Below is the Chart Chat video for August 23th. This session was an hour in length and we covered Indexes including International,? Currencies, Energies, Precious Metals and a Q&A session.
Jack and I will be starting subscriptions in September. Included will be a chart service which will include a basic package of instruments and other more specific instrument groups. Look for our post this week for more information,
Please make sure the HD button is on and you maximize the screen for best viewing. The HD version should be done 20 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.
A few comments for this week:
- We are expecting a bear market type rally given we are punched through the 3rd standard deviation BB
- First we may see lower prices on the open and overnight. Worst case is SPX 41’s, could see 51’s more likely. Break this area and all bets are off.
- Bounce in the S&P’s later this week likely will see 2000 which is a psychological level and may be held in there, break that area we may see the 2nd standard deviation BB before seeing lower prices around 2022.
- Key to the S&P is the bounce in DX – watch the 94 area, if we see 94 penetrated in DX, we open 90’s and SPX’s will follow. Longer term we break 90 in DX, could see a much larger correction. Low odds at this point but DX an CL are key to follow during this correction in the indexes.
- I have posted a few charts below . .
Good Luck this week. 🙂
Click on charts below to enlarge: