- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Friday, 10 December 2010

A bit more upside I think

SPX has been trickling up on a daily closes basis the last few days, and there's still a bit more upside to come I think. For the conclusion of this wave up I'm still looking at the rising wedge from the summer lows, and that would put the target this week in the 1257 - 60 SPX area, so the 1252 - 1255 ES (March) area:


I have some doubts that target will be made though, and the shorter term charts aren't particularly encouraging in that respect. Looking at the 15min chart on ES (March) I'm seeing resistance in the 1242 - 44 area today if ES can make it off the support trendline. A break with confidence down from 1229 ES would most likely be followed by a significant further push down:


EURUSD is still making lower highs and lows but has been spending too long consolidating here. A more serious push up or down looks likely to start soon and I'm favoring a push down. That would most likely carry equities down with it to some degree:


Oil is also stalled with the obvious next move seeming to be upward towards strong resistance just under $92. A break below $88.25 would suggest that oil won't make that target:


I'll leave you today with one of my favorite long term charts, which is the ten year weekly sugar chart. Sugar is looking toppy to me here, but the reason I like this chart so much is that it is a great example of some of the very strange short term moves one sometimes sees on futures charts. If you have a close look you'll see that there was apparently an opportunity to buy sugar at or very near zero near the end of 2003. Not something you see very often:

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