As we slowly make our way toward the end of Q2, we continue to see tests of important support. They are usually followed by sharp bounces despite the growing evidence that a selloff is right around the corner.Will today be the day the market finally takes the plunge? continued for members… … continue reading →
There’s a lot to unpack this morning, as several targets were tagged overnight. USDJPY finally popped up to tag its 200-DMA……which enabled ES to come within 1.43 of our 3076.93 target – the 2.618 Fib extension of the drop between 2007-2009. I thought this was going to happen over the weekend, but better late then … continue reading →
SUBSCRIBERS: Just updated our forecast page, including RB, CL, DXY, USDJPY, EURUSD, SPX/ES, Gold, VIX, COMP, DJIA, AAPL and bonds. Check it out HERE. * * * Rumbling toward the end zone, the bears ran into the bulls’ best defender: VIX. As ES tagged our channel-line target a day ahead of schedule (and, therefore at … continue reading →
Don’t look now, but COMP is approaching our 6760 target. As we discussed on Oct 10 [see: Plan B] COMP faced significant downside if its 200-DMA didn’t hold. Bottom line, it didn’t. It was off as much as 13.3% last month before beginning a bounce that was destined to fail. Next week, it will get … continue reading →
SPX came within 7 points of our downside target yesterday, getting a midday bounce that couldn’t quite reach the 200-DMA. Futures popped as high as 73 points off the intraday lows, but have since given back about 12 of those points and are perched barely above ES SMA200 at a 28-pt gain in the after-hours.If … continue reading →
That’s a relief! For months, pundits have been arguing whether the Fed needed to hike interest rates three times or four times this year — you know, because of all the growth coming down the pike. Fed Über-Dove and “Man Who Thinks Market Integrity is Overrated” Jim Bullard just announced that the correct number is … continue reading →
Facebook is only 5.5% of the Nasdaq Composite (COMP), but yesterday’s plunge [see: Facebook Flops] was a good reminder to update our outlook. In our last update [see: Nov 6, 2017 Update] we identified 7619.37 as our next upside target. At this point, it’s pushing into the top quadrant of the rising white channel where … continue reading →
I updated the charts for NDX, NYA, DJIA, RUT and COMP in the past few days. The picture is mixed at best, with RUT, for instance, looking quite overripe, and COMP looking like it’s seriously considering 3343. The DJI is happy as a lark making new highs, while NDX is coming up on all kinds … continue reading →
Around the horn with major indices and currencies… Like SPX, most are at a threshold where they must either break down or break out (I think “break down,” but we’ll know soon enough.) Coming up: VIX, RUT, COMP, NYA, NDX, DJIA, FTSE, SPX, DX, EURUSD, USDJPY, AUDUSD, CL, GC, SI. And, yes, I’m happy … continue reading →
July 2, 2012 COMP appears to be following a set of channels within a much larger channel we identified months ago. Whether it has the wherewithal to rise up out of the large red channel remains to be seen. In the meantime, we’ll focus on the short to medium-term picture. … continue reading →