Last week’s charting worked out well, with the H&S Pattern and price targets we forecast Wednesday Mar 4… …playing out nicely by Friday. USDJPY reached our 121.12 target a few days ahead of schedule — which, unless the previous high is at least tested, will leave it with little levitating power. And, CL is showing … continue reading →
Futures responded to this morning’s jobs numbers by promptly selling off… Look for ES to complete the little H&S Pattern targeting 2052. Whether it’ll be allowed to play out is another matter altogether. USDJPY ramping is in full swing… …with the pair approaching our upside target of 121.12 — the .886 retrace of the drop … continue reading →
A lot of people get that wrong. They talk about drilling for oil. But, what’s the point, when you can just spoof for it instead? [If you’ve missed our previous discussions of spoofing, the WSJ recently put out a nice article and video discussing it in some detail.] Crude light stumbled badly yesterday morning after … continue reading →
SPX acted pretty much according to plan yesterday — getting most of the way to our 2093.55 target before CL and USDJPY panicked and bounced higher into the cash close. From yesterday’s members’ section: My hunch is that we’ll see SPX decline to our 2093.55 target — particularly if USDJPY declines to flesh out the … continue reading →
As we discussed yesterday, SPX may not be ready to make its next move. The critical USDJPY Fib of 120.11 was tested and has rebuffed (for now) any further advances. Likewise, VIX tested the .886 again and (for now) couldn’t penetrate it. CL popped through the TL we discussed in the members’ section… …which, with … continue reading →
Friday saw a repeat of the SMA10 test, but this time SPX closed slightly below that support. The futures are holding their cards close to the vest this morning, with ES off about 1 point. USDJPY is going mostly sideways… …while CL — off 1.5% — continues to hint at a retreat to the .786 … continue reading →
Still on the road today, so today’s post will be brief… * * * * * Yesterday’s call for a dip to the SMA10 was fairly accurate. SPX reached 2103.76, which is about where the SMA10 was after all the dust settled. So, now we’ll look for the other shoe to drop. SPX’s upside targets … continue reading →
The e-minis are essentially flat this morning following the first negative inflation (aka deflation) print since the financial crisis. There’s an obvious retreat level around 2102.50 that would allow the rising red channel to flesh out and a backtest of the larger rising white channel (the upside target is equally obvious at the red 1.272 … continue reading →
As SPX inches toward 2138, we should take another peek at the harmonic elephants in the room: the Crab Pattern and Butterfly Pattern that are about to complete. Some background on past Harmonic Patterns… Harmonic Patterns can be very powerful and are the best way I know of to anticipate significant reversals in the markets. … continue reading →
SPX made a minimal backtest of the red channel top yesterday as anticipated. From our initial post: If the .618 [in CL at 48.46] holds and the bounce is strong enough, then look for SPX to hold at the broken red channel top (and white channel bottom at 2102) coming up shortly. CL’s .618 Fib … continue reading →