Hey Traders, yes, bears had the best day in a month today, sentiment is still at highs, overbought etc etc. None of that really matters, what matters are actionable key technical levels. Support: – 990 fib confluence s/r level, that held this thign in check today– 984s fib, s/r level and gap fill– Below will…
Yen Channel
Same old Yen channel still seems intact, with top of the channel laminated with 200ema hourly. Break above that channel and recent 1.06 highs would like be bearish for equities.
Market Sentiment Update
Hey Traders, Here is a quick update of bullish sentiment and NYSE stocks above 200ma. Both of those indicators are at the very least at 3 years highs: While I will continue to focus on technical levels described in previous updates, I would rather miss the next move up, whatever it might be than chase…
Judge will not sign off on BofA, SEC bonus pact
Look at this, first they actually cut ridiculous jet spending in half (hopefully in full soon), and now 33Million tip for 6 billion bonuses is not sufficient, good to see.
SP500 Yawn Index Analysis
Hey Traders, very low volume day today, lowest volume day since Jan 02, 09. Also traded in very tight range, here is % of ATR Summary for major indices:ESU09 56.9YMU09 62.7TFU09 67.3NQU09 77.8 Absolutely no new technical developments on this inside day. Bigger time frame levels remain the same, refer to yesterday’s weekend update with…
Your Tax Dollars at Work: Congressmen Vacation Edition
Of Course it would be more convenient to fly to Europe for summer vacation on private jets, so lets just spend $550M of tax dollars on some private jets, there should be plenty for sale now after we made all the CEOs get rid of theirs:
Weekend Market Analysis Aug 2nd Week
Hey Traders, SP500 has now rallied over 50% finding itself in a very interesting place, with bullish sentiment at all time record bullishness: and also right at 38% retracement of the whole bear market which also happened to be the backtest of two previous channels, which have stopped this rally at least on Friday: Sentiment,…
Weekly Dollar and Euro Analysis
Hey Traders, some incredible currency moves last Friday. Dollar has clearly has been in steep downtrend helping fuel the recent rally. After breaking down below two yearly lows for the dollar, it managed to close back above that support, with incredible bearish sentiment on the dollar with only ~3% dollar bulls earlier this week, the…
Why Do Traders Fail?
By Jeffrey Kennedy The following is an excerpt from Jeffrey Kennedy’s Trader’s Classroom Collection. Now through August 17, Elliott Wave International is offering a special 45-page Best Of Trader’s Classroom eBook, free. ———– I think that, as a general rule, traders fail 95% of the time, regardless of age, race, gender or nationality. The task…
All Up To the Job Numbers Tomorrow
Hey Traders, Not many new developments in the markets today, regardless of higher high and lower low being made. The resistance level still remains the big 1014 – 38% retracement of the bear market, along with backtests of two previous trendlines: With intermediate term resistance level being retracement zone from the highs – ES 998.75,…