I describe the week’s actions and discuss where we are in the market for the upcoming week.
Let’s take a quick look at the UUP (Bullish Dollar ETF) which could be on the verge of a low-risk, major turning point to the upside. Let’s pay close attention to a recent volume surge and a likely Elliott Wave fractal count which seems to be complete.
I wanted to share an excerpt with you from Jeffrey Kennedy’s Trader’s Classroom Collection on emotions in trading. This selection is taken from not only a larger article available for you, but from a series of other lessons that are available free for a limited time.
I find it helpful that Jeffrey mixes personal experiences along with valuable information in his writing.
Now through August 17, Robert Prechter’s Elliott Wave International
Let’s take a quick look at how various intermarket asset classes have performed year to date as we’re halfway through August 2009. Specifically, let’s compare the S&P 500 and the NASDAQ with the CRB (Commodity Index) along with Gold and Crude Oil and finally the 10-Year Note prices.
Thank you to all who request analysis on India’s “Nifty 50” stock index. Here’s the latest quick update on both the weekly and daily frame. Even for those who don’t follow the Nifty, you can learn insights from my presentation of two weekly and daily Fibonacci retracement examples.
I wanted to show a mid-afternoon “Best Trade” idea in the market today, which highlighted an internal TICK divergence with a momentum divergence as price filled the morning gap into the resistance area of Friday’s close. Let’s see it:
It’s time for the August Elliott Wave Count update on the S&P 500. I will show the two most plausible Elliott Wave Counts which remain unchanged from May’s Elliott Wave Update (which successfully targeted 1,000 as a minimum upside target in the S&P 500). Please review that post for deeper context as you read the August update.
There’s an interesting debate on what exactly is the dominant technical pattern in gold on the weekly chart. Let’s take a look at the two possibilities and note possible price targets for both patterns.
A reader recently asked me for my take on Citigroup (C), as to whether or not the stock was perking up enough to warrant interest. I thought we’d take a quick look at the Weekly Chart and note the differences in the Logarithmic and Arithmetic charts and note a key level for bulls to watch.
With this morning’s powerful break to new 2009 highs above price resistance, let’s look at the comparative price structures in the Dow Jones, NASDAQ, and S&P 500 Indexes year to date (as of mid-day July 23).
On Monday evening, I highlighted a reader’s question on Whirlpool (WHR) in the post “Doji Sell Example in Whirlpool.” The question was “I got short off a doji but price kept rising – what happened?” Please see the prior post for the answer and my analysis.