Yesterday we explored the alternate path in detail, noting that one of the two RSI trend lines we’ve been watching had broken, and the second was coming into play. There is the possibility that the downward sloping red, dashed TL will catch it on the way up, but the yellow TL just broken was a … continue reading →
Tag Archives: Channel
UPDATE: 5:35 PM S&P cuts Spain two notches, from A to BBB+, based on contracting economy…cites declining disposable income, private sector deleveraging, front-loaded fiscal consolidation and an uncertain outlook for external demand in many of Spain’s key trading partners. UPDATE: 3:25 PM Here’s a close up of the alternative path, which looks stronger with … continue reading →
A couple of days ago, I updated all the EURUSD charts [see: Update on EURUSD], commenting that the pair was approaching a crucial test of the channel that’s guided it for the past year or so. With this morning’s mildly positive action, things have gone about as far as they can. Note in particular the … continue reading →
The market is parading around in yesterday’s Apple earnings report like a glamor queen in a mink stole. An economy that can pump out eleventy zillion iPhones is very pretty, indeed. Then, along comes the stink of a very disappointing durable goods report. And, that mink stole is suddenly, jarringly out of place in this … continue reading →
April 24, 2012 From both a fundamental and technical standpoint, the long-term, medium-term and short-term pictures are all negative on the EURUSD. Yet, it keeps hanging in there, the beneficiary of a great deal of ECB and, yes, Fed intervention. Here’s the long term picture as of this morning. EURUSD has been stuck in that … continue reading →
I’d be impressed if the bears were able to deck OPEX — the perennial champ — and let the H&S pattern play out just yet. But, here we are, at the bottom of the nice little channel that’s guided the upside since 1357 on April 10. I suspect the sell-off will be limited to 61.8% … continue reading →
Where there was once a falling wedge, there is now a channel. The April 10 breakout that looked so promising completed a Bat pattern and promptly reversed nearly 61.8% of the move from the 13.66 bottom. Is this the end of the ride, or are there bigger and better things in store for VIX? I … continue reading →
The analog I first posted about on the 9th [see: Analog Details] has performed well this past week. Given the overnight action in the futures, it’s about to get a boost in the right direction. A perfectly formed H&S pattern would mean a right shoulder in the 1400 range. Though, as we pointed out yesterday, … continue reading →
EOD: 2:25 AM SPX overshot the Crab’s 1.618, whichever Point X we use. The next major lines of harmonic support are are the red pattern’s 2.24 at 1342, correlating with the purple pattern’s 2.618 at 1341. Given the level of oversold on the day, here’s an alternative view. UPDATE: 11:55 AM The Crab Pattern … continue reading →