10/06/2012 Weekend Update

[ClarkW]

$COPPER Weekly: Sorry for all the noise. Just please note it's dealing with resistance of the 50% fib level @ $3.82 and ChiOsc highest going back to 1992 so due for a rest I'd say.

[ClarkW]

$SSEC is still within the range of a POSSIBLE bullish Harmonics pattern on weekly. Could money rotate there?

[ClarkW]

GO CARDINALS!!

[knock]

$SSEC is still within the range of a POSSIBLE bearish Harmonics pattern on weekly. Could money rotate there?

isn't this a bullish chart?

[ClarkW]

$SSEC is still within the range of a POSSIBLE bearish Harmonics pattern on weekly. Could money rotate there?

isn't this a bullish chart?

Whoops, you're right...my bad. Will fix. Thanks for catching that

[ClarkW]

Bearish Harmonic pattern for GDX on daily is still playing nicely. That along with highest ChiOsc I can find on weekly has been long DUST still. (NOT A RECOMMENDATION)

[ClarkW]

99er has a bearish Gartley on /ES 4 hour chart, fwiw [urlhttp://www.99ercharts.com/][/url]

[ClarkW]

Fibs for SPY Weekly. Still above 8 week sma

[ClarkW]

Looks like Friday's volume might point to exhaustion. Looks like a pullback beg of the week, will be interesting to see if it can hold that trendline.

[Cobra]

Cobra, the overall picture doesn't look great unless the market breaks higher. At the moment weekly blue ellipse looks strong, strong enough to contain the market. I doubt the bulls can drum up all their kin and break the 1470/85 threshold. If I put aside my bullish bias I don't like this chart. Market needs a new bullish impulse in order to jump resistance - QE3 and iPhone 5 have withered away, is China GDP growth back above 10% in the cards

WeeklyBear.png

SPY has been gap up in the past 5 days, it's a near record consecutive gap up.

[kongen]

One of my favorite subscriptions, along with Cobra and PSW, is the Kirk Report. He points out this weekend that there are 4 bullish patterns in play now, two long-term and two short-term. The long-term has a MM of 1546, and the short-term of 1501. The bears have nothing and are therefore very weak. There is a potential H&S developing, however it has not yet been confirmed by price action.

[Al_Dente]

AA kicks off Q4 earnings season Tuesday 10/9
“…the good news is that the ‘forward 4-quarter earnings estimate’ for the S&P 500 is now at a record
… surpassing the July …peak … and a new record high for the S&P 500 earnings estimate …”
http://fundamentalis.com/?p=519

[joe-gamma]

AA kicks off Q4 earnings season Tuesday 10/9
“…the good news is that the ‘forward 4-quarter earnings estimate’ for the S&P 500 is now at a record
… surpassing the July …peak … and a new record high for the S&P 500 earnings estimate …”
http://fundamentalis.com/?p=519

Great reading, thanks for another perspective Al!

[daytradingES]

I have a down day for Monday penciled in.
Reasons:
1. Astro
2. Friday high 1466 (ES Dec12) did not take out 1474.75 of 14 Sept (infinity high)

(-now I've posted this it will no doubt rocket!!! LOL

1458.5 to 1443.75
NTA
(not trading advice)

[daytradingES]

Gold possible sell on Friday close below 1760 (NTA)

very nice charts thanks
respectfully request u post updates as often as u can

Thank-you.
I think you mean updates on gold?
If so I would be glad to, for a longer term trend change I like to be conservative which is the reason for the Friday close confirmation.

I did not add to the gold chart that it could also break/continue upwards and that too much above the current high sets it up for much higher. I guess I felt that was rather obvious. At inflection points my view is to step aside and wait for the market to say --especially with the manipulation of the markets so strong.

In passing Thursday the 11th Oct is the 5 year anniversary of the 1576 2007 peak (ES).

[TWT]

SPXU: Double Bottom Project