Friday Update – The Usual Suspects

22 Comments / Video Updates / By

Below is a quick update for Friday 8/7/2015 and what we discussed is unfolding nicely. The video is short but it covers SPX, RUT, ES, Oil, USD, and Gold. So far, Tomorrow is a key day, NFP and possibly a trend day.

Please make sure the HD button is on and maximize the screen for best viewing. The HD version should be done 5 minutes after this post goes up. Until then, this is the SD version. You may wish to wait for the HD version for best viewing.

Don?t forget to sign up for Chart Chat on Sunday, August 9th here at this link: https://attendee.gotowebinar.com/rt/3613136314343451905

Have a GREAT Weekend 🙂

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.

06th Aug 2015

22 thoughts on “Friday Update – The Usual Suspects”

  1. Frank

    Stan,
    Great update for Thursday trading. I did well. Thanks for the video tonight and look forward to another good day tomorrow.

  2. Xan

    Cheers for the update Stan, have been a regular at SJ’s site for a while and thought I’d chime in here too. Amazing stuff from both of you so far, thanks! I look forward to posting (very probably today given the NFP mayhem that should ensue!)

  4. Lou

    Hello Stan, Thank you so much for your analysis…and Jack too. The combination of his approach and yours is very helpful & unique. I have experienced a rough patch in my trading in the last 2 months but you have helped me stop the bleeding.. It has been a challenging market in all indexes..For me at least. I am learning from you & Jack. I would like your e-mail address if that is ok with you and I will respect your time. ..Thank you again

  6. mike7x

    Thanks Stan. More good stuff! Looks like we may be seeing that SPX bounce off first support ~mid 2060s. If it stops at resistance then the long-awaited pull-back to SPX low 2040s should occur. Probably next Mon/Tue time-frame? And then…

  7. Xan

    Looks like a reversal of the initial NFP reaction across fx,and equities. It took longer to reverse than most NFP reactions when they do reverse. SPX at your support Stan so I’m out of those shorts and holding onto some DAX shorts with the premise of a stronger EUR (Weaker USD). ~Been building crude longs since 4480 also looking for a 5 up towards 4650ish. Positive Divergence is pretty strong on all time-frames now so I still think we may see early 50’s if USD breaks that 97 area. Either way I’ll be scaling out from 46 upwards. Thanks again for the guidance, look forward to your next commentary 🙂

  9. stannabozny

    At support here – rising support trendline and SPX 2069ish – market needs a backtest and the next backtest will decide if we see 2039’s. Like to see 83’s or lower hold as resistance – a next week decision

    1. mike7x

      A bounce and test of resistance at 83’s into the close? Mad-Monday on tap with SPX 2039’s…or lower through the week?? Hmmm…

  10. Frank

    Stan,
    Great call on SPX and RUT today. I painted the bottom on both this morning. SPX now just over 2077. Look forward to your Sunday update. It would be nice to see 83 to 85 as resistence and then to 40. If you are correct and SPX then goes, slowly, to 2150ish the trading should really be great.

  11. John Francis (@d333gs)

    Looking at the chart after the fact ,it looks like an easy trade but if you got in on the 12PM hr candle , and set your stops at that bottom, you got taken out: I got hit twice and missed the move , these little mistakes add up $

    1. John Francis (@d333gs)

      http://screencast.com/t/6x7aYJkM Dashed line through the fibos is nothing, investing.com error.
      But the setup is really much clearer on the E mini as Stan says , a lot more data. So there is 2082.50 area resistance holding = drop to 2035 area e mini if it breaks through then the monthly pivot 2086.50 if there is resistance there ,we test previous resistance as potential support or we break through to the 2104 area (?) then , 2126 etc ………. Am I missing something?

  13. Rhonda

    Sorry I missed the Chart Chat – Computer crashed and needed repair. Will you be posting the replay?

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