Wednesday Morning Update – SPX, ES, RUT, Oil, USD and Gold

Below is the Wednesday Morning Update as what we discussed in the indexes is unfolding nicely. The video is short and sweet and it covers SPX, RUT, ES, Oil, USD, and Gold. As mentioned Sunday, this week has been a week of turns and another one is coming on the Indexes.

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.

Good Luck the rest of the week 🙂

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

12th Aug 2015

31 thoughts on “Wednesday Morning Update – SPX, ES, RUT, Oil, USD and Gold”

  1. Hi Stan- do you have a hard stop on the dollar? If it breaks through 96.00 are you giving it much room to recover? thx

    1. current low is 96 or should say 95.985 – we are at support and also a bar 7 on my count so expect in two bars a bounce – next 30 minutes – or else we will see 95.30ish as the next support – where you put your stop is your decision based on your risk parameters

      1. Thanks the response Stan. Looks like 65 was crossed…looking for somewhere around 57-54 on a pullback to add longs…thoughts on those levels? thx

    1. Hey Stan, is today’s SPX 2052 “the” low for this move, or is around 2040’s still in play? (Maybe another turn lower tomorrow, but how low?)

  2. Think we see SPX ~2045 tested at minimum. If that level is broken with force we could see much lower prices, down to 1955-1990’s. There would be bounces along the way, but Aug/Sep is a very volatile, dangerous time-frame when new lows can be made.

  3. Stan,
    Thanks for your comment on the bear market rally and the monthly pivot. You confirmed my thoughts at the close today. Earlier you said you were long /dx. If you’re long /dx, I assume you’re short /gc and /6e. Good trading tomorrow.

    1. A hit of the falling resistance before a another leg lower? I think if ES can stay elevated above the pivot at US open and hold it for the morning session STAN and SJ may be favoring a break of that resistance trendline for the final bull ramp to their 2165/2195 target. I am staying neutral/bullish at the moment primarily because greed/fear indexes are still closer to fear than greed, indicating dips are to be bought at the lower end of the ranges…. This can only be overridden by a major market event and currently china have just devalued which is holding things steady (because in essence they have indirectly tightened for the FED due to them being 20% of US imports) and greek risk is also out of the picture for the short term at least…. Let me know your thinking on this JF/ Stan/ SJ, need a second opinion!

      1. Hi Xan glad to have YOUR opinion: “greed/fear indexes are still closer to fear than greed, indicating dips are to be bought at the lower end of the ranges” Fascinating !
        Politics are out of my range. Yesterday the SPX won the MP fight and dragged the E Ms back down under the MP and under the 2083 SR level . The surprise for me was that the MPs are at different levels on the SPX vs E Ms and therefor do not test the MPs at the same time.
        The E Ms have found support on SHJs triangle as of 9:17 AM Euro time

        But before I go on , I better watch Stan’s Friday video

  4. This morning – stuck between the middle BB band on a daily basis and the monthly pivot. Monthly was broken overnight and been tested as support once. The middle BB is resistance so far – cash index going to vote this morning so watch for a break in either direction. If we break the middle BB on a daily basis we have a clear bullish sign and likely we go higher to 2165ish. ES 93.50 is middle BB. Break the monthly and back test it as resistance and we have a bearish signal. Let’s see what the bears have this morning on the open.

  5. Tried the Princeton trader 2W trial , looks interesting , lots of chatter about real time chart activity BUT I will have to try another computer , having lots of problems with these types of applications.
    BTY does anyone use worden brothers TC2000?????????

    1. On the SPX the MP was backtested on the HR chart and failed : On the Emin price just fell bellow the M pivot , The two do not line up, E min broke above for a while & now broke down: SPX only backtested and failed ………so far

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