ChartsEdge (U.S. equities) map for 7/28; and some market comments

Market Map for Jul28Posted: July 28th, 2009

Author: Mike Korell
Filed under: One-Day Market Map
Comments to ChartsEdge »

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Thanks once again, Mike and ChartsEdge!

Folks - this might just be my own thought, so take it for what it's worth, if anything ... I feel that the markets are on eggshells right now, as some have met key levels (SPX above 962, Nasdaq Composite above 1912, Dow Industrials above January highs), and others are edging closer (QQQQ's 50% mark at 39.82, Dow Transports edging closer to confirmation of a signal if they can better their January highs). The VIX moved up yesterday but didn't look flamingly bullish - yet. The dollar is "deciding" how low to go for a cycle trough, and gold, the euro and yen are on the other side of that trade.

I can even see a scenario in which we get another sizable pullback and then a final push up, but I am not saying I see that as the most likely scenario - I really don't see it that way, but just saying it could be one more trick for the markets to pull. There are some who are beginning to see a reverse symmetrical triangle (RST) shaping up, and I can see that potential too for some of the indices. If a pattern like that is valid, it might be one way of seeing some level of a wave crest shaping up.

There are others who are on the bullish side, and looking for more upside after the indices and other things, such as oil, break out and looking for significantly higher levels. I know that is consistent with Terry Laundry's views, and those of a few others. For myself - now that we've either gotten to, or very close to the key levels I've been discussing, I've got to be in "show me" mode.

Not really time to elaborate with more charts, but then again, I think I've been putting all this out there for some time now. Such as gold, if above 960 then it brings 990 into focus, or otherwise I'm bearish on it; and the other things I've been showing. As for natural gas - my UNG pals - at least it may be getting support at its 20 day moving average, so maybe we'll see another move up there. DAG (agricultural commodities ETF) had a slightly positive day yesterday so will be interested to see if it gets higher.

Bottom line - as always, be careful out there! and good luck, and happy market navigating!