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The Day Ahead 2017-07-07

The short term form is opaque but assuming a choppy bounce today in a small degree wave ‘ii’ or ‘b’.

The Day Ahead 2017-07-06

Selling has kicked in overnight in the equity index futures. I am assuming this is the first start of the next leg lower in what will eventually be a corrective formation though could provide bearish market participants with about a 90 S&P point snack once it starts.

The Day Ahead 2017-07-05

The main event today will be the FOMC minutes at 14:00. The broad brush forecast has been to see a bounce up in the equity indices this week which looks to be on track.

United States Oil Fund (USO) 2017-07-04

Since I have started to think that the low in crude is in, I thought I would update the charts for likely the most popular ETF for crude, USO.

Crude Oil futures 2017-07-03

I had been expecting a new low from the bounce high in crude from late last year to develop this year. I had been treating that high as a wave four in an ending diagonal which calls for two motive waves lower with a connector in the middle. While the current low is short of […]

Euro futures and Euro ETF 2017-07

The Euro moved up over first resist and now up against a deep retrace value and near a trend line.

US Treasury 30 year yield (TYX) 2017-07-01

Over the last two weeks the yield made a brief poke under the .382 retrace of the advance from a year ago and recovered it this week. I continue to think yields rise though it does have to break over some resistance just a little higher for confirmation.

The Day Ahead 2017-06-30

The market retreated yesterday at the open per plan but extended past supports finally breaking under a net sideways consolidation the S&P 500 has been in for nearly a month. The basic assumption is that market will eventually drop another 50 or so points under the low of yesterday but can bounce for a week […]

The Day Ahead 2017-06-29

The speed of the advance in the SPX yesterday caught me off guard. I was thinking there would be a couple hour consolidation before rising fairly steadily into the afternoon. Instead, there was a minor 30 minute consolidation and creep up the rest of the day. I didn’t respect the power of gap and go.

The Day Ahead 2017-06-28

The S&P 500 futures continued falling early this morning but have been bouncing for the last few hours. I suspect that bounce continues into the day session and manifests as a consolidation pattern today. After the somewhat sideways pattern forms, they will decide whether to save the market yet again or begin to break lower.