Morning Corner 9.8.11

DAX (weekly info)
-no change (below mid)
trend=down
low= 5480.00
rev= 6981.49; mid= 6230.75


You don't get many gap downs on the weekly chart. Unfortunately the DAX had one. It also closed below its 50.0% retrace. It's below all SMA's.The current weekly candle is bullish but it's not a reversal candle.



GOLD (weekly info)
new high 1876.90
trend=up
high= 1876.90
rev= 1651.80; mid= 1764.35


Even though the was a pretty wicked sell off in gold it hasn't broken any support levels. The uptrend is still intact for now. It's above all SMA's. It's trying to form a bearish engulfing on the weekly candle. Now that the SNB is losing its "safe haven" status where else can traders go?



3 Mth vs Overnight Libor (daily info)
new high 0.194
trend=up
high= 0.194
rev= 0.187; mid= 0.191


The spread is back to early August 2010 levels aka back to pre QE2 levels. Perfect timing for the FOMC meeting. Most of the EU banks are getting their funding from the ECB and not each other. The rate at which the spread is increasing is bordering on exponential. The EU can't talk their way out this time.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

"Why has thou forsaken me?"

Creditcane™: Wake me up when the market realizes it's all a dream.

SPX
Bullish long day (confirmed hammer). Midpoint below EMA(10). Held SMA(21). Tested and held the 61.8% retrace (1168.03). No daily 3LB changes (reversal is 1254.05). QE2infinity. Back above daily & weekly mids.



DXY
Bearish long day. Midpoint above EMA(10). Tested and failed the 38.2% retrace (75.83). Still above all SMA's. No daily 3LB changes (reversal is 73.47).



VIX
Bearish short day (after huge gap lower). Midpoint below EMA(10). Failed SMA(21). Failing its 0.0% retrace (45.40). Tested and failed its 38.2% retrace (33.51). No daily 3LB changes (reversal is 25.25). Still on parole from the "extreme fear" zone.



GOLD
Bearish long day (completed evening star). Midpoint above EMA(10). Tested and failed its 38.2% minor retrace (1840.15). Still above all SMA's. No daily 3LB changes (reversal is 1891.90). Must have the precious.



EURCHF
Bullish long day. Midpoint above EMA(10). Tested and held its 38.2% retrace (1.1717). Tested and held SMA(89). New high on daily 3LB (reversal is 1.1197). SNB still flexing.



JNK
Bullish short day. Midpoint below EMA(10). Tested and held SMA(21). Tested and held its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).



10YR YIELD
Spinning top day (completed morning star - barely). Still failing all SMA's. Midpoint below EMA(10). Back above its 0.0% retrace (19.96). No daily 3LB changes (reversal is 22.71).



WTI
Bullish long day. Still above SMA(21). Midpoint above EMA(10). Holding above its 0.0% retrace (80.32). Tested and held its 61.8% minor retrace (88.47). No dally 3LB changes (reversal is 92.08).



SILVER
Bearish short day. Still holding above all SMA's. Midpoint above EMA(10). Tested and held its 38.2% retrace (40.74). No daily 3LB changes (reversal is 37.94).



BKX
Bullish long day (confirmed hammer). Midpoint below EMA(10). Tested and held SMA(21). Held above its 0.0% retrace (36.25). No daily 3LB changes (reversal is 39.95).



HYG/LQD
Spinning top day. Failing all SMA's. Midpoint below EMA(10). No test of its 0.0% retrace (0.7427). Tested and held its 38.2% minor retrace (0.7585). No daily 3LB changes (reversal is 0.7910).



USDJPY
Bearish short day. Midpoint above EMA(10). Held above SMA(21). Tested and failed its 61.8% minor retrace (77.497). No daily 3LB changes (reversal is 76.46).



EEM
Bullish long day. Midpoint above EMA(10). Back above SMA(21). Held above its 61.8% minor retrace (41.12). No daily 3LB changes (reversal is 45.46).

IT HAS BEGUN. BE WARNED.

Morning Corner 9.7.11

30 Yr Bond (weekly info)
new high 140.250
trend=up
high= 140.250
rev= 132.188; mid= 136.219


Still appears that traders are running to the long bond in lieu of equities. Way above all SMA's. Still testing its 0.0% retrace. Zero jobs means that SHTF time is nearing.



Brent Crude (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 118.33
rev= 100.75; mid= 109.54

I was reading that Brent is more reflective of oil supply and demand. Since it's still trading near its high might explain why gas prices refuse to drop as much as WTI has dropped. (my .02). It's above all SMA's. It's holding above its 38.2% minor retrace. And there were zero jobs created in August.



Copper (weekly info)
-no change (below mid)
trend=down
low= 4.004
rev= 4.519; mid= 4.262


Copper (the other barometer of the economy) is back below SMA(55) which was resistance before QE2. It's below its 61.8% minor retrace (4.192). It's trending down on the weekly 3LB. And there were zero jobs created in August.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: I was having so much fun. Who called the cops to break up the party?

SPX
Hammer day (better reversal if close is higher). Midpoint below EMA(10). Failed SMA(21). Tested and failed the 61.8% retrace (1168.03). No daily 3LB changes (reversal is 1254.05). QE2infinity. Below daily & weekly mids.



DXY
Bullish long day. Midpoint above EMA(10). Tested and held the 383.2% retrace (75.83). Back above all SMA's. Daily 3LB reversal up (reversal is 73.47).



VIX
Bearish long day (after huge gap higher). Midpoint above EMA(10). Held SMA(21). Failing its 0.0% retrace (45.40). Tested and failed its 61.8% minor retrace (38.05). No daily 3LB changes (reversal is 25.25). Still on parole from the "extreme fear" zone.



GOLD
Doji day (also evening star). Midpoint above EMA(10). Holding above its 38.2% minor retrace (1840.15). Still above all SMA's. No daily 3LB changes (reversal is 1891.90). Must have the precious.



EURCHF
Bullish long day. Midpoint above EMA(10). Tested and held its 38.2% retrace (1.1717). Tested and held SMA(89). Daily 3LB reversal up (reversal is 1.1197). SNB decided to flex.



JNK
Spinning top day (gapped lower). Midpoint below EMA(10). Back below SMA(21). Failing its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).



10YR YIELD
Bullish short day (also morning star). Still failing all SMA's. Midpoint below EMA(10). Held below its 0.0% retrace (19.96). New low on daily 3LB (reversal is 22.71).



WTI
Doji day. Still above SMA(21). Midpoint below EMA(10). Holding above its 0.0% retrace (80.32). Tested and held its 38.2% minor retrace (85.30). No dally 3LB changes (reversal is 92.08).



SILVER
Bearish long day. Still holding above all SMA's. Midpoint above EMA(10). Held above its 38.2% retrace (40.74). No daily 3LB changes (reversal is 37.94).



BKX
Hammer day (we'll see if it gets confirmed). Midpoint below EMA(10). Failing SMA(21). Tested and held its 0.0% minor retrace (36.25). New low on daily 3LB (reversal is 39.95).



HYG/LQD
Bearish long day. Failing all SMA's. Midpoint below EMA(10). No test of its 0.0% retrace (0.7427). Tested and failed its 38.2% minor retrace (0.7585). No daily 3LB changes (reversal is 0.7910).



USDJPY
Bullish long day. Midpoint above EMA(10). Tested and held SMA(21). Tested and held its 61.8% minor retrace (77.497). New high on daily 3LB (reversal is 76.46).

IT HAS BEGUN. BE WARNED.

S&P 500 Update (& Morning Corner 9.6.11)

Hope Everyone is having a great Labor Day weekend.

It's the official end of summer.  Now, back to work!

Here's some S&P 500 thoughts.  Will have more commentary later this evening....

Sp500 Update 5sep11