Boy MW looks like shit. WTF was she doing last night? Sorry I was not there. Her best point, "The component parts do not add up." They don't now and they won't later.Or," A 2010 prediction that is so disturbing on so many levels." I'm guessing this new Comcastic relationship and the break from GE is allowing the truth to be told.
Let's open with the one chart you need to see. This is so simple it is stupid - Guess which component in this chart has not reacted, but needs to to catch up with all the others? Something good is about to happen for the bears I believe.
E-minis closed below lower P2 support on the daily chart which is a big deal. 1082 is support. For detailed support of the SPX look at the post I did yesterday afternoon which lists 'em all.
76.58 is the next big hurdle for DXY. The target for the yellow triangle breakout is 77.05. NOW, do not doscount the possibility of a backtest. Things do not always go straight up or down (well- this was the dollar - sorry). Just be warned of a possible backtest.
Gold 60m looks to have put in a consolidation wave under the gray TL that I adjusted up yesterday and is gearing up for another move south. If this is an ABC corrective and B is complete I have a target of 1080. that may be a bit low given the floor that has been set in price. That yellow line is the 38% fib is at 1092. I'm not taking my eye off of the 1035 level. For you EWTers, this really does not fit a 5 wave move of any sort unless you can chop that first move south into a 1 and 3. Bottom line it that it has set a lower low and now we need a lower high.
Oil had a good fall yesterday and really broke down taking out the lower support of the gray and green channel. I hbacked this chart out so you can see the TL from the bottom at 33.55 was taken out. Next stop is the lower TL of the yellow channel near $70. I'll do a more detailed post on this with full analysis later this morning.
Natgas is consolidating between the yellow support and the 5.32 price level (which will not be breached IMO).
Look at the SPX support post I did yesterday. It has lots of detail all the way down to the 867 level. I'll do more on the dollar and oil and possibly UNG today. I'm thinking something good is gonna happen for the bears today. That first chart above is pretty telling to me.
GL out there.