6:41am The Euro continuing to get stronger against the dollar and the dollar weakness is definitely helping the markets prop up even further. But we all know what’s going to happen at 8:30am.. no matter how you slice it, this is the news everyone was waiting for the whole week – Employment situations.
Also at 10am, very important is the non manufacturing ISM.
If the SPY does not react badly to any of this news, we will hit 110.00 today, that should be some resistance for at least a few hours or a day.
Find out which is the 2nd most overbought stock here
1:08pm It looks like we could have a reversal in the EUR/USD forex as the dollar is strengthening. to confirm a true reversal, we need to see 1.2795 breakdown, and then a new low below that of 1.278.
12:08pm The bears have not really showed any conviction yet, this does give the bulls another chance to shove us higher… right now, no reason to short this market at all. I’d rather stay on the sidelines or buy on any small dip in individual stocks.
11:06am One of the most overbought stocks in the market RIGHT NOW is … CRM. If you look at the weekly chart below you will see why. Alerts & Analytics has it’s reasons for taking it short, if you want to join in, you might consider an october put spread. The chart is below.
3:00pm Eur/Usd charts have been really helpful in predicting SPY movement. Whenever Euro gets stronger (Eur/Usd up) then the SPY is likely to follow, the same for the opposite. Eur/USD showed a lot of strength before this rally… now it looks like it’s getting weaker, and possibly got it’s H&S formation on the 1 min:
3:32pm Israel might have found Oil in the Mediterranean sea near where they found natural gas last year. How significant is that for Israel, and what are your thoughts on how this changes the Israel’s economy and future?
2:43pm Incredible market action here to the downside.. it’ll be interesting to see where we end today another test of 104.65 within the day will be very bearish for tomorrow.
2:21pm The reversal time is here.. and now the bears are trying their hardest to push the market down with a H&S on the 5 minutes as the bulls fail to break 105.80-106.00.. a break of 105.30 is needed to confirm the H&S:
1:01pm GS continues to fall here just as we predicted. Even $140 didn’t form any support, it formed resistance (consolidation) and opportunities to go short for some more downside. I see GS going to new lows and hitting $120 very very soon. $140 should have held if GS were to try and make new highs anytime soon. Here’s the 1 hourly:
9:26am GDP revised down 1.6%… which is still better than expected. The spy though is off it’s highs.. will be an interesting day.
Poll of the day – Open till 8:30am
[poll id="32"]
5:45am Here’s a daily chart of AAPL… we talked about what happens when $240 breaks. And we are right on the verge of breaking it again. The first time was a strong fakeout due to a reversal in the markets, this time we might be ready to fall all the way to the daily 200 SMA at $231+. The only thing that could save AAPL after the break is if it comes out with news about the new iphone sales. For now here’s the chart:
4:00pm GOOG has been looking very bearish all day, now that it’s below 460 support (the only support left before a double bottom), I believe strongly that GOOG is ready to fall to new lows. Google is now likely to fall to $400, and $393 the 61.8% retrace of the whole rally.
I thought i would video it up for old times sake. Here’s my daily video, i’ll be flying to israel tomorrow so i will be a little MIA. Leave your trades and thoughts below!
Elliott Wave International Chief Market Analyst Steve Hochberg Sheds Light on a Feared Technical Indicator
By Elliott Wave International
Last week’s volatile market action coincided with a technical signal called the Hindenburg Omen whereby a relatively high number of new highs and lows in individual stocks occur at the same time. This indicator instantly gained an enormous amount of media attention. In this interview, Steve Hochberg, EWI’s Chief Market Analyst shares his perspective on this indicator and the “re-emergence” of technical analysis. Read more.
Poll of the day!
[poll id="31"]
12:26pm Some people are putting a lot of bullish bets. I think you can be bullish as we are above 106.00 as long as the next low is higher than the former low at 105.75. In the 1 min SPY below i drew a support level… if we do hit that support level then i’m starting to get bearish again, if we rally before hand, i stay bullish on the intraday acton:
1:40pm Right now we are waiting for the 107.40 level to break on the SPY… A break of that level will make me bearish and i’ll short some at 107.35. Here’s the SPY 1 minute, showing 107.40 as the most important level before bears (on the intraday action) push the market down.
Live Trading begins at 10:30am EST!
Make up to 40% a year by subscribing to FE Alerts& Analytics for $49.99/month on Click Here
10:57am Even though the SPY is flat after being up around 1% earlier today, the day is not bearish yet. We need to break down the 50 SMA 10 minute which coincides with 107.40 support. Only then can i be bearish and expect a lot more down to come.
10:24am Market falling back down to fill in that gap, this doesn’t look good. Financials moving into negative territory…
10:06am AAPL is getting ready to break $250 right now, a trendline that i said was semi-important to watch. A break of it will shove it to $247 (gradually decline). A break of $247 will mean we go to $243, a break of $243 will mean the bull market for AAPL is over.
