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For the week ahead, 218.49 can contain weekly buying pressures, below which the SPY remains vulnerable over the next several weeks to testing long-term support at 208.94- 210.90. Downside this week, 212.81 can contain multi-session selling pressures , while a daily settlement below 212.81 indicates 208.94-210.90 within several days, able to contain selling through the balance of the year and above which a secondary long-term buy signal remains firmly intact. Upside this week, a daily settleme...Read More
In my January 2015 article titled The Bull Market According to The SOX and NASDAQ, I said the following in reference of the Nasdaq Composite :
"From a conventional chart pattern perspective, the multi-year price action is clearly painting a bullish picture, i.e., that of a massive “Cup and Handle.” Within this pattern, the “Handle” section is none else but green wave 4, which is expected to unfold over the course of several weeks, if not several months."
Sure enough, wave 4 played out over t...Read More
NEAR and LONG TERM 2116.00 represents the start of a gradually narrowing range of trend support down to 2114.00 able to absorb selling through the balance of the year and above which a secondary long-term buy signal remains in effect, expecting 2221.00 within 3-5 weeks, 2376.50 attainable within 3-5 months. On the other hand, a daily settlement below 2114.00 indicates a good 2016 high, 2043.25 then considered a 1-2 week target, 1954.25 within 3-5 weeks where the market should bottom out ...Read More
This past week was all about the financial markets and the BOJ and FOMC. Two weeks ago, the grain markets were the center of attention specifically, the soybean market. The supply and demand report along with the National Oilseed Processors Association crush report provided a pretty good indication of the bean market supply and demand. This week, we’ll look at the technical action this has created as the market heads towards its seasonal harvest low.
The grain markets typically consist of th...Read More
Crude gained $1.45/bbl. last week closing at 44.48 even after a $1.84 loss on Friday. Since the August high, crude looks like a descending triangle . The upper trendline passes through 46.75 this week. Support is at 43.25. A break of support opens the door for a decline to 38.25. The weekly Coppock Curve did confirm the June high so look for higher highs in the future. However, new lows are expected once wave C has completed.
The August 3 low may be the right shoulder of a bullish head-and-sh...Read More