Wednesday Update – SPX, RUT, ES, CL, USD and GC

Below is the Wednesday Update and it covers SPX, RUT, ES, Oil, USD, and Gold. Am on holiday this week so no other updates planned this week. See you on Chart Chat this Sunday.

Signup for Sunday Chart Chat here: https://attendee.gotowebinar.com/register/5202889391272222210

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.

Have a GREAT weekend!!! 🙂

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31 thoughts on “Wednesday Update – SPX, RUT, ES, CL, USD and GC”

  1. You deserve my subscription for the stuff you’ve done ’till now.

    Would like to see:

    #1 – package of current chart chat: indicies, bonds, oil, gold, dollar/euro
    Sub package: softs, grains, meats, pound/Aussie

    1. Chris, we are likely to offer an On Demand charting service – so that you can get the charts you want. Everyone is expressing different needs/packages – this would make it easier for us and for subscribers. Jack and I are working on it, more on Chart Chat this weekend.

  2. SPX seems to have hit Jack’s 61.8 fib retrace today. BUT, it is an engulfing candle.so could go way lower you thinks? For educational purposes only of course.

  3. Whiplash yet? This market is still stuck in a trading range between narrow pivots. If SPX closes in low 2070’s (or lower) than IMO it will be looking for 2040’s sooner than later. Above 2095 is bullish. Otherwise SPX is still range-bound. Rest of week should be interesting, to say the least.

  4. Still waiting on wave C of triangle higher – SPX 2115-20 – then D back to lower end of range – DX, CL and GC turned and performing well as per Wednesday update 🙂

      1. Dan – given what price did overnight, appears that C was short and that D is either in or close to done – we can still see 42’s before the bounce. But looks like the triangle may finish wave E in the 85-88 area. A break of 42’s invalidates the triangle. – http://screencast.com/t/21LqGCMrwQ8F will update this tomorrow AM as inflection point is here

        1. John, hope you saw this from earlier today: ” given what price did overnight, appears that C was short and that D is either in or close to done ? we can still see 42?s before the bounce. But looks like the triangle may finish wave E in the 85-88 area. A break of 42?s invalidates the triangle. ? http://screencast.com/t/21LqGCMrwQ8F – will update this tomorrow AM as inflection point is here”

          Well, the inflection point came and broke so we are in a 5 down, expecting a retrace to not higher than SPX 63’s, watch 56’s for resistance first, then a new low is possible – more on video update tomorrow morning – below third standard deviation BB here and likely a band ride lower.

          1. For what it’s worth John/Stan, ES appears to have made a near perfect 38.2% fib retrace from the ES October low to the current all time ES high so I will be surprised to see that close below on the first attempt, I think a bounce of unknown magnitude should be in the works tho I like Stan’s levels of 56 and 63 but I also have a ‘screw with bears’ 2080 test as a possibilty…. The 50% fib is @1973 which to me seems like the most probable place to try a long as its a test of the almighty 1980 level. 😉

          2. Hi JF, your december 14 fib is interesting as it coincides with the 38.2 of the rise from October 14. Your black line tho looks extremely speculative trying to fit with yesterday’s close. I give more merit to your green line near 2020. lets see if it holds.

      1. If you need to talk to someone who can predict with absolute certainty what will happen in the future, you really need to be looking for a priest rather than an analyst.

        Analysts deal in probabilities and it can ALWAYS go the other way. Anyone who tells you that the market must do anything is a fool, or a liar, or both. We make no claim to supernatural precognitive powers here, just high quality TA.

        We have a 70%+ hit rate and we’re very happy with that. We also made every effort to warn at these highs that there was early and potentially very serious weakness, and gave levels that should not be broken on twitter Tuesday night, in my posts yesterday and today and Stan in the comments here as this has developed. There’s not really much more we could have done.

      2. Seriously Roxie, how old are you? That comment was extremely immature and selfish. Trading isn’t fortune telling it’s a game of risk control and statistical outcomes. If you don’t understand that please don’t bother commenting unless it’s constructive. Jack and Stan provide everyone here with invaluable information with which to make trading decisions and they have done this for nothing. You have a choice to be hear and learn… or not. Personally with that attitude I think you either apologies or just go away!

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