Thursday, 1 August 2013

Emini S &P + USDX Dollar Index tests support plus my Soybean chart

 As my kids used to say in the car ( they are grown up now) when we were going anywhere.. ARE WE THERE YET!...... It's a bit like that with the ES today.
Two classic Andrews type Pitchforks I have been tracking ES centre line progress on. Ii the chart above we have not pipped the centre line yet although it appears to have touched but the fall away from 1700 shows you that its a tempory fail.

 Here is the second fork of even bigger PF showing the above fork inserted as a tiny up sloping black PF. Does anyone agree with me that this market is looking ripe for a retracement of decent proportions? As we come to the end of summer i always wait to see the signs of new trends developing. After Labor day we have the emptying of Long Island and the Hamptons and other similar such places where the rich and influencial money managers pass these summer months. Back on their desks at the begining of September they start to work again and huge capital flows move again as they appraise the markets.Can it be that we are simply going to keep going higher on the ES? Will QE never end? Of course not and when it does and the coded statements of the FED are fully realised then the S%$T will hit the fan back to 1500

 The USDX as per one of my reaction line studies that have worked so well this year...check out this link to a previous post

Finally I posted this week about Soybeans and this reaction line seen below which we have been oscilating around. Look at todays support from it.  The chart below looks very messy in the high time frame but i publish it specifically so you can see the reaction lines and how price moves around them.

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