Friday, May 31, 2013

ES ~ EOD ~ 31 May 2013

Wow! The SPX drops more than 10 handles in the last fifteen minutes!


The futures broke the neckline of the H&S (and the triangle) and it looks like we're on the way to 1590-95.

ES ~ Intraday ~ 31 May 2013


ES ~ Globex ~ 31 May 2013

Overnight the ES erased yesterday's gains:


It looks like a H&S is forming. If the strong support around 1635ish is broken, we should see a sell-off to at least 1620, more likely down to 1590ish though.

Thursday, May 30, 2013

EUR/USD ~ Elliott Wave Count ~ 30 May 2013

Updated count:

(previous count)

ES ~ Globex ~ 30 May 2013

The futures declined slightly overnight:


We didn't quite sell off to 1635 yesterday. If we don't get a break above the declining trend line, I think we could see it today though. Else a rally back to 1660 seems likely.

Wednesday, May 29, 2013

ES ~ Globex ~ 29 May 2013

The ES sold off overnight. We're currently trading around 10 handles lower than yesterday:


It looks like we could see 1635ish today.

Tuesday, May 28, 2013

S&P 500 ~ Intraday ~ 28 May 2013

The SPX hit the resistance at 1673ish this morning and then reversed:


We're now back at the support area between 1660 and 1664. If we decline below it, I think we could close today's gap (1650).

S&P 500 ~ Pre-Market ~ 28 May 2013

The last nine Tuesday have been up. Let's see if we add another one today.

Support and resistance areas for today:



ES ~ Globex ~ 28 May 2013

The ES rallied overnight and is now above the previous resistance at 1660ish:



Thursday, May 23, 2013

S&P 500 ~ Intraday ~ 23 May 2013

We got a very nice reversal after the SPX hit the support just above 1635 this morning:


I think this short-term rally should continue for a bit longer. 1660-65 should be our next target.

S&P 500 ~ Pre-Market ~ 23 May 2013

Support and resistance levels for today:


ES ~ Globex ~ 23 May 2013

The sell-off continued overnight. The ES lost another 20 handles and hit the support area at 1630-33:


Wednesday, May 22, 2013

S&P 500 ~ Elliott Wave Count ~ 22 May 2013

Today we got the biggest drop since mid April. After reaching a new all-time high at 1687, the SPX reversed and declined to 1649.

Possible short-term count:

(previous count)
It's too early to tell though if today was the start of a medium-term correction. We have to wait and see what happens the next few days.

EUR/USD ~ 22 May 2013

The Elliott wave count for the EUR/USD looks still pretty good. I think wave [i] will be finished soon:

(previous count)

For a long-term chart click here.

S&P ~ Intraday ~ 22 May 2013

We got a nice rally to 1687 after 1673 was breached:


S&P 500 ~ Pre-Market ~ 22 May 2013



Support for today is at 1660.5-1663.5 and at 1650-51 and resistance at 1672-73.

Tuesday, May 21, 2013

ConocoPhillips ~ 21 May 2013

COP broke 62ish earlier this month (previous post):


If we stay above 61, a rally to 73ish (2008 top) seems likely.

S&P 500 ~ Pre-Market ~ 21 May 2013

The last eight Tuesdays have been up. Let's see if we get nine in a row.


The next supports are at 1650 and 1660ish. As long as these two levels hold, the short-term trend is still up.

Monday, May 20, 2013

Gold ~ 20 May 2013


Silver ~ 20 May 2013

Silver hit the strong support area between 19.5 and 21 with a 10 % crash to 20.25 right after the open on Sunday:



Since then, we've seen a huge rally and silver is now up 12 % since last night. This could very well be an important low. The last time we saw such a big reversal was in September 2011. Back then, silver rallied 15 % over the next few weeks. If we got a 15 % rally again this time, we would see 26ish.

Friday, May 17, 2013

AUD/USD ~ 17 May 2013

Well, that was quick: the AUD/USD is already near my target level around 0.97:


I think the sell-off should stop around this level - at least short-term.

Wednesday, May 15, 2013

EUR/USD ~ 15 May 2013

The EUR/USD is approaching the neckline of a huge H&S:


If the neckline is breached, we should see a sell-off to 1.21ish.

Tuesday, May 14, 2013

S&P 500 ~ Elliott Wave Count ~ 14 May 2013

The break of 1635 resulted in a nice rally to 1651:
(previous count)

AUD/USD ~ 14 May 2013

After trading between 1.015 and 1.06 for almost a year the AUD/USD broke below 1.015 a few days ago and is now already below 1:


It looks like the next target is the support at 0.965-0.97.

S&P 500 ~ Elliott Wave Count ~ 13 May 2013

(previous count)

Wave [iv] probably finished at 1623 and wave [v] should be underway if 1635 is convincingly broken.

Wednesday, May 8, 2013

Google ~ 8 May 2013

Google has added another 60 $ since my last update:


The trend remains bullish as long as we stay above 835ish.

AUD/USD ~ 8 May 2013

Target hit:


If 1.015ish holds once again, we should get a rally, probably all the way back to 1.06. The first objective is 1.035ish.

Tuesday, May 7, 2013

Monday, May 6, 2013

S&P 500 ~ Elliott Wave Count ~ 6 May 2013

After the big rally on Friday, the market consolidated today:


It looks like this is just a short rest before the market rallies higher (like in early March after the rally on March 5th).


Thursday, May 2, 2013

USD/CHF ~ 2 May 2013

We got another huge sell-off after the USD/CHF touched the trend line at 0.945:



AUD/USD ~ 2 May 2013

After a rally to the resistance at 1.037 the AUD/USD reversed again and is approaching the support between 1.015 and 1.02 now:


S&P 500 ~ Intraday ~ 2 May 2013

For the third time this week the SPX is at the resistance at 1597ish.

The last two times we got two nice corrections. We'll see if we get a reversal at 1597 once again.


EUR/USD ~ Elliott Wave Count ~ 2 May 2013

(previous count)

S&P 500 ~ Pre-Market ~ 2 May 2013

1571ish should be the next downside target for the ES:


S&P 500 ~ EOD ~ 1 May 2013

Once again we got a very nice pullback after the SPX hit the resistance at 1597:


Wednesday, May 1, 2013

S&P 500 ~ Intraday ~ 1 May 2013

So far, today looks exactly like yesterday:


Ben talks in about three hours. Thus I doubt we break either below 1587 or above 1597 prior to that. If we get below 1587, 1576 should be the next objective. If 1597 breaks, a 10 handle rally is likely.

This will be the last post until tonight. Instead of watching Paper (Money) Man Bernanke, I'll be watching Iron Man tonight.

S&P 500 ~ Pre-Market ~ 1 May 2013