I describe the week’s actions and discuss where we are in the market for the upcoming week.
Not to be outdone by gold’s lengthy triangle price pattern, Crude Oil has recently been forming its own triangle pattern as seen on the daily chart. Let’s take a look and note the current triangle boundaries.
I wanted to show a higher timeframe “Measured Move” pattern that played out on the monthly timeframe in 10-Year Treasure Notes ($UST) from 2000. It’s an interesting example of the ‘fractal’ nature of price and higher timeframe structure and targets.
A reader brought this chart to my attention, and I wanted to show a version of the monthly S&P 500 Index with respect to the 20 month SMA, RSI Indicator, and McClellan Oscillator.
With the current Dow Jones Index up 52% from the March 2009 lows, let’s compare the current “Post-Crash” recovery rally to those of 1929 and 1937 to see of those periods can place our current rally into historical context.
Let’s take a look at the US Dollar Index, which has broken Fibonacci support and could be falling off a cliff from this point.
Let’s take a quick weekend look at the Weekly and Daily chart of the VIX to see where the VIX (Volatility Index) has traveled and the potential support level it is testing right now.
Let’s take a look at the current long-term Monthly and Weekly structure of the NASDAQ index to note key levels of overhead resistance which, if broken, will open clear skies ahead for price.
Let’s take a quick mid-afternoon look at the current market using the SPY (S&P 500) as our proxy – noting the chart structure and internals as captured at 1:30 EST on September 11th.
Let’s try to glean some insights from the “Sector Rotation” model as we look at both absolute and relative (to the S&P 500) AMEX Sector SPDR returns of the 9 major sector ETFs – paying special attention to the “Offensive” and “Defensive” Groups.
I wanted to do a quick mid-morning update on a large move in both the @DX (Dollar Index Futures) and @CL (Crude Oil Futures) as there has been some interesting movement in both.