May 6, 2022

Market Update 5/5 – The Reversal Reverses

Today’s Dow move is important because price plummeted from the center line of the Schiff fork that originates at the 2009 low. In simpler terms, this line has been key support and/or resistance for years (note the highlighted areas…zoomed in chart is below). Consider the market in dangerous territory while price is beneath this center line.
March 2, 2022

Market Update 3/2 – AUDUSD Median Line Trade Setup

AUDUSD broke above the median line today so longs are in play. The top side of the median line is proposed support now (formerly resistance) near .7265. This is also the year and month opening prices. One benefit to trading with median lines are tight stops. That’s especially useful in this instance given the proximity of the January high and 200 day average as possible resistance. Upside focus is .7370 followed by .7420s.
February 3, 2022

Market Update 2/2 – SPX into Resistance

SPX has retraced 61.8% of the decline from the high. This is also ‘original’ trendline resistance. This is a perfect spot for at least an interim high. I’m looking lower towards 4494 or so (2022 VWAP) and possibly 4404.
January 31, 2022

Market Update 1/31 – Opposing Monthly and Weekly Reversals

January produced some monthly reversals of note. SPY made a 1 bar monthly volume reversal. Notice that reversals also occurred in June/July 2007 (high) and October 2002 (low). There were failed signals however in 1997. Obviously, monthly signals may not be all that timely. These are ‘big picture’ observations. It’s important to understand in light of weekly bullish reversals in indices last week! These charts are shown below the monthly charts in this post.
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