Isn't this volatility GREAT!
/ES 60m daily - Had to go daily for the most accurate presentation of the LT tendlines. The blues P2 (bull market rising wedge) has been violated. The green falling wedge formed over the past several days fell to the 1085 support and appears now to possibly want to reverse as RSI bounces off of the 50 line. I'm thinking the range will be between the upper red resistance line and the lower green support line thru the end of the year. Exciting!
SPX 30m - This time frame is just to emphasize the range bound market. Does it go to the top again here? I do not think so, but it could easily. The 60m SPX indicators have bottomed and are turning. The dailys are continuing their long walk down setting a massive divergence to price that should be like a uge storm cloud coming over the horizon. With the Daily RSI at 50 and the 60m bottoming, maybe it is time for some sort of a pop here.The dollar has some room to breathe and even though the correlation has gone away some, it has not totally left the building.
Gold daily - Is it close to bottoming? Following S Sto I would say there may be a shot at an entry point for a trade soon. The big question is will this be a major or minor bottom and for those of you that want to get in need to make a decision? I personally think there is further downside, but do not want to miss any opportunity to get in in case I am wrong, so at this next low I will make a purchase (10% position) in GLD and will have to decide on the stop loss I am willing to bear (I am planning on holding LT, but am also willing to trade to get the best entry). As I have been discussing I will continue to DCA into gold on weakness.
Remember you can get all of my Stockcharts charts on a 20m delay at my link on the right. Use the drop down bx just above the chart's top RH corner.
GL out there today. It should be really exciting! (LOL)
Happy holidays.
