I describe the week’s actions and discuss where we are in the market for the upcoming week.
Commodities across the board have taken massive falls throughout 2008. Let’s take a look at a possible Elliott Wave Analysis for the monthly and daily $CRB Commodity Index to see if we can place these moves within a broader structure. CRB Index Monthly : This structure takes price from the 1999 lows as the start…
We’ve had a steady rally all last week in the major US Equity Indexes, but let’s focus on the technical position of the S&P 500 and view both the daily and weekly charts and note possible projections and confluences. S&P 500 Daily: Price is clearly in a daily downtrend with a distinct series of lower…
I was doing some work with Fibonacci retracements this afternoon and found a particularly interesting confluence I thought I’d share with you. It’s on the Dow Jones and it involves the current low and how it almost mysteriously fits within the current structure. Dow Jones Weekly Chart: First, let me start by saying this is…
With a wildly volatile week behind us, let’s step up the perspective and see if we can glean any information from the S&P 500’s weekly chart. S&P 500 Weekly Chart: Don’t we wish we could turn back the time to October 2007? Alas, we have to take what we’re given in the market and do…
The US Dollar Index made fresh 2008 highs on Friday, but only marginally so. Let’s look at the daily chart as well as the longer term monthly chart for potential clues to the future. Also, Adam Hewison of Market Club recently released a two-part video series entitled “The Past and Present of the US Dollar…
With the US Dollar Strengthening, officially reversing the trend back to the upside, and consolidating above support, let’s look at the daily and weekly chart to see what’s happened and what might be in store. US Dollar Index Daily Chart: The dollar bottomed at the same time that the US Stock Market bottomed (July 15th),…
Let’s take a moment to look at a fund you may not have been aware of, but that has formed two nice daily divergences which have since resolved that can serve as an educational example. The fund is DUG, the UltraShort (2 times leverage) Oil and Gas ProShares fund (which moves inverse to Dow Jones…
Wow – this week gave us some fascinating action on the US Stock Market indexes. Let’s look quickly at the state of the S&P (daily and monthly chart) and then take a peek at what I saw and commented yesterday on the Russell, which came to pass today. First, the S&P 500 Daily Chart: First,…
How could the stock of such a well-known company as Starbucks (SBUX) plunge so dramatically in such a short time? Let’s look at the charts to see clues and potentially profitable zones we could have seen on the charts. Starbucks Monthly: The structure of the weekly chart shows a very interesting pattern. The stock languished…
The headline from last week will be the sudden surge in crude oil prices, but let’s take a moment and view this development along with the implications for the US Dollar Index. Crude Oil Prices: This is an excellent example of why it’s best not to try to anticipate market tops or bottoms. It also…