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Lots of targets were tagged yesterday, beginning with SPX which nailed our 50-day moving average target. There’s a reason, however, that futures are off even more this morning. continued for members… … continue reading →
Tag Archives: fibonacci
Futures are off moderately following yesterday’s reversal, the 6th session in a row that ES failed to surpass its .886 Fib retracement. continued for members… … continue reading →
In our last dedicated Update on Gold and Silver in April, we noted that gold had reached our Fibonacci target of 2466.50 but could have further to go. GC is fairly straightforward. There’s a large IH&S pattern which completed around Mar 7 targeting 2557, a short distance above the white 1.618 at 2466.50. GC reached … continue reading →
A lot has happened for RUT in the past week. It was only 11 days ago that we updated its chart, suggesting RUT would reach 2282 by the end of the year. RUT’s reversal at its .618 in April set up either a Gartley or Bat pattern, meaning a move to its .786 at 2282.27 … continue reading →
In contrast to yesterday’s CPI print, PPI came in below estimates at 0.2% headline and core. Futures erased their sharp overnight losses which saw them nail our next downside target and now point to modest gains. A bounce here would be more convincing if SPX were to also reach its 50-day moving average. continued for … continue reading →
NFP came in at 303K vs 200K estimates, a huge beat which, combined with a decline in the unemployment rate, argues against any near term rate cuts. ES is all over the map this morning, but has given up much of its overnight ramp and is approaching our next downside target. With CPI coming out … continue reading →
In a repeat of the most effective algo move of the past 10+ years, VIX broke down following the Fed’s no-news rate decision and press conference yesterday. As always, this allowed equities to leapfrog an area of stubborn overhead resistance. continued for members… … continue reading →
BTCUSD came within 126 of an important Fib level that could represent significant overhead resistance. Traders would do well to limit their exposure here. continued for members… … continue reading →
Durable goods ex transportation fell by 0.3% in January, slightly more than expected. Futures rose slightly on the print, but are essentially flat ahead of the important consumer confidence reading. continued for members… … continue reading →
Nonfarm payrolls soared by 353,000, more than twice the 175,000 expected. Average hourly wages also beat at +0.6% (+4.5% YoY) versus +0.3% expected. Unemployment remained at 3.7%. Forget about a March rate cut. Bulls will be lucky to get one in May. The overnight ramp job has completely disappeared, with futures struggling to remain positive. … continue reading →