Wednesday, May 9, 2012

Morning Chartapalooza II - 05/09/12 #SPX $ES #Silver #EUR/USD #Dollar #AUD/JPY

Cause you all like the Chartapaloozas so much - here we go again. I told you for weeks everything was set up to explode/implode.

Minis - Triple bottom at 1342 or will there be worse? My call for 1341 wound up being pretty good. Now my caution at this level is proven warranted. At this time everything is pointing to 1260/70 area, and I'm not giving up on 1170 just yet.

SPX Daily - Pretty clear major support the Fed does not want to let go.

SPX 60m - The HnS I've been looking at. First green target area has been hit. Round level 1300 to 1295 would be the next stop.

Dollar - Double resistance area but breaking out above green diagonal resistance. May want to begin to consolidate in this zone or backtest green diag.

EUR/USD - I'm not sure if the green LT support diag will hold what's coming for this pair. STB LT $116 target is about all I have left for my calls to come home on this pair.

AUD/JPY - Something has got to give here and it will be very soon as the wedge has almost played out.

TNX Monthly - Any questions?

TNX Daily - Channel at the record high top. 10yr is 1.81 this morning. Just follow the bond market.

Silver -

Monthly -

Weekly -

4hr - All I can hear is the screams of a million silver bulls in unison as blue support cracks. Looking at the charts above $28 to $26 is major LT support and should be tough to crack.

GL and GB!

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