Chartapalooza 08/24/12 Dollar, Oil, well .... Everything

I need to churn out some individual detailed reports on the below. I'll see if I can get to that next week. Let me know what you want to see.

Read 'em and weep -

Dollar - I suspect our fiat gets one last pop when the Euro fails. That will piss off uncle Benny, but that's too bad. He'll get his wishes of mega devaluation sooner than later as they MUST devalue to support the exponentially expanding debt of the country. A crash is coming but not till after the Euro failure, rush to safety (LMAO) pop I suspect the failing reserve currency gets. I still think you will live to see the dollar with a $4 handle. Dollar sits at channel support and multi-year s/r  at $81. That's a very important level.

Morning Charts 07/24/12 $SPX $ES

Pretty simple again. We sit on a cliff awaiting a savior.

Minis 15m - If you missed my Let's Look at the E-minis post yesterday, please look at it for a complete step by step guide to price action and where we are today.  Minis last night closed at critical support and today remain teetering on the brink of a 40 to 45 point slide to 1300 if Team Manipulation and the PPT don't come to the rescue. Blue rising wedge support has failed. 1341 is the market Mendoza line. Yellow (new) wedge or lower diagonal support is all that is left. Those three are dominating price here as you can see on the chart below.

Morning Post 07/19/12 $SPX $ES

Let's not spend a lot of time today focusing on the unadulterated manipulation of the financial markets, the criminality that encompasses that same system and governments around the globe or the war monger's increasing beat of their drum.

The charts are starting to point to another major move again.

Copper - This head and shoulders (bearish formation) is unmistakable. 

Is Silver About To Explode or Implode?

After reading South American Silver Plummets As Bolivia Announces It Will Nationalize One Of World's Largest Silver Deposits from Zero Hedge I decided I better follow up on my April 24th Silver post where I recommended you stay away from silver (then at $31) till upper green resistance was busted and had a backtest.

Let's get to it since it almost nut cuttin time -

/SI Monthly - These charts change very slowly, but offer a wealth of information on direction and long term support, resistance and trends. Here you can clearly see long term resistance (pink) and long term support (yellow) with some major s/r points sprinkled in. You can also see the green channel down from the $49 top that has dominated price since the reversal.

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.

Morning Chartapalooza 05/24/12 $SPX $ES

Cause the news is horroble across the board and the markets are obviously in 'anticipate more easing' mode (price should be down three times what is is up right now) I'm just gonna sling some charts at you this morning. If you have any questions about 'easing mode' see the AD last night. that will explain everything. I do recommend you read Welcome To Chez Central Planner: Presenting The Complete Fed/ECB Response Menu | ZeroHedge if you have any interest in understanding the plethora of ways the Fed/ECB can try and wiggle their way out of most any situation (till they can't).

Minis 30m - Backtesting the yellow wedge and meeting green resistance off the 1413 top (not anywhere near the 1420 resistance diag that is near 1394). The red diagonal that is acting as a support area here is the old upper market resistance diag off the 2007 and 2011 tops. The backtest occurring here is a major support play and if this goes significantly then real downside action will be coming. Upside 1341 is my first major resistance.

Dollar - Yellow LT channel support held and the rally is on channeling up thru LT resistance near $81 in a real power play. It is amazing a worthless piece of paper (fiat) is something that gains strength in the most dire times. Just follow the greeen channel for now. I'll do a dollar post next week or you can see Shanky Does the Dollar for a more historical perspective. 

EUR/USD - Pink falling channel/wedge cracking MAJOR support is a MAJOR deal. The busted green support goes back to the '02 lows. The 1.25 area has been major support/resistance since '98. This crack is a big big deal. Most know I have had a 1.16 target for well over a year now. Sadly if it gets there that may not even stop it. I'll do a new EUR/USD post next week. See Shanky Does the EUR/USD for a more historical perspective.

Oil - For those wondering why I have been looking to $85 for some time now here is your reason. The green support diag is off the '08 lows and the $85 number is key for several other economic reasons. $74 is major s/r going back to '05. Watch that level carefully if things start to get fugly.

Gold - Pink channel down thru yellow and white LT support is a major breakdown technically that people don't want to see. 1523 s/r matches the December lows after the crash off the 1927 top. This is a pretty major support point.

Silver - After spiking to near $50 the fall has been brutal, but there is hope for the silver bulls here as yellow support off the '08 lows is mere points away now. Green channel resistance and yellow support are pinching price here and something will have to give between now and August. Throw in $27.50 support and you get a real sticking point for this PM. Note that gold has already taken out this yellow LT support.

UST 10yr  - This chart really says it all - No commentary is necessary.

SPX Holiday Chart - How does the SPX perform rolling into a holiday weekend? Well here is your road map. Draw your own conclusions. Basically it appears on the surface that price more than likely will ramp into a holiday weekend during a bull run and there is no effect in a bear run. Memorial day, Labor Day, 4th of July and Christmas are on the chart.

The sad news is I blew up my FOMC meeting chart yesterday and will have to rebuild that beauty. Expect to see that soon.

GL and GB!

Morning Charts 05/17/12 #SPX /ES

Denial (no, not that river in Egypt) is everywhere and the MSM cover up of the financial shell shocking events and turmoil around the globe right now is appalling. Thank goodness for the internet (while we still have it) and for those that actively report, research and share the truth. How else would we know the truth about just how bad the JPM losses are or that the bank runs in Greece and now Spain are very real?

Denial also happens with individual investors. Even STB hits a wall every now and then where the Rubicon is hard to cross. Reality bites now and it is going to get worse. Psychologically we crawl into our protective little shells and work to avoid the misery. Are we collectively ignoring the doomsday events we've all been cognizant of for years?

We've been so conditioned to expect the stick save and ramp. Markets are a bit confusing right now because the old 'tricks' that were guaranteed ramp starters like the FOMC minutes leaning towards easing or an LTRO3 discussion we had yesterday are not flaming the bull's fires anymore. Has reality sprung its trap. Is the realization that the euro zone and the euro experiment is really dying finally starting to sink in?

Shanky's Morning Chartapalooza 05/10/12 #SPX #ES #GOLD #OIL #DOLLAR #Silver #EUR/USD

Let's get it on! Listen to all Inc's ol school rap on the AD last night and now you gettin sum N.W.A style STB in da monin - hit it.

Gold - Blue channel down into the depths of support diagonals off the '08 lows. Better make a break north soon or hold 1569 cause the next stop will be 1470. No fret, just makes for better buying opp. Let it fall. Please fall. STB wants to gets mo gold at lower prices. It is the only thing worth owning these days (with a side of silver).

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.

Silver

A quick post on silver

Silver Monthly - Note the pink LT resistance diagonal and see it in the following charts. Also note the yellow support diag and the green channel.

Morning Market Summary and charts 04/12/12 - $SPX $ES $Gold $Silver $Oil $Dollar

Let's make this very simple this morning - Last week we were not going to QE and the markets started to fall. Six days in a row and 70 SPX points later I guess that was all they wanted to see. Now we suddenly have Dudley Joins Yellen In Leaving QE Door Wide Open | ZeroHedge. Maybe they knew the jobs number was going to miss and Dudley was trying to goose the futures? I would not put it past them. Initial Jobless Claims Soar Past Expectations, Hit 380K, Highest Since January | ZeroHedge.

Either way the full court QE press is back on. Strangely the markets are not reacting as they should. With Yellen talking about taking ZIRP to 2015 (wasn't it just last August they moved that timetable to 2014?) the truth is becoming more clear. Things suck. How bad do they suck (or should I say how bad has the Bernank's liquidity reflation trade failed)? I suggest you read Presenting Economic Reality | ZeroHedge

Earnings season suck and I hate it. GOOG after the close today and JPM in the morning. That may keep market activity down as we wait on the numbers.

Commodities Charting Extravaganza! Gold, Silver, Oil, Gas Wheat, Corn and Many More

Bottom line, you need to know what is driving cost at the store and where those prices are likely headed. What's expensive and what's not? Look below to find out. (Oil, Gold and Silver are at the bottom)


Cocoa - So, why am I still like paying a gazillions dollars for my Snickers fix?

Cotton -

Morning Post 10/20/11, SPX, Oil, Gold, Silver, AUD, EUR, UDS, JPY

OK - Let's go over this one last time for you Modern Economics 101 students - Greece can't afford jack shit and are so in debt they can't pay back what they owe. How do you solve this problem? You simply give them more money. Got it? You may be tested on this later, so I wanted to make sure you understood this.

Today you simply keep pumping money into the system to keep it alive. Fix the issue? Fuck no! That would be to friggin hard and cost to many politicians their jobs.  You do what you can to keep it alive for as long as possible and when it finally implodes you blame it on someone else and say that no one could have seen the problems coming. 

You do realize that greeting Greece out of trouble this time will only keep them alive for another month or two. Rinse/repeat. At some point the repeat part of that statement will not occur. 

Morning Post 09/29/11, USD, AUD, EUR, JPY, Gold, Silver, Oil, SPX, DOW, Copper

I guess you could assume a rise in GDP and a much better than expected jobs number  would have been dealt by the dealer with the loaded shoe this morning given all the surrounding economic data. How GDP ticks up I have no clue, but one thing is for sure, the economists will have overestimated (as they always do) and the slide will continue sooner than later. As for the jobs number, other than the fact a -391 print is still nothing to crow about, you had to assume they were saving this "surprise" for a key moment when most needed.

Another EFSF vote and more hope. Nothing is stable here or across the pond. The EU issues have been a marvelous distraction from all the issues here at home.

Last night I went ape on the system and all the oppression and spying going down. We are being stripped of our freedoms. I suggest you read this - Shanky's Technical Analysis and Market Commentary: Afternoon Delight 09/28/11 Mini Rant 

Let's have a chartfest shall we! Take note of how many channels are in play across all the charts.

Gold - Pretty sure I noted the 1571 level and all the support there. STB is pretty solid on $1500 being as bad as it gets (for now - if it even gets there).

FX Chartapalooza Copper, Silver, Gold, Dollar, Oil, AUD, EUR, USD, JPY, CHF

Don't forget to vote in the new poll ======>

I don't so these all that often, bus since I am tired of talking about all the downgrades and lies about salvation, and since I have not covered most below in some time ..........

Note - all the below should scare the hell out of you (and I am not including the markets). This looks like epic collapse and no stick save option is available.

Welcome to Chartapalooza!

/dx - US dollar - Breaking out above long term down trend. After a 40% devaluation off the 2001 highs you had to figure a rally would have to occur at some point, right? How great is the fear around the globe right now? Well, if they are flocking to the greatest fiat on the planet, that would conclude your lesson on how this global economy is the greatest farce ever manufactured. $81 and $88 are the best two targets here if this improbable run can continue.

Gold And The GLD Daily Evening Star Long-Legged Doji

GLD Daily - Clear as day doji. Busted way above the upper bollinger band. Indicators need some work, but the candlestick as compared to the volume says massive confusion.





GLD weekly - Triangle target has been met. Living outside the upper BB. RSI getting toppy and S Sto is embedding. Bears can't gain any traction. EWI thinks gold has possibly completed an ABC pattern (but warns of a possible 5 wave move up).



GLD/SLV comparison - Well, if trends hold true is it time for GLD to pause, move sideways and for SLV to make its run? This is pure trend speculation and I have not backed it up with anything but a trend.





Bottom line is I think gold is due for a pause in the action. I am not going to speculate on a pullback till the indicators confirm my thoughts. Then, we'll have to see if the silver run up trend confirms the top.

NOW - all that being said (I have called for a possible pause soon and a sideways move in gold) please read The New Gold Floor from Zero Hedge. The trading actions, mainly by India) have possibly caused a new upper floor in the price of gold (a $5bn purchase at these prices will have that effect). I am actually looking for a long entry into gold and will hopefully get a pullback to make that play.

GL trading.