In a previous post, I highlighted the Fibonacci retracement confluence clusters for the S&P 500 Index and now I wanted to show the same methodology of possible confluence support on the recent downswing in the US Dollar Index. US Dollar Index with Fibonacci Clusters: Using Constance Brown’s method of drawing Fibonacci grids off significant points…
Let’s take a moment to view the daily and weekly charts of the S&P 500 Index to determine the structure and technical position entering next week. S&P 500 Weekly Chart: We’re still in a lengthy confirmed downtrend with volume reaching very high proportions into the price lows of October and November, signaling potential capitulation selling…
Gold prices have reached an important technical confluence node – rising above this key level would be tremendously bullish, but there’s a good deal of bearish confluence resistance overhead… but gold might just make it above with just a little push. Let’s look at the daily and weekly charts to see these developments. Gold Prices…
From the looks of it, the US Dollar Index is breaking down while Crude Oil and other commodities appear to be building bases. Let’s take a quick comparison of the US Dollar Index and Crude Oil prices to see these developments in price structure. US Dollar Index: The Dollar formed a wedge pattern in mid-November…
Let’s step inside today’s trading action to see what points represented ‘idealized trades’ and gather as much information we can from the price structure that developed on this reversal day. DIA 5-min: The day started with an overnight gap to the downsie of roughly $1.00 (or 100 Dow Points) which is just in the gray…
Wouldn’t it be nice if stocks followed a clean, swinging pattern from one point to another? Usually we can trace that pathway with little interference but recently in Exxon-Mobil (XOM), we’re seeing a high noise to signal ratio that’s worth a closer look. Exxon-Mobil (XOM): Coming into October, XOM behaved like it ‘should,’ meaning that…
There was a strange, large scale overnight gap in the UUP Bullish US Dollar ETF which wasn’t confirmed as strongly in its bearish counterpart, the UDN. Let’s take a look at these two ETFs on their daily chart to see if we can get a better picture. Bullish Dollar ETF – UUP: Price gapped from…
Don’t let this development pass your analysis by! Today, the US Oil Fund ETF experienced a volume surge of 37 million shares on a potential doji reversal candle at possible support. Let’s see this development both on the daily and the 30-minute chart. USO – US Oil Fund Daily The day closed on a doji…
Adam Hewison of Market Club made available a video entitled “The Pullback Rule” or the “Rule of 50” that serves as an introductory lesson on trading concepts and Fibonacci retracements that you might find interesting. He takes a chart from Gold at the beginning of 2008 and discusses how to apply basic Fibonacci principles to…
I haven’t discussed the technical picture on Google (GOOG) in a while, so let’s take a moment to look at the weekly and daily price structures for Google and what might be in store for the near future. Google (GOOG) Weekly: The dominant structure I’m seeing is a (potentially) completed “ABC” large scale corrective phase…