Sunday, August 22, 2010

Full moon reversal?
















The Dow Jones and S&P both broke their 50dma last week. The 1064 gap on the S&P was filled Friday. In my opinion, this chart pattern above, does not look bullish. The right shoulder failed at 10700. Now it looks like we started a wave 3 down last Thursday, after doing a wave 2 consolidation earlier last week. Stochtastics are in the oversold area, so we may rally this week. We also have a Full Moon which usually bings a short term reversal. Look for support at 10,000 and 1040 this week.

Wednesday, August 18, 2010

Crude oil close to bottom of the channel


Look for crude oil to find support $73-74. Also the MS1pivot(green line S1) is there. MR1 was the high for the month.
UPDATE:
Crude broke the $73 support level. Next support is at the Ms2 pivot @$69.28

Tuesday, August 17, 2010

Gold HNS pattern


Gold is making a head and shoulders(HNS) pattern(white circles). I'm watching the 1250 area for a right shoulder failure.

Monday, August 16, 2010

eur/usd 200dma - 50dma


The Eur.usd ran into the 200dma last week and today is bouncing off the 50dma. Amazing how simple moving averages can show where resistance and support is. Look for a re-test of the 20dma at 1.3050

Sunday, August 15, 2010

10200 needs to hold






















Is this the start of a big move? The Dow / futures needs to hold the 50 dma if the market has any chance of a rally.This is options expiration week(OPEX), and we will see the dow pin the 10500 strike and/or the 10,000 strike by Friday.