Dollar last week notes was bearish, the dollar sold off to the 50day ema and bounce, the pattern is showing a retest of the February highs with a possible move to 82.05, the EUR/USD is going to retest the low, this week the pattern for the dollar is bullish, but might see some selling late Wednesday before the jobs number Thursday =Bullish, GLD last week notes was neutral, after Fridays sell off it is clear why the pattern was neutral, the sell off wipe away all of the weeks gains in one day, this week if gold test the lower channel looking to go bullish =neutral, Crude last week notes was bullish, I was wrong, the pattern was setting up to brake the 7 month channel and it tested then failed to break over the channel which not good for the crude this week =bearish
(Note the Jerk indicator in the charts is fractal pattern indicator, it shows weakness or strength in price)
XLF last week notes was bearish, after a new high was squeezed out Wednesday selling showed up give back almost all of the weeks gains, for this week the pattern does not change with more bearishness and retest of the 20day ema =bearish
QQQQ last week notes was neutral, the Qs rallied to 47.95 and sold off given up most of those gains, the pattern for this week is not looking positive for the bulls or the bears, bearishness is setting up in the squeeze and the Jerk is over bought, but no define signal, a break of the 20day ema and bearish signal in the Jerk would point to a bearish pattern =neutral, SMH last week notes was neutral, the semis did break out of a small channel, but Friday any gains would have been wipe out, the pattern is looking more bearish, but with 20 & 50 day ema underneath for support going short is a poor trade, this week the pattern =neutral
XLB last week notes was bearish, last week materials had a nasty sell off which started on Thursday, the pattern is setting to retest the the trend line =bearish, IYT last week notes was bearish, I was wrong, the transports had more room to run and when the sell off came on Friday it did not give all of its gains away that is bullish for the transports going forward, for this week pattern there is no define signal bullish or bearish the 20day under for support and major consolidation in December through mid January to justify 20day ema support, this week patten =netural
JNK(high yield) last week notes was neutral, junk bonds did nothing last week trade sideways all week, this week there is price weakness in the squeeze and Jerk is overbought, but the 20&50 day ema underneath for support =neutral, TLT last week notes was neutral , the TLT is setting up a interesting 3 month basing channel =neutral
GXC last week notes was bullish, the S&P China ETF gave up most the week gains on Friday, this week pattern is showing weakness in price both in the squeeze and the Jerk, but not shorting here with the 20 &50 day ema underneath a break of the 50 day turns the pattern bearish =neutral
last week I was cautiously bullish and stated that I was not going to start any new or short position just taken profits off, I might have left some trades on the table last week but after Fridays sell off those trades would be at risk this week!!! For this week ,,,,most of the set ups are showing neutral or weakness in pattern and the dollar is looking bullish,,,,, the SPX did confirmed the trend change line(Purple line) last week, the pattern in the SPX this week is setting up with selling and sideways consolidation, look to be a choppy week so I am looking start some small shorts with a stop above the market high on Wednesday-SPX1169, but waiting for the pattern to set up to give a true direction. =neutral
(Note the Jerk indicator in the charts is fractal pattern indicator, is shows weakness or strength in price)
0 comments:
Post a Comment