There hasn't been too much movement overnight. The indices seem to be trading in defined channels:
Stocks are trading down near key support levels and near the bottom edge of their Ichimoku Cloud:
The E/J is marking time waiting for the next move. This signal is might close off but has given up to 280 pips so far. A new signal will most likely form next week after the Fiscal matter is dealt with:
The A/J is doing much the same. This signal may close off too but has given up to 120 pips so far:
The EUR/AUD signal closed off after giving up to 400 pips. It is trading within a flag pattern and seems to be waiting to give a new signal:
These 3 pairs are still high on my watch list for next week. I'm also keen on the E/U, A/U and Kiwi:
E/U
I'm not at all keen on the G/U:
The Loonie and USD/SGD aren't grabbing me either.
I'm keeping an eye on the metals too:
The US Fiscal Cliff summit is on Sunday (US time) and the outcome of this will most likely drive the next momentum move.
The indices have stalled a bit as the world waits to see the outcome of the Fiscal Cliff meeting scheduled for next Sunday (Monday am Sydney time)
The E/J is marking time at the weekly 200 EMA
The A/J has moved on to 120 pips
The EUR/AUD has also stalled at the 1.28 level:
No new TS signals here yet but some look to be brewing.
I am away from home and will update when possible.
The S&P500 closed above 1,400 and the Dow above 13,000. The NASDAQ closed just below 3,000. The VIX closed below the key psychological 20 level!
The main items on my watch list now are the E/J, EUR/AUD, E/U, A/U, Kiwi, Gold and Silver.
Heading off now but I'll update when I can.
Fiscal Cliff concern sent the USD back up in a flight to safety drive. Surprisingly, the Euro has held up pretty well:
Stocks have fallen and the VIX has risen to be above 20. The major stock indices are trying to hang on to their key levels; the S&P500 is currently just above the 1,400, the Dow is just below the 13,000 and the NASDAQ is just below the 3,000 level. The Cloud charts show that the S&P500 and Dow are at a key level near the bottom of their daily Clouds.
The three open TS signals are still doing well though: E/J, A/J and EUR/AUD.
E/J: This reached 260 pips before hitting up against the weekly 200 EMA at the 114.541 level.Price might stall here for a while or even reverse. This pause may give another opportunity for an entry signal though
EUR/AUD: this reached 400 pips before hitting the 1.28 level I warned about
The G/U signal closed off at the 45 pip level BUT it has now gone on for 100 pips anyway!
I'm keeping an eye on the metals too. They are just biding their time at the moment:
I'm also watching the A/U as it sits on the safety fence of the daily 200 EMA. It is setting up for something here and this pause might enable a new TS trade entry, either short or long:
The Kiwi looks interesting too and I'm wondering if this might end up being a bullish 'double bottom':
There are no other new TS signals just yet. I am still LONG the E/J.
I am away for the next few days but will update when I get a chance. Things will be choppy until this Cliff matter is sorted.
Just had the 9pm candle close. No new TS signals as yet.
Ok, so I'm waiting to see if this 'risk on' momentum gives any new TS signals. A possible G/U LONG is a way off, so too an A/U and Kiwi.
Thus, I'm checking in on charts......listening to this.....http://www.youtube.com/watch?v=VYvQp0DojSY....dog by my side...son playing play station...my girls are out.....husband searching for my ABBA CD (don't ask)...all is right in the world.....
Some good data out China and Japan seems to have helped boost Asian stocks. The USDX looks to be coming under pressure again too and the EURX breakout continues:
The G/U signal is not looking great so I'd be stop to entry here at a minimum. It might close off soon anyway. It gave 45 pips.
The E/J is up 200 pips
The EUR/AUD weekly chart is a bit messy but you can see the significance of the 1.28 level:
I would expect price action to be quite volatile around any Fiscal Cliff news so I'd have stops tight or to entry or locking in profit where possible. I think it might be one of those....'hold on to your hat' kind of few days until the US fiscal matters are sorted.
We still have the Euro moving up along side a choppy USD:
My current open TS signals are rocketing along:
E/J: This is up 150 pips from my TS signal BUT it is up 217 from the 111 level that I said to watch for!
E/A: now up around 380 pips:
G/U: even this signal which I didn't like has given 45 pips!
A/J: New signal: LONG on the A/J. This signal came on a gap up and I missed the initial entry due to time zones. The signal is up 40 pips though but I don't think I'll chase it.
I am out all day Thursday 27th. I'll update when I can.
Merry Christmas to all! We've had a lazy but relaxing family day here. Just a quick update. The USDX rallied a bit in the shortened US session over continuing Fiscal Cliff concern:
The strange thing is that the EURX rallied a bit too. Weird things do happen with low liquidity though.
Stocks traded pretty flat though as the 30 min charts show:
It is worth noting that both the Dow and S&P500 are still trading above their daily Ichimoku clouds:
The major stock indices have held above key support levels too: the S&P500 above the 1,400 level, the Dow above 13,000 and the NASDAQ above 3,000. The VIX is up but still under the 20 level.
The two TS signals are still going:
EUR/AUD now up 330 pips:
The G/U up 45 pips:
I did get a TS signal to LONG the E/J but the current low liquidity makes any signal suspect at the moment. I actually went LONG here near the 111 level. I used the 1hr chart to confirm entry which is not something I usually do but I was also confident given the 111 level had held up on this pair:
Not too much happening elsewhere:
E/U: this broke out but faded so I've adjusted the trend lines:
A/U: this has moved over 100 pips from the trend line break. This pair din't ever produce a clean TS signal though. Pity!
Some 'risk off' movement but not enough momentum for any new TS signals.
The USDX has ha started a channel breakdown and the EURX looks like it's attempting a flag break up. Not sure how valid they are though on low volumes:
A possible reversal candle on the USDX? This is my first 4hr Index candle close here. Low liquidity makes this more suspect though:
I have updated my Stocks: Dec page. No new TS signals. No surprises there!
The USDX is still getting support in the early Asian session. Resistance, in the form of the weekly 200 EMA @ 79.80, is just above current price though. It will be interesting to see how this impacts on price action:
The only open TS signals at the moment are the EUR/AUD and G/U:
EUR/AUD: has given up to 300 pips already
EUR/AUD: has given up to 300 pips already
G/U: this signal came late last week after a large candle move. I said that I would not take this signal as often these prove to be less reliable. I'll keep an eye on it though. It is up about 10 ~ 15 pips at the moment:
I'm watching the E/J closely and it is worth noting that it is still holding up above the 111 level for the time being:
There will be very low liquidity in this holiday week and especially so as the markets wait to hear about any resolution to the Fiscal Cliff debate.
We are home this Christmas for the first time in 15 yrs so I'll be easily able to keep an eye on things over the coming weeks. We are away for a couple of nights here and there but that is all.
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