This Friday Update focuses on two indexes, RUT, SPX, ES, Oil, Gold and USD.
SPX – Test of the Monthly pivot at 2083 or key fib at 2079 coming soon. From there a backtest and then lower. We had a thrust out of a triangle to form the B wave, more downside than the monthly is in store. For now let’s see what occurs at 2083-79. Last note – Bears running out of time – low window center date is 7/26, hurry up bears.
USD – On track so far, final target in the 90.xx area. Next support test 96.85-96.50, back test then lower to monthly pivot. Then much larger bounce, 50 back, then to target. Will take time to play out.
Gold – We may have a lower low in store, covered in video levels we need to break to open 1065. From there we backtest the monthly S2 or 1250 areas then lower to 1028’s. Next few weeks gonna be fun.
Oil – We broke a key level today as we were expecting a marginal new low, structure is definitely in a 5th wave but the next legg up gonna show us the bulls true colors. Expecting 47.40 area then a shallow backtest then low 45’s. If the bulls can then break 54.25 they have a shot but failure to break that level in this structure will open a lower low to perhaps a 30 handle print in the next month. This next legg up is definitional for Oil. Will cover this in more detail and other commodities in Chart Chat.
Don’t forget Chart Chat on Sunday at 4:00pm EST. Signup if you can’t attend so you can get a copy of the video. One hour of market coverage. Have a GREAT WEEKEND and good luck tomorrow. 🙂
24th Jul 2015
Watching every tic!
2083 Monthly pivot ,I think, is lining up with a SPY gap which should fill at 2083 SPX : http://stockcharts.com/h-sc/ui?s=SPY&p=60&yr=0&mn=1&dy=15&id=p73799434946&a=407559623
Interesting battle , 2083 SPX is in the middle of the SPY gap
Channel bottom hit http://stockcharts.com/h-sc/ui?s=%24SPX&p=15&yr=0&mn=0&dy=15&id=p15784668376&a=384665365
SPX 1st test of support. Looks to go lower. RUT looks the weakest. New lows coming there?
Missed the RUT ….. have to learn how to multi index
Pop in gold
It was a profitable and nice week.. Thanks Stan and Jack.. See you guys and other colleagues on Sunday on Chart Chat.. 🙂
A near term bounce is very possible I guess.. 2 charts below are confirming Stan’ s approach that SPX may find a support at around 2,083 monthly pivot and bounce (and turn down again after bounce completes)..
http://stockcharts.com/h-sc/ui?s=%24CPC
http://stockcharts.com/h-sc/ui?s=%24CPCE
Re Ending diagonal, Found this really neat : The red and blue lines here;
http://screencast.com/t/76kPQ8DZ5T
Go all the way back to early autumn 2011 , (wave 1 ? )
http://screencast.com/t/BsaOFq1svnc0
http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=4&mn=3&dy=0&id=p72496619681&a=417505348