Market Outlook

S&P500 monthly chart at blog shows a series of broadening patterns, aka megaphone wedges. The recent megaphone has been modified but remains very bearish. The patterns reveal an unstable market where buyers and sellers battle for control. Long candle wicks on September chart reveals substantial buying support which only slows the decline. The March 2009 lows will still be breached.

stockmarket618.wordpress.com

 

SP500 intra reverts to bullish chop.
EURCAD choppy short signal.
GOLD daily chart was bearish and is now neutral.

 

SPX came ever so close to its Augusts lows before bouncing.


Trading at 1130, a break below 1120 and 1100 comes quick of course 1100 would break sending the SPX straight down to 1050 area where I would certainly put a little money to work.

 

going long next week at 666.

 

Bullish USD daily chart shows further strength and we return to SP500 head and shoulders on daily chart scenario.

 

BAC almost down 8%


Not looking good for financials!

 

Just went long very small positions in USD and UVT!

USD at $27.22

UVT at $17.98

Just for a bounce.

 

Equity short covering rally still looks probable.
EURUSD long signal.

 

First time you have been bullish?

 

Equity short covering rally confirmed and more counter trend upside expected. USDX retracement too.