Today’s video update we focus on SPX, RUT, Oil, USD and Platinum.
SPX – Overhead resistance starts at 2083 (the monthly pivot) and continues to the daily middle band at 2088. Structure appears to be a flat which calls for a back test and higher prices before a reversal. Watch tomorrow for a test of support around 2070-2065 then higher to as much as 2094-2098. Resistance seen in that zone opens lower prices.
RUT – Similar structure calls for a flat to 1264 to the monthly pivot. Resistance there opens lower prices.
DX – We found support as mentioned last week at the monthly pivot but the move is very corrective in nature so expect wave D to unfold to 94.50
CL – Oil appears to be near a significant turn. A marginal new low and divergence will signal a turn – 49.40ish area.
PL – Platinum is near a significant turn. A marginal new low with divergence is needed. Any break of divergence, stand aside. Likely we see the turn this week. For a lower risk entry, wait for a higher low.
SPX UPDATE – Monday 2:00pm EST
13th Jul 2015
Super!, Futures not too excited , yet , about the over night Greek deal…..That was a surprise this morning after the canceling of the Sunday meeting…..
S&P Futures filled the gap up 2087 area and stopped : http://screencast.com/t/rFVxswtSqkYF
( Curious that it stopped at 2083.45 ……The cash monthly pivot area)
Will be watching 2,083/84 – 2,088 resistance area closely on SPX..
Question re Monthly PIVOTS :Is the M P you are using from the month of June: High Low Close? TIA
yes hlc/3
es — 89.50 or 2107 resistance – let’s see
SPX shoots straight up to upper resistance level at 2094-2098 in first 20 min. of trading. Presumably on positive Greece news. Now what? Minor pull-back to ~2085 support, or retest of much lower prices? Or, new all-time-highs coming in SPX? Gold continues lower. Could be another wild week.
Yea – should be a wild one – 98 area should hold first pass as resistnace – will watch for monthly pivot to go support
Stan, did you do a chart chat on Sunday?
we will start the sunday chart chat in a few weeks – will make the announcement here when jack and I have everything set up
Thank you look forward to it!
It is wild, Love it! Better than tennis
RSI 5 on the 60 wants to correct but it looks like it will wait for RSI 5 on the daily which could top out soon based on its last top
Chart http://screencast.com/t/7BnEbnnlT
Chart Update – at bottom of post – likely w3 of flat here on SPX
Wave 3 ended? tia
Wow.very impressive , really
I just listened to the video again and around where you start talking about the RUT ,I believe you say there is a potential for a new high in Sept for the S&P? Would that negate primary wave 4?
Sorry to be a pain in the ass but I am lost about where we are now in terms of the bigger picture.
Anyway great stuff, thanks for doing this blog!
Primary 4 on my stuff is march 2016 – we have some kind of high in sept which could be a B wave or a 5 on SPX then we see the correction – this is just a warm up 🙂
On Wednesday will do bigger picture view.
Thanks Stan. SPX closed around highs for the day. End of wave 3? If so, do you expect that pull-back to test support (levels?) tomorrow? In the video you mentioned lower lows (to as low as SPX 2028’s?) Have you changed that forecast with today’s sharp rally? Thanks for the updates!
first we need to finish the flat so assuming we find support in the morning then higher to complete w5 then we see how much appetite the bears have – support must stay above trend line as mentioned
I hear wavers use the excuse W3’s can go on forever with no pullback, as if they defy fib retrace levels.
More like Central Banks IS the W3. When CB’s flood cash in, there’s no let up till they say so.
I am blown away by this , I could see it after you pointed out , but not really believe it ie have confidence in the trade ……love this stuff
Price is getting agitated near the Monthly pivot , like it wants to back off before it hits : this is where I often get sucked in to rush a trade….
Broke through , 2010 looks solid http://screencast.com/t/QnJYNfnr0v
SPX seems to have stalled, at least for awhile, around 2108. Is a top forming, or new highs coming? Overbought now and a pull-back to ~2070 (or more) might happen if the bears get some control. Earnings and EU parliament votes (on Greece) on tap the rest of the week. Dangerous market right now. Trade carefully.
If I have learnt anything , we are getting an intra day flat along the 2107 line
All Central Bank driven since Friday. Dow is up 575 points with not so much as a penny pullback. Add to that, today’s assault on the USD in the FX market. A worldwide coordinated effort to run the US market higher, before the next wave of bad news hits from Greece.
2108.93 resistance as per chart above also the monthly R1 2109.88 jut above. Nice area for a turn given TA as described. Break 2110 with conviction, next area of resistance double bottom target 2122.06.
if we see the monthly pivot give way and a break of the daily middle BB on the next pullback – new lows possible – support around the monthly pivot a bullish sign
Stopped today at 2110. Okay, turn tomorrow or break with convic? First level of support ~SPX 2070 (?), maybe new lows? I’m sure we’ll get all the answers in tomorrow’s video. 😉
I expect monthly pivot (2,083/84) to go support and be a bullish sign targeting new highs.. Just my 2 cents..
Actually ~2085 is the first level of support, should be tested. IMO the SPX will go lower before eventually making new highs. Still a strong bull market.
Stan, does your monthly pivot value change daily? if so, what will tomorrow’s level be?
monthly pivot is the same for the month
discussed in video – will be up this evening