When unexpected unpleasantness unfurls, you can count on central banks to pull out all the stops. Such is the case with the British election results which, like Brexit, have wreaked havoc on FX markets. EURGBP, having broken down from its rising red channel dating back to mid-2015, was well on its way to a perfectly … continue reading →
Tag Archives: Channel
This is day 8 of our membership promotion, running now through the end of the month for members and non-members alike. We’re offering a 25% rebate off the first month of Monthly and Quarterly auto-renew subscriptions. Annual memberships are available at a very substantial discount (rewarding those who act quickly!) Remember, the annual pricing is … continue reading →
As we noted yesterday, SPX is hanging on by the skin of its teeth to a breakout. Despite an 18-pt intraday plunge, it recovered by the end of the session thanks to a timely decline in VIX and rally in WTI. Will it be enough to keep the trend intact? continued for members… … continue reading →
Yesterday, we got a taste of what happens to United Airlines passengers who are “disruptive and belligerent.” In what is being described as one of the biggest PR fails in recent memory, United CEO Oscar Munoz defended the action taken to forcefully drag an Asian-American doctor from a flight that United had overbooked. No … continue reading →
SPX and ES managed to hold key trend lines and channels yesterday, bouncing from just short of our downside targets to exactly where we expected. All it took was an 18.3% hammering of VIX — no problem for the Masters of the Universe (real subtle, guys!) But, there was no breakout. There wasn’t even an overnight … continue reading →
The first big Republican victory — the repeal and replace of the ACA — has morphed into reproach and retreat. The net impact: what does this failure portend for the rest of the Trump agenda and, thus, the Trump Rally? Regular readers know that I’ve looked askance at this rally from the start [see: Why the “Trump … continue reading →
There’s an old expression that says “close only counts in horseshoes and hand grenades.” So, we spent most of the day yesterday wondering whether the day’s 2336.45 lows were close enough to our long-held downside target of 2335.34.The tag was marred by premature reversals in oil and VIX. Did the guys working the algos not get … continue reading →
Only a couple of years ago, central bankers became adept at repairing the damage done to stocks after big shocks. That changed with Brexit, when the strategy shifted to pushing stocks as high as possible before the damage was done… and, still doing all the requisite ramping after the fact. They perfected the technique after the … continue reading →
A little over a month ago, we wrote that crude light (CL) had reached a two month-old target and what appeared to be a potential buying opportunity: the intersection of a key Fibonacci level and a long-term channel bottom. We were pleased with that call…until the rebound ran out of gas only a day later. … continue reading →
The eminis are flirting with danger this morning, having ducked below a key channel midline (dashed, purple) but bouncing off a smaller channel bottom and another channel midline (dashed, white) near a .786 (1674.15) for a Gartley Pattern completion. The dollar is threatening to break out of the falling wedge…. And, the SPX is set … continue reading →