I describe the week’s actions and discuss where we are in the market for the upcoming week.
The SPY gapped up into what looked like an exhaustion gap pattern and began its descent lower all day, completly engulfing the ‘hanging man’ candle that formed yesterday. Let’s take a quick look at this action.
The US Dollar Index appears to be continuing its journey downwards out of a confirmed break-out of a bear flag. Let’s see this structure and identify possible downside targets.
Are we reliving the “Melt-Up” scenario of 1982? Or is it more like 1975? Both? Neither? Let’s take a look to see if we can draw parallels.
old prices recently defended a critical support area. Let’s see Gold’s daily structure and note the confluence of Fibonacci and Moving Average support.
Let’s take a look at India’s Nifty-50 Index, which is bumping up against the falling 20 week EMA which could serve as a temporary upper-limit after the astounding 40% (1,000 point) price run-up off the March lows. Price has rallied 1,000 points into resistance at the falling (yet flattening) 50 week exponential moving average, and…
Which specific sectors fared the best and worst for the month of April? Let’s take a look both at Absolute Sector returns and Relative Sector returns for the month of April 2009. First, Absolute Returns for the 9 major sectors (and the S&P 500): The S&P gained just over 8% for April – a relatively…
Conglomerate General Electric (GE) has shown fascinating confluence via Elliott Wave and Fibonacci (as well as “Measured Move”) analysis. Let’s see what I mean and start the count from 2000 to present on the monthly chart. First, let’s see the simple AB=CD “Measured Move” (aka large bear flag) that has just hit its target: I’m…
Let’s take a quick look at the levels of Fibonacci Confluence in the NASDAQ Index as we start May, 2009. The Fibonacci grids I’ve drawn begin at the 1,280 March low level and connect three key swing highs – the colored retracements are the result of these levels and we are looking at the confluence…
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…