As we discussed yesterday, the key to new highs was CL breaking out of the rising channel it’s been in since May 18. Yesterday, it did. And, SPX had no difficulty in reaching our next upside target. As expected, however, USDJPY’s rising channel broke down (a much more legitimate occurrence, I might add.)Can stocks maintain … continue reading →
Yellen said all the right things yesterday to keep the algos on track, taking out the previous highs and seemingly on track toward new all-time highs. USDJPY continues to inch higher. But, CL has run into resistance once again — in the same manner that delayed new highs last week. Which to believe? continued for … continue reading →
Friday was one of the more interesting days we’ve had for a long time. It wasn’t that we experienced a snapback rally — we’ve had plenty of those. Rather, the plunge across the board aptly illustrated l the dilemma the Fed and other central banks face with respect to propping up markets. With an imminent … continue reading →
With such weak employment figures this morning, the odds of a rate increase in June just plunged. However, that information just killed the US dollar’s rally… …which, of course, killed the USDJPY. Recall we were looking for a drop to 108.25 or even 107.79. It’s currently on its way to 106.80.Needless to say, CL will … continue reading →
For several years, buying the dip was the obvious thing to do. It even had its own YouTube video. But, lately, big meltups into the close have been a trap — at least until the next one comes along. Yesterday’s action in oil futures (CL) was a classic. A 4.7% plunge turned on a dime … continue reading →
We’ve added quite a few new members over the past two weeks. I thought it would be a good idea to review a few odds and ends. First, if you signed up for a Charter Annual Membership, congratulations. Your rate will never increase above $750. If you signed up for a regular Annual Membership at … continue reading →