Monday Update – Three Videos – Regular Update, International Indexes and Gold

Three videos this evening – the regular Monday update, a special update on international indexes and a special update on Gold as our first target has been hit.

Monday Update

SPX – Near a turn, expecting marginal higher prices or the high from Friday could be it. RSI divergence is a MUST WATCH – it must hold here.? Next legg down is definitional, Watch the Monthly Pivot at 2083, break this and we see a double bottom test and lower lows possible. If this pivot holds or perhaps a higher support holds, new all time highs are coming. Still expecting a high window in September.

RUT – Near a turn, expecting marginal new highs to 1279. Nice divergence and setup for a 5th wave here. Same as SPX – if support found, new all time highs in store.

Oil – Still expecting 49.20ish – bears must push Monday and break Friday’s low. Expecting a turn in the low 49’s, next legg up is definitional – resistance found in the 57.50 area and we likely see new lows.

USD – We have invalidated the triangle and are still in a bearish formation. Expecting a turn Monday from the 98.245 – if we break this we open the declining resistance trend line from the high. Still looking for lower low and targeting 90ish.

Gold – Special update video below – our first target has been hit – 1092. We have just completed W3 of the current formation and need a bounce to 1127ish or as high as monthly S2 at 1136. From there we likely see lower price to our second target at 1065.

Special Gold Update

Special International Index Update

This video shows correlation across indexes and builds on Jack’s post regarding the Nikkei. Covered the DAX, FTSE and Hang Seng and Nikkei. All currently reaching resistance.

Good luck this week. 🙂

About the Author

Stan Nabozny
Stan is a 20 year retail trading veteran and Co-Founder of The Art of Chart. His specialties include using futures and options to trade Energies, Precious Metals, Equities, Currencies, Bonds, Softs, Grains and other commodities. Stan believes that Risk Management and Trader Psychology are more important that technical analysis and spends his time teaching and coaching other traders on these topics . Stan uses various trading systems and technical analysis approaches that integrate time and price in his work. See his latest articles here and www.huffingtonpost.com.

19 thoughts on “Monday Update – Three Videos – Regular Update, International Indexes and Gold

  1. muradekmekci - July 22, 2015 at 4:03 am

    SPX is at no man’ s land.. Waiting to see a marginal low or a last push higher would be a reasonable approach to start a position.. My two cents..

    http://stockcharts.com/h-sc/ui?s=%24CPCE

    http://stockcharts.com/h-sc/ui?s=%24CPC

    ‘….And right here let me say one thing:After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!’ – Jesse Livermore

  2. John Francis (@d333gs) - July 21, 2015 at 2:32 pm

    It looked like gold and related GDX would float higher but has come back to test its opening print. GOLD looks like it is making a flat of sorts……. don’t know what to think

  3. stannabozny - July 21, 2015 at 8:29 am

    Gold should stay below 2132 on this bounce and then see next target lower 1065 then a decent bounce higher.

    • stannabozny - July 21, 2015 at 8:29 am

      Ugh – 1132 typo above

  4. stannabozny - July 21, 2015 at 8:26 am

    Tuesday update – we hit the SPX 2132 5=1 target – the emini looks to be setting up for one last push higher. Close to a turn here with major resistnace overhead spx 2138

    • IraDennis - July 21, 2015 at 8:44 am

      Stan- on my charts the 1hr SPX rsi broke through the price cycle trend line at the EOD. Are you seeing the same thing on yours?

    • muradekmekci - July 21, 2015 at 12:10 pm

      Hi Stan; Still expecting a last push higher?

      • stannabozny - July 21, 2015 at 12:45 pm

        RSI trendline break today a clear sign – looks like 5=1 target was it – need to see a lower high then downside should open – am expecting a deeper retrace to middle bollinger (spx 88) or monthly pivot (spx 83) – these support tests will define the trend for the next few months

        • muradekmekci - July 21, 2015 at 12:49 pm

          Ok.. Many thanks..

  5. Ali - July 20, 2015 at 6:06 pm

    WTI hit 49.91. Close enough?

    • stannabozny - July 21, 2015 at 8:23 am

      Oil building compression, a move is comng today – as long as it stays below the declining resistance trendline we go lower.

  6. Kim - July 20, 2015 at 2:44 pm

    Stan, thank you for the good work. Do you see gold bouncing to 1127 now or going straight down to the 1065 before bounding?

    • stannabozny - July 20, 2015 at 3:14 pm

      should see 3 swings back to that area then lower

  7. stannabozny - July 20, 2015 at 1:58 pm

    likely ending here es – between 24 and 27 – won’t confirm until tomorrow

  8. John Francis (@d333gs) - July 20, 2015 at 1:22 pm

    Hi Stan , Re 1065 on Gold , What is the level? Pivot , Fibo ??? Thanks

  9. stannabozny - July 20, 2015 at 11:36 am

    es 23.50 resistance – NKD not quite there yet so slightly higher highs still possible