SHORT TERM: markets closed for Labor Day, YM (DOW) +22
Overnight the Asian markets lost 0.1%. Europe opened lower but closed +0.8%. US index futures were lower, then higher, and closed at ES (SPX) +3.50, and NQ (NDX) +8.75. Bonds lost 1 tick, Crude added 25 cents, Gold gained $1, and the USD was lower. Medium term support remains at the 1386 and 1372 pivots, with resistance at the 1440 and 1499 pivots. Tomorrow, ISM and Construction spending at 10:00, then monthly Auto sales during the day. Enjoy your holiday!
MEDIUM TERM: uptrend
LONG TERM: bull market
Dow Jones respected the bullish channel forming a pivot high, technically the index may seek 13.500k.
Analysys link.
http://www.partnerinvestimentos.blogspot.com
gracie
we break out of this channel on Thursday (EU polarised market) is my best guess with a bias for down…
you might want to check this program
http://www.cognitum-research.com/en/wave-explorer
http://stockcharts.com/public/1269446/tenpp
Waiting for my timer to click
hey V
Just pointing out how Tony pointed it out
pos div + dude
Yes sir, bears come in the morning, bulls leave by the close
man, what a joke this “market” has become. how Ben thinks his efforts lead to anything positive is beyond me. in my opinion, the wild confusion born by speculating on his action or inaction has more negative effects than were he to do nothing at all. what good is a winning game if everyone thinks it’s rigged and they all stop playing? but what do I know, i’m just an investor, not an economic theorist with an infallible model that explains the universe.
a model that explains the universe
haha fantastic. now if i can just sync that with the S&P i might be able to predict all of Bernanke’s moves…
Bernanke is human.
We are all imperfect, and irrational at times.
That’s why we’re here
Cream rises to the top…Thanks Tony
Speaker break up on a 100 watt Marshall is a flaw also but it sounds terrific.
USA!
fair enough. of course one small difference is i lose my job if i’m irrational and downright wrong for such a long time (“the mortgage crisis is contained” alone would have garnered me a pink slip). i didn’t teach at princeton and i still know i don’t keep trying the same failed solution over and over. i guess i just expect more from him.
We all have our own axes to grind, and experience our own path.
Just think, of all the states in the US, Princeton is New Jersey.
One hour from Wall Street
thanks Lee. i’ll go sit in my corner until i’ve got some more perspective
This is amazing – Thank you for posting Tony
Hey R C
I haven’t had perspective in 11 years now. I appreciate u r comments…futures are a joke I mean “challenge” I also feel this will end badly but maybe that’s just good in disguise
it is missing the fibonacci relationships but not bad a model otherwise
RC…whats the alternative?
you mean aside from the obvious not manipulating markets…?
Private sector realistically probably doesn’t need any additional stimulus. They just gotta figure out the tax situation, debt ceiling and regulation nightmare. Private economy will move on smartly once its free to do so…
…but it is not the real economy that is the drag…its the fin economy. The fin economy is the egg…not the hen
Financial economy will be just fine. We’re all gonna be just fine. Way too much fear out there. Wonder if they felt this bad all throughout the 30s, or during the war ?
Open ended QE! …Bernanke & Co. have gone stark raving mad!…they are filling up the basement with explosives and hoping no one lights a match!
Right, that was said by Federal Reserve Bank of San Fransisco President John Williams. I am not sure Bernake is on board with that when over 80% of investment strategists and economists agree that it would be of almost no help.
SPX -10 from Fri HOD, sellers @ 1410 & 1404 now.
http://www.fool.com/investing/general/2012/08/15/dow-20000.aspx#.UEYIao0gfg8
Hi Tony,
In a previous comment I asked about the Shanghai & I think you said looking for Shanghai to make a major low this year and rally in 2013.
Are you able to advise how you might determine that a major low is in place this year?
Are you able to keep an eye on the Shanghai on your site here as this major low approaches?
Cheers
http://stockcharts.com/h-sc/ui?s=$SSEC&p=W&st=2005-01-01&id=p78365136523&a=71070734&listNum=11
thanks tony.
the tuesday roadmap for anyone interested:
http://standardpoor.wordpress.com
Looks like Doc Barter has a similar view.
He thinks correction will occur in Sep/Oct testing June lows before another big rally.
His sell signals would be aborted if recent highs are taken out soon.
NYSE SUMMATION INDEX remains on SELL SIGNAL and it should NOT be ignored.
NAAIM SURVEY OF MANAGERS shows a staggering 82% of BULLISH PERCENTAGE.
SENTIMENTRADER COT CHART reveals that we have the largest Commercial Net Short Position seen for awhile. Needless to say, that the last time that happened was April 2011 before the Storm started and we saw a sharp decline into September and 1st week of October.
Seems to me that this grind higher since June is an extended correction prior to a retest. It has been extended by a market that is so undure of itself that it has put decisions on hold until three events complete: Jackson Hole, ECB Meeting, German Court Decision.
One down, two to go – we should know by 9/12-13 which way is what for the rest of September.
quick line and curve studies
http://markettime.blogspot.ca/2012/09/s-500-sept-3-2012.html
thanks Tony! Nice action in the futures ..looks like a nice attempt to break out of that bull flag (?) http://screencast.com/t/WGHMG4g6