SPX is at its MA 200. Time to bounce to keep this unpleasant chart from becoming ugly like the Dow.
Dow is around a short-term trend line but below lateral support. It can bounce but this has technical damage.
We have had the pulse of the precious metals every step of the way. We have mostly stayed on the right side of stock markets too. We have indicators and…
I thought it would be significantly abbreviated to provide myself and subscribers some relaxation this fine summer weekend. I thought wrong. It was 27 pages (lots of graphics), all of…
Volatility. It is what we expected and it is what we have with Tuesday’s big down and upward reversal, down hard again yesterday and today very green in pre-market. This volatility applies to most assets markets including the precious metals. It is the nature of the beast during a news-rich summer, with many operators on vacation or semi-vacation (with some players not able to resist peeking?).
USD has been in correction since the hysterical March top. The daily chart shows a series of lower highs and lower lows that was interrupted last week when USD failed…
A good report, as usual. That may sound smug but #348 is another report helped me personally because as usual I don't go into these things so much trying to…
These charts are purposely left ultra simple, with no mark ups, no momentum oscillators and limited commentary by me. NDX is near the 2000 high. SPX's minimum measurement off of…
Just a quick note for those who only follow NFTRH.com... There is a post at Biiwii highlighting the basics of two interim macro plays; the prospective second phase of the…
From NFTRH 346: "It is possible that an A-B-C type correction began in March and ended in May and now a new bull leg has begun. But until 98 is…
The USD is bouncing from the projected support area around 94. Further, some economic data came in firm this week and ISM was stable, with its exports component bouncing solidly. That was in keeping with the weakening dollar easing the pressure as a rising dollar had increased it. Continued firm data could attend an expected bounce in USD.
Ref. a public post about the $RUT this morning. It showed support after a wedge breakdown. RUT is losing that support so far today.
Here is the USD, losing the 50 day moving average. This is another marker along the way that keeps the correction target of 94 open.
US Stocks
This headline says it all. Playing its assertion straight, we acknowledge that what was a bubble in asset market supporting policy could morph into a bubble and blow off (i.e. mania) in stocks.
US Stock Market
S&P 500 is +5% today in pre-market and I have not covered my short position on SPY, although for NFTRH+ purposes, the preliminary bearish trading target was 206 (SPY closed yesterday at 204.98). So that trade is complete.
I expect SPX to eventually move down to the support zone at 2000 +/-, where the decision would then be made as to whether or not we are going to test lower levels. So interim bounces could be additional shorting opportunities, as was Monday’s little joy fest.
