AmenRa's Corner 8.24.12

"Thanks Ben. We were a little worried this morning and needed some help."


Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.


SPX
Bullish long day. Midpoint below EMA(10). Tested and held SMA(21). Still failing the 0.0% retrace (1419.15). No daily 3LB changes (reversal is 1418.16). QE2infinity.



DXY
Bullish short day. Midpoint below EMA(10). Tested and held the 61.8% minor retrace (81.51). Still failing SMA(89). No dally 3LB changes (reversal is 82.64).



VIX
Bearish long day. Midpoint above EMA(10). Tested and failed SMA(21). Holding above its 0.0% retrace (14.27). No daily 3LB changes (reversal is 13.45).



GOLD
Spinning top day. Midpoint above EMA(10). Tested and held its 50.0% retrace (1668.00). Tested and held SMA(233). No daily 3LB changes (reversal is 1555.10). Must have the precious.



EURUSD
Bearish short day. Midpoint above EMA(10). Tested and failed SMA(89). Tested and failed its 38.2% minor retrace (1.2522). No daily 3LB changes (reversal is 1.2297).



JNK
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 50.0% minor retrace (39.86). New high on daily 3LB (reversal is 39.40).



10YR YIELD
Bullish short day. Tested and held SMA(89). Midpoint below EMA(10). Still failing its 38.2% minor retrace (17.47). No daily 3LB changes (reversal is 18.36).



WTI
Spinning top day. Tested and failed SMA(144,233). Midpoint above EMA(10). Tested and held its 38.2% retrace (95.94). No dally 3LB changes (reversal is 95.89).



SILVER
Spinning top day. Tested and held SMA(144). Midpoint above EMA(10). Holding above its 100.0% retrace (26.66). New high on daily 3LB (reversal is 29.42).



BKX
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Holding above its 61.8% retrace (46.14). No daily 3LB changes (reversal is 47.47).



HYG/LQD
Bullish short day. Tested and held SMA(89). Midpoint below EMA(10). Tested and held its 38.2% minor retrace (0.7678). No daily 3LB changes (reversal is 0.7738).



COPPER
Spinning top day. Midpoint above EMA(10). Tested and held SMA(89). Holding above its 61.8% minor retrace (3.430). No daily 3LB changes (reversal is 3.540).



AAPL
Spinning top day. Still above all SMA's. Midpoint above EMA(10). Tested and failed its 0.0% retrace (665.15). No daily 3LB changes (reversal is 636.34).







IT HAS BEGUN. YOU HAVE BEEN WARNED.

8 comments:

AmenRa said...

Weekly 3LB Update 8/24/12

AmenRa said...

Slow day.

b22 said...

http://www.schaeffersresearch.com/commentary/content/marketobs/another+sign+the+bears+are+trying+to+take+charge/observations.aspx?id=112595

b22 said...

http://www.schaeffersresearch.com/commentary/content/ezines/could+hedge+fund+managers+be+turning+more+bullish/mondaymorningoutlook.aspx?id=112578

AmenRa said...

b22

I have no idea what the market is up to. It's still bullish since the SPX is above the weekly and monthly 3LB mids. If anything I expect the bulls to test 1443.40 (61.8% minor retrace). But they may have to do so before Jackson Hole.

b22 said...

Ra,

I think thats not a bad call, wouldn't be surprised if we consolidate further here but I still think there is upside left. This is also a good article as there seems to be a ton of people bringing up volume lately:

http://www.mcoscillator.com/learning_center/weekly_chart/total_dollar_volume_not_so_bad/

Matthew said...

Kind of dead on the Street today, but still a generally constuctive tone in the market. August is not a month in which I try to read much into price action.

qqqqtrader said...

Funny how things affect different parts of the country. Been traveling around western US for a week or so and don't see any signs of a recession in Montana or Idaho. Talked to a farmer dude in Bozeman, MT and he said he doesn't know of anybody that's unemployed... all of his relatives and friends have worked the same jobs for years now.

Post a Comment

Disclosure/Warning

This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.