WTI has reached our 200-day moving average target posted last month.This is a very significant move which, unfortunately, didn’t happen soon enough to affect June CPI or PPI. Long-time readers know that I’ve been harping on inflation for a long time. The reason is simple: math. Annual “headline” CPI, which is the one we all … continue reading →
Tag Archives: fan lines
Our last update [Apr 15] devoted to gold came in the midst of a huge meltdown. Gold had lost channel support, horizontal support at the psychologically important level of 1500 and was dropping like a rock through 1335. Never one to shy away from an opportunity to embarrass myself, I gave my best guess: we … continue reading →
SPX has been tracing out a channel over the past several months, but its RSI has clearly formed a rising wedge. The divergence begs the question: “which will prevail?” Regular readers know I’m a fool for chart patterns in general and RSI chart patterns in particular. But, that’s a solid channel that’s withstood some pretty … continue reading →
ORIGINAL POST: 11:30 AM SPX might be tracing out either a flag or pennant pattern on the 15-min chart. While either could portend higher prices (2/3 of the time), a flag would mean lower prices first — probably down into the mid 1370s. At first blush, the market seems to be respecting the last … continue reading →
This morning’s hunch to fade the futures’ ramp was a good one [see: Mixed Signals.] “There’s a channel line just overhead at 1337.30 or so that should limit the current rally. Given the way the futures behaved overnight in equities, the dollar and the euro, I’m going to fade this ramped up opening and see … continue reading →
Harmony and me…we’re pretty good company. From the moment I first heard about Fibonacci, I was l hooked. A numerical sequence that produces mysterious and magical ratios that show up in everything from the design of pine cones and nautilus shells to the layout of pyramids of Giza and dimensions of the Parthenon? Sign me … continue reading →
Many readers have been asking about oil. It’s not that I haven’t been interested, it’s just been a real bear to analyze. Here, after a dozen hours of racking my brain, is where I see it. Like many stock indices and currencies, Crude Light (CL) is at a critical stage. It reached 114.83 after breaking … continue reading →
The May 8 forecast for NYA was for the index to plunge from 7815 to 7340. The forecast worked out well, as Friday’s low was 7286 (a quick 7% return, yay!) As noted in that update, 7340 doesn’t really match up with any particular Fibonacci levels. And, it doesn’t intersect with the rising wedge until … continue reading →
Our charts have grown fairly “busy” lately, what with harmonic patterns, chart patterns, fan lines, channels, etc. I find it helpful every now and then to take a step back and examine those elements that have had the biggest impact in recent years — and are likely to continue doing so. In my opinion, the … continue reading →
ORIGINAL POST: In response to several requests from readers across the pond, I’m taking a crack at the FTSE 100. For some reason, Think or Swim (my trading platform) doesn’t quote the FTSE itself, but does the FTSE 100 mini — 1/10 of FTSE’s value — that goes by the symbol UKX. UKX had retraced … continue reading →