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It’s ironic that as a “permabear”, a lot of my best ideas have been long ones. The items I’ve been bullish on include gold, silver, U.S. bonds, the Japanese Yen, and the Euro, all five of which were strong on Friday. The Euro in particular is quite interesting, since (by way of FXE, shown below) it’s following a clean upward channel. It broke its former channel, as you can see, then it established another nearly identical one.
NOTE: I posted this about half an hour before the opening bell, but I “un-published” it since Jack and I bumped heads. Anyway, for what it’s worth………..
Well, I suppose if you read my post last night, it was pretty clear the market was ready to turn lower. When I reach points of existential despair, that beats any exponential moving average, bollinger band, trendline, or even Gartman.
I want to make clear right now, at 6:06 in the morning, that this drop won’t mean dick unless it sticks. Hey, that has a nice ring to it………..Johnny Cochran style.
I haven’t reposted the bonus charts I do every morning at theartofchart.net for a while and I’m keen to get this post out before the RTH open today so I’m posting them below. The charts are the ES, NQ, TF, DX, GC, CL & ZB charts. The NG & SB charts get added once a week but that’s on Mondays. On to the markets.
Yesterday afternoon we saw the full retest (and marginal new high) of 2103 that I was talking about on Wednesday morning and the ES 60min buy signal that I mentioned yesterday morning has now made the possible near miss target. There are now very nice looking nested double top setups on ES and NQ, though not on TF which has overshot the target area. What happens now? We shall see. NFP is about to be released as I write and the setup says down, but there’s only ever one way to find out for sure. If we see an RTH break over 2111 that would open up a possible retest of the all time high at 2134, so in the event that is broken the short setup here would look much less attractive.
