So This is What Resistance Looks Like in SP500
If you ever wondered what it looked like inside a critical resistance level in the S&P 500, look no further than this post and the action of the past two trading days.
New 2009 Lows for Dollar and Highs for Crude Oil
The intermarket relationships are reasserting themselves as expected, as we’re seeing weakness in the US Dollar Index and strength in Commodities – we recorded fresh 2009 lows for the US Dollar Index and fresh highs for Crude Oil, the S&P 500, and mere points away for 10-Year Treasury Yields and Gold.
SP500 Value 945 is Key for Breakout
I take it the morning’s upward move is a shock to many traders – let’s take a quick look at the daily chart and a particular look at the 945 price level and why the market needs to exceed this level to confirm a breakout.
Gold Quickly Closing in on $1,000 Again
As many of us have been suspecting, gold is on a steady pathway up to retest and likely exceed the $1,000 per ounce level which has served as substantial resistance in the past.
Let’s take a quick look at gold’s Daily chart structure to see this happening as it unfolds.
Elliott Wave Analysis on the Shanghai Market Monthly & Weekly
A couple of readers have asked me to provide a possible Elliott Wave count on international market indexes, namely the Shanghai Composite ($SSEC) and here is my current count on the larger monthly and weekly timeframes.
Inside the Descending Triangle in the SPY SP500
The dominant short-term pattern on the S&P 500 (and SPY ETF) appears to be a consolidating descending triangle. Let’s take a look at the pattern on the 60 min and daily charts.
Weekly and Daily Look at Crude Oil May 28
A few readers have asked me to take a look at crude oil, so let’s look at the larger weekly structure and then see what insights we get from the daily chart.
Weekly Comparison Charts of Ten Year Yields and SP500
With the recent rally in 10-Year Treasury Yields (falling note and bond prices), I thought it would be a good idea to show you the trend comparisons between the Yield and the S&P 500 – it’s more aligned than you might think.
MidWeek Color Bar Chart of the SP 500
Some readers enjoy seeing my “color charts” of the S&P 500 and here is a mid-week “Color Bar” update on the S&P 500 Daily Chart structure.
Weekly Comparison Structure of the Dollar and Gold May 27
Per reader request, let’s take a quick look at the US Dollar Index and the Gold Market on a 3-year weekly chart basis, noting key Fibonacci levels and possible long-term targets.