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Market Update – April 22
Today’s ES break confirms the rally from the March low as a wedge. The implication is that the March low will eventually be re-tested. Near term, I’d still watch for a bounce from 2600/30. Proposed resistance is now the underside of the broken wedge line at 2808.
Market Update 3/24 – A Look at Select Yen Crosses
Yen crosses are going through the roof. On a very long term basis, the evidence suggests that they could go A LOT higher. For example, the weekly chart below highlights the breakout above the trendline that originates at the 1990 high! That’s significant. In the near term however, my ‘guess’ is that a pullback is around the corner. USDJPY is closing in on the noted channel from the 2016 low. That’s about 122.70. Major support is anywhere between 117.00 and 118.60s.
Market Update: October 5
USDOLLAR turned up from the top side of the neckline on Thursday but returned to the neckline today. Failure to turn up now risks a failed breakout, which would be viewed in a bearish light.
Market Update: Big CAD Levels Nearby
After some back and fill, silver blew through 26. The recent parabolic move could run into a ceiling near 33.80. This is based on a parallel related to the 1971-2001 trendline. This parallel crosses highs in 1974, 1987, and 2008.
Market Update 11/8 – Metals Near Pullback Levels
Gold is closing in on the noted level from the line that extends off of the 2020 and May highs and resistance since July near 1834. I’m ‘thinking’ pullback initially from the well-defined level but will be tracking for support beginning near 1800 since I’m of the mind that the broader trend is higher.
Market Update 10/24 – EURJPY Short Setup
EURJPY sports 5 waves down from the 10/20 high so watch for resistance near 132.79 (4th wave high). The 10/20 high is on the upper parallel from the fork that originates at the September low. Eventual proposed support is the lower parallel, which intersects with the September high at 130.75.