08/31/2013 Weekend Update

[MrMiyagi]

Charts don't matter at this point, it all hinges on Syria and US taking action or not.
It's all about oil, don't be fooled by the chemical warfare.

[uempel]

E-minis now open Sunday 6:00 p.m., trading at 1640.25, that's up 0.53% from Friday's close.

[uempel]

E-minis now open Sunday 6:00 p.m., trading at 1640.25, that's up 0.53% from Friday's close.

Here last week's S&P futures chart, the jump up to 1640 on Sunday is quite impressive...

[rhight]

This is an update of a chart posted on July 30. Taking this and other charts into consideration, a short term move up to evolving 20 - 50 DMA cross and down trend looks possible / probable. Since the Syria issue is going to Congress, some relief may be in order. What happens after that? I'm flat, and would have to go long on a bounce (you never know), but would sell and go short if things look dicey. Look at all the reversal days back in early June. It could get like that.

[Mr. BachNut]

No easy for bears.
One of the problems with the recent downtrend is that it has lacked an intense upthrust to stress the bears.
Such a move has been common to downtrends of consequence in this bull market.
The oversold bounce into August 26 did not rise far enough or look enough like a turn to do the job.
The holiday futures trading is looking like such a move may now be underway.

I have a double bottom target of ES 1664.50.
A rendezvous with the declining tops line from early August and a test of the 8/26 high is where things get interesting.
I'll be looking for two pushes up Elliott Wave style.
The breadth numbers last week were hinting at this possibility.

Perhaps, the low is in and we're on our way to new highs, but I'll need to see my trend signal find some strength for that once the cash market is open.

[Mr. BachNut]

Another chart. ES daily instead of hourly.
Possible target around the red circle?

Important to note that the rising bottoms trend line from the November low held last week.

[Cobra]

Futures now: possible Double Bottom breakout, targeting 1657 or 1664. At least this rebound shall have legs.

[rhight]

I have a double bottom target of ES 1664.50.

I don't trade the ES, and so I'll be taking Monday off. I placed a stop limit buy order on Friday for SSO above the 5DMA. Needless to say, it didn't get filled. There will be 1 1/2 trading days in Europe before our cash open, and so a little too early to tell, but I would cancel my order if it looks like a huge gap up, and re-enter on first drop back during first 30 minutes. I don't like having orders filled at the open when there is a gap, especially on derivative products like SSO. Otherwise SSO tracks well, with only a small decay. I suspect there is limited upside, but 3 days up wouldn't be surprising. You never know.

[rhight]

I've enjoyed reading the insights of Gary Dorsch. Good charts too.

http://www.safehaven.com/article/30939/ ... tral-banks

[Out of Bounds]

EUR/JPY and the US markets.

[uempel]

From the CS report September 2nd, TA by Rolf Bertschi: note that both blue momentum (daily) and red momentum (weekly) are below the 0 line.

[jack black]

Hi,
Can someone tell me why EEM:SPY ratio is falling almost non-stop for 3 years now?
Is EEM supposed to catch up to SPY or SPY to EEM?

Or is it simply a currency issue (dollar too strong compared to other currencies?

Thanks!

[jack black]

This is longer term chart:

[uempel]

This is longer term chart:

Nice chart

[BullBear52x]

This is longer term chart:

3rd time is a _____________ (please fill in the blank)

[BullBear52x]

For the counter trend early bird, there is reason to believe this time could be it. see Blue Elder impulse system bar below 50 DMA, but make sure the stop is no less than the low of day.

[BullBear52x]

For the trend following not so diehard, I will see if the short term resistance holds, if not then next higher low will be where I would move to long or out of shorts completely.

[BullBear52x]

Another reminder, to counter trend when fear is high I would be really careful here.

$CPC >1.2 will lead me to jump in on counter trend wagon but not here. just MHO

[BullBear52x]

Chart of the day goes to INTC.
Double bottom special, short term entry is best when histogram cross bullish, no but or is, stop is recent low.

[BullBear52x]

For chart pattern guru,

Bear flag broke down and retest just like INTC, until new low seen before I will say bear trap is out of question, right now a chance bears could be trapped still there, but no way will I buy this chart. OK I am done with my none sense today. peace!