Discretionary Trading
Now Reading
Weekend Becomes Eclectic
21

Weekend Becomes Eclectic

Weekend Becomes Eclectic

by The MoleApril 28, 2013

We have a nice mix of material to work through this weekend so let’s get to it. About two weeks ago, as the SXP was pushing toward 1600, I suggested that we may see a short term shake out and that’s we got. Of course buyers followed up just a few days later and that now leaves us with an interesting configuration on the weekly panel:

I’m currently seeing the possibility of a Retest Variation Sell setup – it’s not complete yet and would require a drop below last week’s low to trigger. Very interestingly there’s also a weekly NLSL sitting nearby at 1539 offering additional support. Personally I think the odds of this setup failing are probably better than 60% and if we drop lower again this week I would be actively looking for long exposure near that weekly NLSL. A breach of course would lead us lower but at this point that’s pure Asimov.

The SPX P&F is bullish as heck and is now pointing at 1695 as its next price objective. Again, that’s a long term target, always keep that in mind.

But it may be the daily panel that may give us early clues as to where we’re heading next. Last Friday the spoos painted an inside period and the range is rather small which makes for a juicy setup this Monday.

Before we get to my laundry list of long term charts I wanted to offer some perspectives on the USD/JPY, which I think just made its first step toward a long journey to the upside. That breach of the 100-month SMA is significant and although we can’t rule out the possibility of a retest that SMA will now most likely become the basis of a climb much higher. The weekly panel already successfully re-tested a NLBL and as long as it holds we’re off to the races.

Well, I warned you this would be an eclectic mix of charts. AAPL showing first signs of hope as the bears were just put on notice via a low pole reversal warning. The bearish PO remains in place but a push above 430 would change that and possibly put us back into some longs. Well, it’s been a great ride down – let’s see what happens here in the coming week. If you’re still short AAPL then a push above 430 should be your signal to pull the cord.

But we’re just getting warmed up – a lot more waiting below. Please step into my lair:

evil_separator

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

Cheers,

Sign up here to receive my FREE early morning briefing:

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator