I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
The 30-year Treasury Bond ($USB) has reached a confluence support level at $115. Let’s see the daily structure and observe a possible Elliott Wave count – all of which has bullish implications going forward if we can hold support here. (click for full-size image) The 30-year Treasury Bond has been flirting with the $124 support…
As requested by a few readers, I wanted to take a quick cross-market look at the daily charts of the US Dollar Index, Crude Oil ($WTIC), and Gold. Let’s see what may be the next major move in each of these inter-related markets. US Dollar Index: Let’s start with the US Dollar Index and make…
A lot of analysts have been watching copper for signs of life that might signal an early recovery is in the works. Let’s look at Copper’s Weekly and Daily chart for clues. Last week, I posted the ambitious post “Copper Comes into Confluence Resistance,” and price fulfilled my expectations for a downswing off the confluence…
It appears that the US Dollar Index broke to the downside out of a Bear Flag formation, hinting that lower prices are yet to come (and perhaps higher prices for certain commodities). Let’s take a look at the Daily Dollar Index. The whole Dollar price structure appears to be forming a larger bearish pattern, with…
I wanted to highlight the Three Push Reversal Pattern which led to the Cradle Trade on today’s intraday SPY chart. Let’s see these trade set-ups! I’ve done something a little special for you in tonight’s post. I get a lot of questions about my “3/10 Oscillator” I use so I wanted to show you how…
That’s a lot to say in one headline! In addition to a (so far) confirmed downside break of the bearish rising wedge on the S&P 500, an ominous Head and Shoulders pattern has now formed on the 60 minute structure. Let’s take a look at this new development. If there ever was a confluence sell…
Let’s take a quick mid-week look at the S&P 500 daily chart structure for April 22, 2009. While I’ve been making much of the “Bearish Rising Wedge” (which was broken to the downside on Monday), keep in mind that it still looks like we could be forming a “Rounded Reversal” on the Daily chart as…
It’s rare when all of you indicators point in the same direction, but when it does, a powerful trade can open up. I wanted to show you such a trade that just completed in the QQQQ: Real quick, price formed a 5-wave Elliott Wave fractal into the intraday highs, but more importantly, notice it did…
I wanted to point out a 5-wave Elliott structure and two bull flags that offered trading opportunities in today’s (April 21, 2009) intraday SPY structure. We started the day with a medium overnight gap which was quickly filled (small to medium gaps have greater odds of filling than large gaps), so that should have been…
The movement of the VIX has been puzzling many people over the last few months, particularly in not confirming market lows with increased upward spikes. Let’s look at the current structure of the VIX and where we’ve come. Remember, the S&P (and other US Equity markets) hit new lows in October (2008), November, and March. …