Anyone remember this from ZeroHedge back on March 17th?
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Japan’s Dandruff
For the one or two people out there who still believe that it is physically possible for equity prices to move lower, I humbly offer below the symbol DXJ, which is the fund that combines Japanese equities with a hedged Yen bet. To my eyes, this head and shoulders top looks like it has retraced to an appealing risk/reward ratio.
Looking for 2114-6 Candidate High on SPX Today
Yesterday’s low at 2091/2 SPX (2085 ES) was retested overnight in globex and held. Unless that fails first today the obvious next target above is in the 2114/5 area at trendline resistance. That is supported by the intersection of two resistance trendlines on ES there as well, and if hit that will be a possible top for this move up from the February low, something I would call a candidate high. Ideally we’d test that today and there would be a clear reversal there, ideally into a red close for the day. SPX 60min chart:
The Land that Pullbacks Forgot
I’m in such a quandary about precious metals. On the other hand, SLV and GLD look fantastic long-term (and most of you have seen my silver chart, whose target seems completely plausible now, whereas a week ago it was just plain dumb). But, I gotta tell ya, looking at this gold/silver sector chart, the run-up in gold (tinted in cyan) seems like it could really use a breather!
What I’m focused on are those Fibonacci retracement levels, the most pertinent of which is highlighted above in green. We actually are pushing above it right now, but sheesh, it sure would feel better piling into gold if things would relax a little bit! The good news is that gold and silver seem to be giving a long-needed F.U. to the central bankers out there.
Creep
Another day, another positive ES on the screen. Even with the tumble from Intel last night, it looks like the overnight forces (including, surely, Draghi’s jawboning last night) have dropped the Paas color tablets into the water and changed red to green. We haven’t even had a pair of solid down days for months now:
