AmenRa's Daily Candle Wrap

SPX
Bullish long day. Everyday is momoday. Closed above fibo extension 1153.47 and next price target is 1172.08. New high for daily 3LB with reversal now 1150.24.



DXY
Doji day. Tested 10 SMA and failed (again). Didn't test Gann 2x1 today so the 3x1 is next target. New low for daily 3LB with reversal still 80.64.



VIX
Spinning top day that gapped lower AND did not trade through the gap during the day. Midpoint still below 10 SMA. New low for daily 3LB with reversal still 27.31.



GOLD
Bearish thrusting day. Closed below 89 SMA but held the 10 & 21 SMA's. No daily 3LB changes.




EURUSD
Bearish spinning top day. Midpoint is still above 10 SMA. Tested fibo major .09 and failed but held the fibo ext at 85.4%. No daily 3LB changes.



SUGAR #11
Bullish harami cross day. Still has a monthly 3LB reversal by trading below 18.61. Tested Gann 1x1 and passed. No daily 3LB changes.



BIDU
Bearish long day. Confirmed dark cloud cover but didn't touch gap (yet). Midpoint still above 10 SMA. No daily 3LB changes.

14 comments:

I-Man said...

Guess I'll just double up here...

Thanks for the wrap Ra!

Price really turned it on this morning, but the liquidations in the afternoon definitely raised an eyebrow...

The reversal in SLX in particular was a brow raiser.

TLT looked good today from where I sit, but as LB has mentioned before, there is some good resistance at the 103 level.

Need to tap that 1172 on the SPX (hat tip, Ra) maybe trade up to the 1180-90 range, and see what happens- there is trendline resistance from the monthly chart coming in there, but I'll take a closer look over the weekend.

Also a possibility we trade lower and test the breakout again at 1150ish before putting in a new high.

A lot of folks are just spun right now I think... shorts are looking at longs, longs are looking at shorts, etc. Just feels like a tricky spot in the tape. (When isnt it tho, right?)
.
.
.

Anyone gettin rowdy tonight? I'm not. Just chillin... Maybe I'll pull out all the stops and drink 4 beers.

I-Man is without wife and babe for the rest of the week, but has a fridge full of IPA(s), good eats (no more tuna helper round herre, folks, remember dat?) and lots of price charts- not to mention bball to keep I busy.

I-Man said...

Totally OFT...

http://www.americanchronicle.com/articles/yb/142600442

Did yall hear about that dude who got hit by the plane while he was jogging on the beach?

Dude was just joggin along with ipod on, totally oblivious to the fact that a plane was falling out of the sky straight for him.

Killed him.

Thats crazy, man.

McFearless said...

Wow, that is crazy I man.

Ra,

thanks for wrap as always. DXY is really something to keep an eye on, not loving the 3lb trend on that.

call me ahab said...

so RA-

from your charts- go long SPY- right? lol


a theory-

we are in a new bubble- maybe this time just straight up equities-

with the idea being that the worst is behind us and we have nowhere to go but up-

an observation-

in 2004 and 2005 I knew the whole housing market was going to implode- I was in the middle of it- and knew it would come to a ugly end-

however- the markets couldn't care less- until it really crunched down on the financial centers of the world-

so- my take away is- that you hear the old saying- that the markets are always forward looking and presage the macro picture-

all the hopes are on the economic recovery- and the market responds-

but why didn't it presage the economic disaster of the housing bubble and the collapse of the dot.com bubble?

answer: in the end- it's all based on hope- never reality-

thus the climbing market w/ hope and the climbing market w/ the "reality" that the housing or tech bubbles were unsustainable- and it continues on and on-

until it collapses way beyond the imagination of the learned observer

I-Man said...

I've come to realize the 3LB is not to be faded.

call me ahab said...

I-Man-

it all comes down to living in the moment and being observant- if someone has their head down listening to tunes while plodding along the beach-

then that person is obviously oblivious to what is going on around him in the "real world"

Anonymous said...

David Fry, etfdigest.com. Some observations. End of quarter, so market may not crash. But, Fed is ending QE, MBS purchases. There was a link to Yahoo Finance/tech ticker video. A bull is now cautious - Scott Bleier, thinks IBs got money from the Fed and traded with that( so the market rally with very low volume).

Inflection point? or Churning?

I-Man said...

I can feel that Ahab...

But I took it more as:

Be thankful. Your ass can get hit by a plane anytime.

mcHAPPY said...

http://money.ca.msn.com/investing/jim-jubak/article.aspx?cp-documentid=23656577

Time to start buying oil and oil stocks.

"Let me rephrase that: We weren't wrong; we were early. (All financial fortune-tellers are told over and over again in their training at the Frogwarts School for Financial Wizards that you never, never, never forecast both a price and a date. One or the other. Never both.)

A little thing called the Great Recession killed global demand for oil. For a while."

Luckily we are recovering and this is only a GREAT Recession.

If mcHAPPY truly believed this was like the recessions since the end of WWII, mcHAPPY would be wetting his pants. Unfortunately, this is not a standard recession. This is the culmination of a 30+ year debt binge.

mcHAPPY is done nay-saying and doom-saying. Being right and broke would suck more than being wrong and broke. We know we'll get to those March '09 lows again. The question is when. mcHAPPY has started taking some singles and doubles and eased off on the fences.

Trade your plan and plan your trade - AT.
Words that forever changed mcHAPPY's financial pursuits.

call me ahab said...

I-Man-

true- you never know when your number is up- my point exactly- the reason why someone needs to enjoy what's around him

Anon-

this is the other link- good points by the way in the article

http://finance.yahoo.com/tech-ticker/stocks-rally-again-but-%22zombie-market%22-faces-%22major-risks%22-bleier-says-444088.html?tickers=

CV said...

Sorry guys...

I always have to bolt at 3-ish on Wednesday...

I'm just getting back now (frankly - I've not perused ANY of the comment either above, or from 15:30 on from the other thread)...

Give me some 'ketchup' time... :-)

DAMMIT and get your friggin' BRACKETS IN (if you haven't already)... I kno most of you have...

I've gotta do some handywork here... I'm including Barack Obama into our league, for fun...

TOMORROW is my NCAA PREDICTIONS post (for the teams that advance to the Sweet 16)... Feel free to tell me how FOS I am :-)...

Miraculously - I compared MY BRACKETS to Obamas... DAMN they're close to being similar... (so probably I'm going to go over them again before I sleep to see what I'm doing WRONG)...

LOL

Cath y'all later... Got a few thingz to 'ketchup' on...

CV said...

LOL

I just caught up on the iPOD post...

Basically says to me... Metaphorically speaking...

If your life is just all about jogging around and tuning out the rest of the world...

A FUCKING PLANE IS GOING TO CRASH DOWN ON YOU!

The World According to GARP!

Statistically tho... EVERYONE should now feel 'safe' doing the same... I mean, the ODDS of that occurrence happening again have to be FRIGGIN' ASTRONOMICAL!

AmenRa said...

McF

The weekly 3LB is still trending up but the mid is 79.46. If that holds then this downward momentum is temporary. My .02.

CV said...

WHETHER ANYONE LIKES IT OR NOT :-) - THE NCAA TOURNAMENT POST IS UP AS THE NEW THREAD - AND - WE ARE HONORED TO HAVE A GUEST ENTRY FROM THE PRESIDENT OF THE UNITED STATES, BARACK OBAMA

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