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Yesterday the Euro/US$ closed above its daily key reversal level and is now officially in rally mode. It still needs a weekly close above 1.3188 to get into bullish status again. The Euro could be pointing the way forward for several other markets as well. E.g. gold has been moving up and down with the
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Whenever your system of investing becomes popular, it is better to shift to some unpopular method. That was the advice of John Templeton. We saw a classic example last April, when most financial media and blogs were pushing the “Sell in May” mantra. Selling in May had worked very well for the last three years,
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Our key reversal levels going into next week: Status Key (W) Mom (W) Mode Key (D) Mom (D) Nasdaq BULL S: 3271 Up * RALLY S: 3444 Up S&P 500 BULL S: 1554 Up * RALLY S: 1626 Up Nikkei BULL S: 12324 Up * RALLY S: 13694 Up FTSE 100 BULL S: 6227 Up
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I am getting frequent questions about the Earl and Earl2 indicators you can find in most charts on this blog. So, I have now put up a new permanent page on the blog, explaining them in more detail. You can always find it through the links on the left side , see “Pages”. Or just
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Markets pushed higher on Friday, after some hesitation earlier in the week. With the lunar green period continuing this week we can start looking how high it may go. Here is the Nasdaq chart (click for larger image): Our line in the sand at 3300 was touched and then the market turned up strongly. The
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Our key reversal levels going into next week: Status Key (W) Mom (W) Mode Key (D) Mom (D) Nasdaq BULL S: 3255 Down RALLY S: 3406 Up S&P 500 BULL S: 1548 Down RALLY * S: 1612 Up Nikkei BULL S: 12202 Down RALLY S: 13368 Up FTSE 100 BULL * S: 6222 Down RALLY
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Our LT Wave chart for June did reasonably well. It was a roller coaster month indeed. The weakness in the 3rd week came a few days later than expected, and we did get the expected strength in the final week. Here is the LT Wave for July (click for larger image): The chart shows some
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Stocks made a nice drop to major support levels, and have rebounded since the start of our lunar green period. We now need to see some follow through this week, otherwise we can probably forget about a summer rally. Let’s have a look at the S&P 500 (click for larger image): The support level around
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Our key reversal levels going into next week: Status Key (W) Mom (W) Mode Key (D) Mom (D) Nasdaq BULL S: 3242 Down DECLINE R: 3435 Up S&P 500 BULL S: 1549 Down DECLINE R: 1629 Up Nikkei BULL S: 12184 Down RALLY * S: 13307 Up FTSE 100 BEAR R: 6338 Down DECLINE R:
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For our most recent coverage on gold see Prospects for gold It is by now clear that scenario 1 is out of the way, so we can revisit scenario 2 and 3, which pointed to possible downside targets of $1080 and $1260. Since gold is now sitting just above $1260, that scenario deserves more attention
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LunaticTrader Blog 