Just in case there was anyone left out there who still believed the game wasn’t rigged, the FOMC comes along and confirms that certain people are more eligible than others to receive potentially market-shaking information in advance. Not to worry, though, as it was only politicians, their staffers, the lobbyists, their organizations and employers, relatives, … continue reading →
LOTS of freshly updated charts under the Markets tab: RUT, USDJPY, NG, SPX, COMP, DX, NYSE, FTSE, GOLD. Check ’em out. * * * * * * * * Apparently jumped the gun a little yesterday by getting out at the .618. The last 5 minutes saw prices ramp up through our entry point and … continue reading →
Gold has been smacked down pretty severely, falling 14.4% in the past six months. But, the charts suggest it will soon be time to start melting down that jewelry again. GC has reached the lower bound of a well-formed channel that dates back to 2000. While not every channel bottom tag results in a reversal, … continue reading →
The largest channels are all pretty loose fits, with plenty of incursions that make forecasting with them iffy at best. But, the smaller channels and Harmonic Patterns have been pretty effective. Even though USDJPY has been running like a 燃える尾を持つ猫, there is growing risk of a downturn as it approaches 100. Consider the new channel … continue reading →
I’ve been watching natural gas for the past few weeks, an interesting chart as suggested by a member. One quick caveat: I don’t follow the industry, nor do I have an opinion on the fundamentals. This is simply a read of the current charts as I see them. NG has been exceptionally volatile over the … continue reading →
As expected, the EURUSD has turned the corner, easily topping our 1.30 target from Apr 4. The daily RSI shows a break out through the resistance of two long-term channel midlines (yellow and white) with a third, shorter term midline to come. So, while we could see some near-term consolidation, the pair appears to have … continue reading →
Looks like we’re going to hit our downside target after all, thanks to a dismal payroll number. I’ve had 1546.08 as my top choice [CIW Apr 3, 2:25 update for members.] I’m inclined to stay short for the purple channel bottom at 1546.08 or the 1.618 at 1549.09, with stops at 1558.47ish. But, anyone who … continue reading →
Keep an eye on the channel we’ve been charting since Tuesday. If SPX breaks out, it’s time to take an interim long position. Upside potential if this is only a countermove is the white channel midline around 1561.45. UPDATE: 10:00 AM Things are happening faster than I can type this morning. We just reached the … continue reading →
ADP unemployment miss, FOMC gov’s publicly debating QEn, a growth warning for China even as PMI levitates and the Volcker Rule might not become law till 2014. Yesterday’s last minute ramp in stocks has fizzled as expected, and we remain short from 1573 [10:37 update] a price that proved to be 0.66 from the high. … continue reading →
The futures are pointed higher at the opening, though the dollar and the EURUSD and the eminis themselves — which is sitting at an .886 retracement of the yesterday’s move down — don’t support the idea of higher prices just yet. With a 6 point pop on the opening, SPX will be right near its … continue reading →