SHORT TERM: consolidation day, DOW -33
Overnight the Asian markets lost 0.3%. European markets opened lower, but closed +0.7%. US index futures were higher overnight, and the market opened at SPX 1413, touched 1414, and then pulled back. At 10:00 the FED issued the following: http://www.federalreserve.gov/newsevents/press/bcreg/20120827a.htm, and this: http://www.federalreserve.gov/newsevents/press/other/20120827a.htm. At 11:00 the SPX hit 1410 and then tried to rally. The rally carried the SPX to 1416 by 11:30 and another pullback followed. At 1:00 the FED issued this: http://www.federalreserve.gov/newsevents/press/bcreg/20120827b.htm. The pullback continued throughout the afternoon as the SPX hit 1409 just before, a 1410 close.
For the day the SPX/DOW were -0.15%, and the NDX/NAZ were +0.15%. Bonds gained 8 ticks, Crude slipped 55 cents, Gold slid $6, and the USD was higher. Medium term support for the SPX remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1449 pivots. Tomorrow, Case-Shiller at 9:00, then Consumer confidence at 10:00.
The market opened slightly higher today, pulled back to SPX 1410, bounced to 1416, and then pulled back again. The action looked like a consolidation day after friday’s rally. From the friday low at SPX 1398 the market has rallied 18 points. This is the best rally since the recent SPX 1427 bull market high last week. And today’s rally stopped right at SPX 1416, last wednesday’s interim rally during the SPX 1427 – 1398 decline. Once the SPX clears 1416 the current rally should resume.
Short term support slips to SPX 1402/03 and the 1386 pivot, with resistance at 1413/15 and 1422/27. Short term momentum has started to decline after getting overbought. The short term OEW charts remain positive with the swing point now at SPX 1410. Best to your trading!
MEDIUM TERM: uptrend
LONG TERM: bull market
Dow Jones Index is within a bullish channel, and respected yesterday in support 13.103k lost that could lead to seek support in 12.954k quickly
analysys link:
http://www.partnerinvestimentos.blogspot.com.br/
Lee & Igor and anybody… It looks like I am last 1 to join twatter. Who else do you guys follow? the brandt guy seems good.
I follow different people for different reasons. Check my following list. ChessNwine is really good.
thanks Igor. I am switching to a new laptop right nowand & going thru lot of junk…will post if I see sth good…Stocktwits seems to have them all….
Thanks Tony. that green 4 theoretically has room to go to 1376 right?
Their ability to stop the tape is remarkable. Intraday triangle.
Your latest 3.46 pm post only reiterates that there exists a correlation between the speed of the slow planets and the market yet you still didn’t answer my question ! Is today’s speed atypical enough to warrant us reminding of this correlation ?
Imagine the autistic guy is right and we do have a 87 type crash in the next few days I guess then you will care ! I just wanted to get to the bottom of it but obviously it’s like talking to a rock !
erkall- I personally take offense to your “autistic” comment. No need to be mad at the guy. If you don’t understand the Astro then just ignore it.
Oh yeah, sorry I forgot this is a US site, thus polished and politically correct and probably equally opportunistic also. Well where I come from a guy who reacts like Astroman, who is a bit geeky and doesn’t like to interact with other people we call it autistic. It is not to be taken as the actual medical condition since it probably cannot be diagnosed so quickly with so little evidence, it’s simply a joke. And in our part of world no one takes offence because we accept that people are different and we encourage to be so if they want to be so. We don’t try to make them all blend in like if they were like the rest of us. We call on them and all goes fine. No one needs to be offended. A black is a black a dwarf is a dwarf a blind is a blind and a deaf is a deaf. We don’t invent new words to qualify them to make them feel more accepted. We take offense at this behaviour of yours to try to erase as much as you can differences that are so obvious that in fact don’t need to be erased. Being a dwarf is bad enough in itself, calling him a little person won’t help much.
Back to the real issue at hand Astroman keeps posting on a daily basis some charts with no explanation whatsoever, I have tried several times to be interested and opened up to him, asking questions and clarifications. But to no avail. I have decided not to ignore him whcih in fact is giving him much more consideration than most of you charitable soul who simply ignore him but as the same time are offended by me jockingly calling him “autistic.
Whose behaviour, is humanely better ? Yours by ignoring another human being trying to share some knowledge that no one seem to be interested in or mine trying as much as I can to get some dialogue with the guy ? Think about that instead of focusing on being offended for the use of a word that simply describes a behavorial condition.
Erka, he/she has not responded to anyone here in years.
Don’t take offense. You are just like the rest of us.
Good points about calling a spoon a fork, so it will fit with the rest of the forks.
Putting everything in the same compartment is much easier for the forks, than accepting/appreciating the differences.
$USD gettin no love
Isaac’s a 1 now…
I’m going to bed and setting my alarm clock for Nov 7 th 6:00 am
They renamed Isaac “Instant Karma”
Looks like Issac coming to visit
http://www.msnbc.msn.com/id/26295161/ns/weather/
Tony
From the west coast of Africa to your door step.
Show him some of that famous “Southern Hospitality ”
Will probably only be a whisper of his former wrath by time he gets here.
Let’s just hope he just makes some noise, after he hits land, and goes on his way without too much of a fuss.
+1
CC http://finviz.com/futures_charts.ashx?t=CC&p=h1 it still looks just like Wheat IMO but 2600 will be tuff. GL.
http://stocktwits.com/message/9296237
Thanks Igor
Pete totally dropped the ball with me on his call on Corn Dogs
I just like to check what he sees in charts, he is not perfect but he adjust quickly.
Speaking about Corn Dogs
Crop Insurance Claims to Exceed $13 Billion: AIR
http://www.insurancejournal.com/news/national/2012/08/28/260884.htm
Hey Igor
Thats what makes him a good trader. I was just being silly
thanks !
I got what you said, no worries
thanks HD and Igor for that cocoa stuff..looks like there is something called: total beta cocoa ETN… “total beta” ?? hmm. ..must mean “moves a lot” =) chart, fwiw http://screencast.com/t/hTBGOmr80
Thanks H D
Never traded it,, but good eye
No signs of weakness beneath the surface, posted this over the weekend:
http://buyonstrength.blogspot.ca/2012/08/aug-26-sector-breadth-weekly-update.html
Waiting for confirmation. NYA target: 18,300 (Dow over 20,000)
http://scharts.co/U8egTq
GL
Mario, are you turning bullish?
more than ever if we go over that trend line resistance. The bull market may be just starting. It would be amazing.
Reminds me of the good old days in 4-H. Dumbest animals alive.
1407 HWB SPX
SP500 Time Ratio 138.2…
http://astrofibo.blogspot.ca/2012/08/sp500-time-ratio-1382.html
You are doing it on purpose, aren’t you ? You must get a kick out of that I guess.
Now seriously, could you elaborate a bit on the relevance of your revisiting the 1987 crash through a speed chart or is this supposed to be so obvious that we are meant to simply fully grasp the genius of it as we look at the chart ?
Is the speed of the longitude / latitude / declination the same now as it was before the crash ? Since you don’t show a chart of today’s speed values, it is a bit hard to compare today’s chart with that of 1987. Do you imply that the same conditions which applied then apply today ?
Come on Astroman, you can’t simply throw a chart like this with such a catchy heading and leave us hanging in there, just scratching our heads wondering what do you mean
Today 25 years since the High of the Crash in1987. I am just showing the possible relation with that important phase of the market with the speed of slow planets.
Fine, that’s great. But what is the speed of slow planets today ? How does it relate with the situation back in 1987, if at all ? And why is the 25 year cycle relevant in this particular case except from an “anniversary” perspective, is there any statistical significance to it ?
If you follow my posts you have seen at important high or low the relation of the speed of slow planets is there. Oct 4 2011 Saturn, April 2 2012 Jupiter, June 4 2012 Neptune,
ASTRO Crash 1987…
http://astrofibo.blogspot.ca/2012/08/crash-1987-longitude-speed-latitude.html