Robert Prechter and the team at Elliott Wave International are releasing July’s 10-page Elliott Wave Theorist (market outlook and prediction service) for free and I wanted to provide the link for you. Mr. Prechter recently received wide acclaim for going on CNBC and releasing similar public reports and interviews when he proclaimed “Cover Your Shorts”…
Today’s Rounded Reversal is still the dominant pattern, but what’s more interesting is that price retraced up into a confluence Fibonacci area. Let’s take a quick look at this and what might be in store.
I wanted to give a quick mid-day update on the current SPY structure (that of a possible rounded reversal that has formed a lengthy momentum and internal divergence). Let’s take a look:
With the broad markets at critical potential turning points, let’s take a quick fly-by view of the weekly structure (showing the entirety of the Bear Market so far) of the Dow Jones, NASDAQ, and S&P 500.
It’s time for this week’s “Editor’s Picks” from the wide selection of excellent financial blogs/websites on the NewsFlashr Business Blog section: 1. Mish of Mish’s Global Economic Trend Analysis reveals an eye-opening analysis of what could be ahead economically in his post “Brace for a Wave of Foreclosures … the Dam is About to Break.”…
I wanted to show two quick charts of the internal S&P 500, highlighting a “Rounded Arc” formation along with a view of a potentially significant negative Breadth divergence at the highs. Let’s take a look.
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.
Adam Hewison of Market Club released a new video this afternoon entitled “Do You Have Time for Coffee?” or more seriously titled “How High Can Starbucks Go” in reference to a comparison between Starbucks and McDonalds new ‘lower priced’ coffee blitz. How will it affect Starbucks, which is well known for selling higher priced morning coffee?
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.