Thursday, May 31, 2012

Morning Chartapalooza 05/31/02 $SPX $Gold $ES $Silver $Oil $Dollar $EUR/USD

Let's chart 'em up and try to figure out what the heck is going on shall we -

Gold Daily - Busted LT white and yellow channel supports. Green channel down off the '11 top thru LT supports. Now in pink intermediate channel under blue s/r diag. $1567 is the major s/r point going back to '11. Breaking $1478 would be a big deal. Green channel support is currently near 1443 and falling.

Silver Daily - I told you weeks ago that silver would more than likely begin to consolidate at recent low.LT support near $27 as major LT support (yellow and upper channel resistance (green) all force price into the corner. If yellow breaks I would suspect a rather abrupt fall to the $23 area. If it breaks up, then pink resistance near $35 should be resistance.

Oil Daily - Someone, not sure who, was gushing a few weens back about oil and $85. Well here is a good view of oil's LT support diag off the '09 lows. To say the $85 area is major support would be an understatement. Price should stall here as this level is very important to many countries entitlement systems. It is king of the grand break even point that oil producing nations do not want to cross.

EUR/USD - Not sure anyone has been more precise calling this pair than STB for some time. The HnS breakdown under major channel (yellow) resistance to green LT support was a big deal. Taking out green LT support and the 1.26 level setting a NT lower low was an even bigger deal. Price is now tinkering with the $1.24 s/r level which was the '08 low. The next stop at $1.18 will complete my LT calls for the pair's fall (except for collapse of course). For over a year I have been calling for moves from 1.35 to 1.35 and finally to 1.18. Oh, the next major s/s after 1.18 is 1.08. Keep that in mind.

The bigger picture -

The shorter picture - I would expect a backtest of the 1.27 area before total failure. If 1.23 fails that very seriously could be all she wrote on this experiment. Watch the NT pink channel running into yellow channel 50% diag here. May be some support coming.

Dollar - Here is the dollar's LT green wedge. You can see the yellow channel driving price up and thru $81 LT s/r. Right now it looks like $87 may be in the cards and should be the max for this run if it gets there (amazing the power of fiat).

The dollar took out $81 and NT blue resistance and is now at the yellow channel 50% diagonal which (like the EUR pair above) may provide some resistance in this area. There is really nothing more that may stop the dollar from climbing to the top of the channel and green resistance. Possible STB point July 20th at $87.

Minis 60m - It is all about the red s/r diagonal here. Remember it is off the '07 and '11 tops. The pink support diag is off the October and March lows, so that it the near term support that the bulls do not want to see broken. Add those two together with the 1300 round level and you get what's called a major support area.

Minis 15m - All the points you need to see. Yellow wedge support, red s/r, pink support, busted green resistance and the major price points at 1293, 1301, 1316, 1323, 1333 and 1341. If 1293 goes this could get really ugly. Yesterday I mentioned all the support from 1310 to 1300. You can see the 5 points in this area.

GL and GB!

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