Author: Charlie

SSO (double S&P)

22.26 9.02 am

monthly –  have met down side targets. selling pressures hard down.

weekly – divergences at these lows. pressures up. entry price 25.57 stp at the lows.

daily – retracement bias long. previous entry price of 22.16 met the 1st objective of 26.92. next price objective 31.48. now in a pullback looking for a next long trade.   stp at the lows.

shorter cycle trade? while this can change during the day, a trade thru 24.03 will start a new upleg to some very short cycle targets 26.30/28.50/30.50.   may be a double repo setting up.

S&P futures

830 8:30 am

monthly – bias short . next target down is 716. 915 long entry price. 672 is 62% of 2002 -2007 move. selling pressures showing divergence at these lows.

weekly – bias long. resistance at 887. next objective 946-961.  719 new short entry price. buying pressures weak. momentum still negative. time pressures up.

daily – bias short.  short entry price of 832 acting as resistance. next objective 765.  selling pressures pulling back into a rising momentum up.  look to intraday for a trade.  need 879 to breakout on the upside.   Ben’s PTI is extended down = take short profits and stand aside.  CIT on 12/3.

intraday – flat.  813-808 the end of a short trade.  814 short entry to 772. 853 long entry to 892. pressures up.  the 12/1 cycle has ended, expect upward time pressure.

GLD (the gold ETF)

if there is worry about all this gov’t support creating tomorrow’s inflation, then gold is a fair measure.  i don’t think it will move too much till some evidence of more global economic stability;  can also watch the euro vs the dollar for that.  the dollar has been a safety trade away from other currencies.  if sentiment becomes less concerned then the dollar gets sold and the other currencies move up.  as the dollar declines gold will rise.  but it doesn’t matter what i think, the technicals are almost always right and well ahead of the fundamentals.

GLD at 80.60 sunday nite

weekly – has triggered a buy at 79.83 to 91.44.  the 64.56 target is still active.

daily –  next target 83.43.  a trade thru 75.95 will restart the down trade. pressures extended up, so a pull back can be expected.

S&P futures

895, Sunday pm

monthly- upside cycle pressures til the spring then down into May 2010.  a 915 close will start the retracement up.

weekly – in a retracement up of the recent downleg. next PO 946-961.  time pressures up til 12/26. 719 restarts the downleg.

daily – 926 target. buying pressures up. time pressures down until 12/1. Ben’s PT signals sell.  828 is the short entry price.

intraday – at an interim price target. 852 is short entry. buying pressures extended.  may cure overnight. still have time pressures down into the 1st.

846 -monday 11 am.  have triggered the short entry at 852.  next price objective 808 with shorter cycle levels in between at 834-829 and 813.  showing some divergence, so tight stops.

S&P futures

835, 10:42 AM

weekly – 885 next PO up.  time pressure up until 12/26.  unmet downside PO @ 764.

daily – have traded thru the earlier entry price, now at 832 PO1 indicating higher.  next upside PO 879.  a trade down thru 772 would start a new downleg.

intraday –  have met the 840 target.  now looking for consolidation or retracement of the day’s move. 794 will start a retracement down.  all pressures remain up, but extended. look to shorter cycles for the trade.

S&P futures (ES)

closed at 756.25

Monthly – still have the 716 target.  672 immediately below. divergence at the lows

weekly – 613 next target; but rising momentum and divergence suggests conditions are right for a retracement up inside this down move. 

daily- 724 next down target. pressures still hard down. need a close back up thru 786 to start the retracement.

Intraday – 726 next down target.  all indicators completely oversold, could cure overnight.  a trade thru 769 would trigger a trade to 795.

ES targets

I have a confluence of weekly levels and daily down side targets.  805, 775, 764 on the weekly.

daily – 773, 765 and a cycle end on 11/26.  861 will start a retracement

intraday levels need to trade up thru 830 to start a retracement.

ES Daily

multiple downside targets in the 818-829 range, beginning to see pressures turning up.

863 long Entry Price has been hit 910 next PO. This is a retracement in the current down trend.  need to take out 1008 to change trend.  But we can trade inside this down move.

Gold Nov 16,2008

the gold ETF, GLD, has triggered a sell signal to 64.70 on the daily.  That sell signal would be void upon taking out the swing high at 76.39.  the weekly pressures are very over sold, so this is risky trade.

short term – a trade below 72.48 would have a PO1 of 70.66.  A trade above 74.41 would initiate a long trade to 75.87 PO1.gld1