We have seen significant selling the past two days since confirmation of the H&S Top. The objective of 658.07 was reached early today and continued much lower. The weekly chart shows a potential double top formation as well. If we get a close below 635.07 tomorrow it will be confirmed. [...]
Commodities have been on an absolute tear since Dec 2008 with a return of around 89% on the CCI over that span. However, this market may finally see a correction. The market just recently tested the March 7th high and has sold off since. It took 7 days from the [...]
July Cotton reached its H&S Top objective today ~ 149.03. It reached this area pretty quickly: over 39 points in just 12 trading days. The reward to risk ratio was a solid one: 2.63 to 1.00. It takes deep pockets to trade this market, but if you have the capital it [...]
ES futures did indeed find support yesterday in my 1285-1300 zone as the low was 1298.25. We got a nice pop off the top end fib support in my earlier chart. Also, just below today’s low was MP and DS2 support. The intraday chart shows RSI divergence (bullish) and the downward sloping [...]
S&P futures are approaching some strong intraday support levels. I’m looking to be a buyer between 1285-1300 today. The move down from the April 6th high has been very weak with pretty deep retracements. However, the skewing has been strong to the downside showing some confliction. You do have a [...]
Cotton has moved into July from March. So I will now focus on the July chart. Yesterday we got confirmation of a h&s top with a close below the upward sloping neckline. This patterns target is around 149.05 with an initial stop at 203.30.
There is a possible buy zone shaping up in the Euro. If we can get down to the 1.4075-1.4095 area sometime today I would look to get long with a stop below the most recent pivot low of 1.4041. This area could produce a real nice bounce. […]
Cotton has been on an impressive up move since mid 2010 appreciating over 150%. However, we are starting to see some signs of a possible H&DS top forming. The chart shows the Left Shoulder, Head, and Right Shoulder have all formed. We are now just waiting for confirmation, which would [...]
