Five PnFs To Go
Finally we are getting somewhere. We find ourselves near or at inflection points across the board and I’ll send you into the weekend with five helpings of P&F goodness: Equities (SPX/spoos), gold, copper, crude, and of course the Dollar. Let’s start with the SPX as it’s right at its volume hole, which of course is the perfect vantage point to screw with pretty much everyone over the impending rumor, news, and event filled weekend:
Here’s the volume hole and we are right below recent highs making it perfectly ambivalent – assuming of course we’ll close he week nearby.
Speaking of which my weekly spoos chart has us right at a NLBL – could this be any more cruel? You got to love this for pure evil intent.
Fading all the noise as usual is my SPX P&F chart. It tells us a slightly different story in that 1330 may be what everyone’s focused on right now but that SPX 1340 (ca. ES 1333.25 given fair value of -6.65.) is really where the rubber meets the road. We are already seeing a bullish price objective of 1390 and in my mind 1340 is the trigger – you want to be long once we close above that.
Let’s move on to commodities and then ole’ bucky. Please step into my newly decorated lair:
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Gold has done its part in shaking out any weak hands and is now on route to 1660 (sorry for mistyping that on the chart). If we get there I consider it to be a great point to take a quick short trade.
The P&F actually reveals an earlier trigger point at 1650, most likely leading us to the bullish price objective of 1850. Heck, that would be a nice 200 handles – better than a kick in the shin, n’est-ce-pas? I really like this potential setup – getting bullish trend confirmation at 1650 and being able to squeeze in a quick short at 1660. Assuming of course we get there – obviously the MSM will do its part to inject a ton of volatility over the weekend.
Crude – you GOT to love this setup. Seems like an established floor pattern to me and we are right at the NLBL. I do have a hard time taking it right here today but hope that we are still nearby on Monday.
The P&F seems to be largely in sync – our inflection point here is 84.5. Bear in mind that we already met our bearish price objective of 84.5 – so the odds here right now ain’t too bad. No guarantees of course but technically speaking a NLBL breach above should lead us higher.
Copper also looking very interesting as it’s at the 25-day SMA, potentially ready to spike higher here on Monday so keep an eye on it after hours.
The P&F is still a bit undeveloped, which is why I am a bit hesitant still. We also missed the bearish PO by a few ticks and I would have loved to see that fulfilled. We would need to paint 3.55 in order to flag us a low pole warning (which would be bullish of course).
Finally here’s ole’ bucky dropping below its 25-day SMA. And that may act as resistance next week, even if we jump back higher again.
Here’s the P&F, which IMNSHO is a lot more revealing as it puts as right at the brink of triggering a bearish price objective of what – 80.7? This is not going to do much good to my EUR exchange rate – darn it! Hoping for support here out of purely selfish reasons but technically a drop lower near the 80 mark is a distinct possibility once we pass 81.7.
That’s it – I think I have done enough damage this week. Enjoy your weekend!