I don't usually have time for a blog update during the week, but I was able to get caught up on all my charting yesterday, as the market rallied...
We saw a semi-powerful rally on Monday, a reversal in AAPL, and Biotech. Oil continued to rally. Gold rallied at the open, only to quickly rolled over, and close about flat. It was a decent broader market rally, but weaker than expected, and followed by a weak close. There's still a lot of nervousness in this market, and that makes me nervous.
Yesterday I predicted that Oil may decouple from the market but that's a pretty bold call. We'll have to see what happens when energy rolls over, and play it safe.
I think we're close to a big reversal in Oil; this upturned wedge is short term bearish in my book.
If we see the false breakout (throw over) in oil as depicted above and Energy rally back to 564 on the $DJUSEN (dow energy) chart, that looks like perfect re-entry for short sellers.
Financials were only up .64%. Doesn't point to a major reversal. Maybe we retest support one more time.
As far as the S&P 500 The bears came in an sold the 200 day, yesterday, but I have a 2088 target on the S&P - a powerful - yet minuette - wave "C". If this is correct than last weeks sell-off was only the first leg down in a bigger correction.
Resistance on the $GLD looks like 122. I'll be providing that chart, and many others throughout the day, as usual at the opening bell in 15 min, at @3xtrades
Good luck Traders, AA