Wednesday, April 30, 2014

S&P 500 ~ EOD ~ 30 April 2014

The SPX is now right at the resistance level:

A break should lead to a rally to 1900+.

Author: Patrick Eugster

Tuesday, April 29, 2014

S&P 500 ~ Intraday ~ 29 April 2014

The SPX declined almost to the support level at 1845-50ish:

As long as this level holds, the trend remains up. If 1884ish breaks, a rally to 1900+ is very likely.

Author: Patrick Eugster

Wednesday, April 23, 2014

S&P 500 ~ EOD ~ 23 April 2014

The SPX turned at the resistance at 1884ish and is now approaching the support at 1872ish. If it holds, we should see 1884ish again and then new highs. If it breaks, a decline to 1845ish is likely.

Author: Patrick Eugster

Tuesday, April 22, 2014

AUD/USD ~ 22 April 2014

Author: Patrick Eugster

US Dollar Index ~ 22 April 2014

Author: Patrick Eugster

S&P 500 ~ Intraday ~ 22 April 2014

The SPX rallied above 1872 and is now already at 1884:

If we also clear this level, we should see new highs later this week.

Author: Patrick Eugster

Monday, April 21, 2014

S&P 500 ~ EOD ~ 21 April 2014

The SPX continued its rally today and hit the resistance at 1872ish:

If 1872 holds, we should see a pullback to 1846ish next.

Author: Patrick Eugster

Wednesday, April 16, 2014

EUR/USD ~ 16 April 2014

Rising wedge:

If the EUR/USD breaks below 1.37ish, we should see a sell-off towards 1.30 or even lower.

Author: Patrick Eugster

Tuesday, April 15, 2014

S&P 500 ~ EOD ~ 15 April 2014

After reversing at the support at 1813ish the SPX rallied to the resistance at 1840ish:

I think that a convincing break above 1840-50ish would be a very bullish signal and most likely mark the end of this correction.

Author: Patrick Eugster

Monday, April 14, 2014

Corn ~ 14 April 2014

Corn is at an important resistance. If it breaks, we could see a rally towards 640:

Author: Patrick Eugster

Crude Oil ~ 14 April 2014

Crude is in a big triangle:

Author: Patrick Eugster

Friday, April 11, 2014

S&P 500 ~ Elliott Wave Count ~ 11 April 2014

So far, the SPX has declined 80 points which is in line with previous sell-offs as you can nicely see in the chart below.

As long as we keep getting higher highs and higher lows there is no reason to turn bearish medium- or even long-term. So, unless we decline much further, this is most likely just another bull market correction.

Author: Patrick Eugster

Copper ~ 11 April 2014

Copper hit the long-term support level at 2.9ish a few days ago:

If this level breaks, we may see a similar sell-off as in 2008. A possible objective for a short-term rally is the declining orange trend line.

Author: Patrick Eugster

ES ~ Globex ~ 11 April 2014

The sell-off continued overnight and we're already near the next support level (1809ish, 1813ish for the SPX):

Author: Patrick Eugster

Thursday, April 10, 2014

USD/JPY ~ 11 April 2014

After rallying above 102.7 the USD/JPY hit the resistance at 104 and then declined again to the support at 101.3ish. If this level holds, we should rally back to 102.7ish.

Author: Patrick Eugster

S&P 500 ~ 10 April 2014

Hi everyone!

After trading between 1840 and 1880 for almost two months the SPX broke below 1840 today. Before we get too bearish we need to see a confirmation. That is, either a continuation tomorrow or a backtest of 1840-50 followed by a reversal. If we don't get such a confirmation, we may get a similar pattern as last week. Then, the bulls were tricked after the SPX rallied above 1880.

If the market continues its drop tomorrow, we should see 1813ish next.

Starting tomorrow I'm going to post intraday updates again and also cover new markets (different indices, commodities and currencies)

Author: Patrick Eugster