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
18 thoughts on “Friday Update – Covering the Usual Suspects”
Double vid Friday?!?
Stan/Rich really enjoying this site so full of great education thank you
Stan/Rich, what a great new site really enjoying it so full of education thank you
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
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“Very sweet” indeed , great stuff , Stan & SHJ! great education for sure!
Date typo on the video label —-says June 17 —–should be July 17
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
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:
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.
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
P.S. Chart Platform question : Is Sentiment Trader providing the Hurst cycle charts? Just want to confirm what I think I see, tia
I use old fashion cycle brackets and sentient trader — both useful for cyclic oriented instruments
Pardin me!: 11% drop /gain was on DUST inverse x3 GDX.
But looking at $HUI , about the same as GDX ,it dropped well below the NOV low that stopped gold:
In regards to gold, What are the members trading?
This includes gold http://stockcharts.com/h-sc/ui?s=%24HUI&p=D&yr=1&mn=3&dy=0&id=p82124018629&a=403155066
I started a small long gold position on Friday for a corrective bounce.
Short term market top should be in..
But I don’ t think SPX would drop below 50 SDMA..
Of interest S&P chart from ‘ Elliott Wave Predictions’ up to June, then with lines of possible move down to a July low and up to Sept high: Using Photoshop, I overlayed the chart with price up to Friday: The July low definitely happened but not exactly the same way: Really interesting (I think) http://screencast.com/t/nosg83dPdSYe
I wonder if the timing for the top you describe in September will coincide with a rate hike causing the correction?
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