The folks at Club EWI (Elliott Wave International) have released another one of their free e-book reports to Club members, and this report is entitled “How to Use Bar Patterns to Spot Trade Set-ups.” This report written by EWI Analyst Jeffrey Kennedy is a 15-page guide with 30 chart examples showing the basic set-ups using…
Here’s a quick mid-day post highlighting the short-term Fibonacci Retracement grid from the overnight highs to this morning’s low, which was active in setting up at least one trade set-up as price tested the underside of the 50% Level. Let’s see this and also note a current trendline to watch.
In another interesting complete Bear Flag that formed into yesterday’s close, giving a target to trade on any downside break of the lower trendline in the morning session… price had already met the price projection target forecast by the bear flag right as the market opened! Those are some of the most frustrating experiences, when…
Today’s trading activity gave a great opportunity for me to discuss intraday Fibonacci and how it can be useful for uncovering support and resistance levels that others might not be seeing. Let’s take a look at two dominant Fibonacci grids that were very helpful in guiding today’s trading session.
Earlier this morning, I posted on USO in “US Oil Fund Threatens to Break Support.” Let’s step up to see the Crude Oil Index ($WTIC) in StockCharts (prior to today’s close – end of day data only) to see the current … broken … Andrews Pitchfork Grid on Crude Oil prices.
I wanted to highlight an interesting yet critical support zone for the US Oil Fund (USO) and – in turn – Crude Oil (similar chart). If broken, odds will shift to favor further downside, but until then, let’s look at a critical confluence price area to watch going forward.
With 2009 racing to a quick close, I thought it would be good to step back and take a reference at both the percentage performance of the S&P 500 and top AMEX Sector SPDRs beginning with January 1st and then the July 2009 lows to early December. It’s a picture of sector strength for sure – but let’s look a bit closer.
File this under “In case you missed it” – gold prices fell $40 intraday following Friday’s better than expected “Jobs Report” while the S&P 500 rallied sharply… and then sold off. Let’s take a look at gold’s 60min and daily chart to step inside this recent action, and note the divergences that preceded it.
Here’s another very quick look at the intraday charts, showing three vicious bear traps on the most recent pushes to new 2009 highs. Stay on guard – the market is very volatile and both bulls and bears are struggling to find direction… both failing… and succeeding.
With the Jobs Report more than surprising the market this morning, let’s take a quick look at the current trendlines that will either contain this bullish surge… or break through to create a larger move to the upside.