Posted: September 8th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks once again, Mike and ChartsEdge! Yesterday's map (along with your weekly cycle forecast) did a great job of pointing where the futures ended up going yesterday and overnight!
Folks, welcome back from Labor Day and holidays/vacation! We know we've got important SPX numbers around 1018, 1023 (which Andre has numbers around as posted last night), higher would be around 1033 - then there's that 1038-1041 area, if it ever gets that far again. Lower, if our "string" still works, 1013, 1007-1008, 1002-1003. Lower still points back to 997, 992 and below if and when it breaks that important support.
There are serious tugs-of-war being waged around the levels working now in gold, the dollar, and also by extension the euro and yen. Doesn't mean you've got to speculate in everything! For what you are trading - and I know that includes gold and gold-related issues for many of my readers - have at it but play very carefully as these are not necessarily as slam-dunk right now as you might think (either way!).
Natural gas continues to occupy a lot of focus so let's keep a close eye there. Bonds - the corporates and LQD have been edging higher into Fibonacci extension levels. One of these days that party will either correct or worse - once we see a drop we'll start evaluating whether it looks like a mere pullback or a trend reversal. As for Treasuries, they can remain in uptrends but have some work to do, which may be aided if equities falter or undercut if they don't.
Oil (and gasoline) - maybe they're just pulling back before another push up for another couple of subwaves up - or maybe they'll surprise and be done rallying. Let's not be complacent on either side of that trade either. I don't see that oil can take much longer "making up its mind" on this point. It's trading in-between the prior swing high and swing low, and the indicators should help point the way within this range.
As always, careful out there, and happy market navigating!
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