Friday Update – Covering the Usual Suspects

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Today’s update focuses on the usual suspects – SPX, RUT, Oil, USD and Gold. At the end of this post also find a video I promised explaining the bigger picture on SPX – was recorded two days ago but still relevant.

RUT – Clearer structure and 4th wave of flat is done, likely we see marginally higher prices to 79’s – Next legg down definitional for short term trend – covered this on the video when speaking about SPX

SPX – 4th wave shallow so leads me to look for another legg down maybe but likely we see marginally higher prices before the pullback. A break of the monthly pivot and expect much lower prices but support found at the pivot, or middle BB would expect all time highs to be broken and higher prices thru Sept as per cycle chart and video below.

Oil – Still heading to 49’s as per previous videos, did finish the flat and appears to be in the last legg down. A turn around 49.20 would expect higher prices into 67’s. More on this next week.

Gold – Did get the push lower as expected, Either low is in here or may see marginal new low. A decent bounce back to declining resistance trendline expected.

USD – C wave now complete – in a flat formation – expecting D lower starting tomorrow.

I mentioned a longer term video – below please find a short video with a few observations which were in the previous article on the S&P calling for the low in July and the next high in Sept. Enjoy and have a GREAT WEEKEND.? 🙂

Longer Term Picture on S&P 500

Written by:

Stan Nabozny

Stan is a 20 year retail trading veteran, CTA (Commodity Trading Advisor) 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.

17th Jul 2015

17 thoughts on “Friday Update – Covering the Usual Suspects”

  3. jonicoady

    Great videos Stan. You and Jack make a great team! Appreciate your time, expertise and willingness to share. I am learning so much and there is so much more to learn. Ciao, Joni

    Sent from my iPad

    >

  6. stannabozny

    DX – above wave A at 98.13 opens 98.245 or 98.95 – still a bearish formation
    Metals near a turn here – CL need to break 50-50.15 zone today – otherwise a double bottom bounce can happen – get thru there and we see 49’s as mentioned in video

  7. mike7x

    Thanks for the videos Stan, great stuff. As I mentioned yesterday, watch the VIX. It has hit 11.77 today, a level where there have been significant corrections in the SPX. IMO, by early next week, the SPX may very well go thru Stan’s first support ~2090’s to possible lower lows. From another blog I follow:

    Spot VIX down to 11.77 this a.m., that?s below both the May & June lows and the lowest reading since Dec 5th (11.53). The last 4 times the VIX ticked down to this mid-high 11?s level, it marked the low in the VIX to the very day:

    09/19: 11.52
    12/05: 11.53
    05/22: 11.82
    06/23: 11.93
    Today: 11.77 so far

    In each of these 4 instances, the VIX rallied sharply over the next 2-3 weeks, to: 31.06, 25.20, 15.74 & 20.05 respectively.

  8. John Francis (@d333gs)

    Taking a second look at the videos …..Gold ! missed that 11% drop! Touched the Nov low 1130….knowing this market we should open Monday at 1179 🙂 Great videos, lots of light bulbs turning on

  12. stannabozny

    Monday update post coming this evening – gold headed lower to 20-21 before the bounce – S&P’s close to a turn – more later this evening

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