Starting with the U.S.Dollar which held its weekly trend line while the daily has a rounding bottom/inverse Head & Shoulders look intact.
With the EURUSD weekly trend line holding resistance and the daily H&S closing the week right at its neckline
Copper fell apart this week, failing a number of supports. Notice how the weekly 50-MA is trending down while the 20-MA is correcting into it....
...this then gives way to this longer-term perspective picture
Gold still fighting with $1680 overhead
The S&P500 weekly chart still has the stench of a trend line throw-back. Third time's the charm? Realistically, the COMPX could lose 300-points, the S&P500 could lose 100-points and the Dow could lose 1000-points and all would still be in decent technical shape.
Crude Oil still vacillates within this daily channel. The weekly has a roll-over look to it.
Curious how beaten-up the energy sector has been. The weekly showing the three lower highs with the 50-MA turning down and the 20-MA correcting into it, while the daily channel looks like it needs a final flush with such a tight down-sloping channel.
Next week will be interesting.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.
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