If so, we should see a break above 1265-67. Once above it the SPX shouldn't trade below 1244 again (for the next few weeks).
Tuesday, November 15, 2011
S&P 500 ~ Intraday Update 1 ~ 15 November 2011
Wave [e] probably ended at 1244:
If so, we should see a break above 1265-67. Once above it the SPX shouldn't trade below 1244 again (for the next few weeks).
If so, we should see a break above 1265-67. Once above it the SPX shouldn't trade below 1244 again (for the next few weeks).
Monday, November 14, 2011
S&P 500 ~ EOD Update ~ 14 November 2011
It looks like the SPX is forming a triangle:
Once we break out of the triangle we should get a big move. I tend to a breakout to the upside because triangles tend to be continuation patterns and, as said earlier, end of year is usually bullish. A break above last week's high should lead to a rally to 1310ish or maybe even higher back to the yearly highs.
A break below 1220-30 should lead to the next support level at 1190ish.
Once we break out of the triangle we should get a big move. I tend to a breakout to the upside because triangles tend to be continuation patterns and, as said earlier, end of year is usually bullish. A break above last week's high should lead to a rally to 1310ish or maybe even higher back to the yearly highs.
A break below 1220-30 should lead to the next support level at 1190ish.
Wednesday, November 9, 2011
S&P 500 ~ EOD Update ~ 9 November 2011
Huge down day today! The SPX lost 3.67 %!
We're back at the support around 1220-30. If it breaks below it the next stop is 1190ish. As said earlier, as long as 1190ish holds this should be only a correction and we can expect a rally into year end.
We're back at the support around 1220-30. If it breaks below it the next stop is 1190ish. As said earlier, as long as 1190ish holds this should be only a correction and we can expect a rally into year end.
Gold ~ Update ~ 9 November 2011
Gold hit 1800 yesterday and is now only about 100 $ below its all-time high:
Since November and December are usually strong months for gold a rally to the all-time high is very likely. Support levels are at 1750ish and 1680ish and the trend is up as long as these hold.
Since November and December are usually strong months for gold a rally to the all-time high is very likely. Support levels are at 1750ish and 1680ish and the trend is up as long as these hold.
EUR/CHF ~ Update ~ 9 November 2011
As expected the EUR/CHF is oscillating between the 1.24ish and the 1.20ish area. After hitting 1.24 in mid October the EUR/CHF declined to 1.21 by late October and is now back at 1.24ish on some rumors that the SNB might increase the minimum rate to 1.25 or 1.30:
Unless this happens I think the EUR/CHF will continue to trade between 1.24ish and 1.20ish.
Unless this happens I think the EUR/CHF will continue to trade between 1.24ish and 1.20ish.
Subscribe to:
Posts (Atom)