The Wall Street Examiner » Resistance

Not As Bad As It Looked, But Don’t Worry, It Could Get Worse

Lee Adler — Wed, 23 May 2012 04:14:35 +0000

On Monday, support held and projections were pulled up to levels that were reached, all of which suggested that an intermediate low had been reached. Tuesday’s late fade raises questions, which this report attempts to answer.

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Market Rebounds At Major Inflection Point But Is Not Out of Woods

Lee Adler — Tue, 22 May 2012 13:04:17 +0000

The market reached major support on Friday and rebounded strongly yesterday to form what could be an intermediate bottom. Cycle projections rose to levels already reached and the market had entered a bottoming window in terms of time. Some indicators have flashed buy signals. But is that enough to call a bottom?

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SPX, NASCRACK, RUT, and USD Updates: This Rally Was No Surprise…

Pretzel Logic — Tue, 22 May 2012 12:20:00 +0000

A quick reminder: if you haven’t met the requirements for registration at the new forum, your account will, unfortunately (or maybe fortunately, lol) not be approved. Please read this thread carefully when registering. Thanks!

Alright, sleep is becoming a thing of the past for me, and exhaustion a thing of the present. So this update I’m actually going to keep short, unlike yesterday’s failed attempt at brevity. I spent a fair amount of time on the charts, so hopefully they’re self-explanatory.

It appears that the preferred count of Friday and Monday was a dead-on hit, and that we’re now most likely in blue wave (4). There are more bullish potentials – so as always, I would caution against any temptation toward complacency.

This rally wave currently has an a-b-c appearance, and could be nearly complete. However, fourth waves are known to frequently string together several fractals, so another up/down sequence wouldn’t be out of the question.

Most notable levels are discussed on the chart, and bears should definitely be cautious in event of any breakouts above the red trendline.

The Nasdaq appears to have further to fall.

The next chart simply examines the trendchannels on RUT.

The last chart I want to call attention to is the US Dollar. If you went long the dollar near the red trendline, as I strongly hinted was a solid play (on several occasions), then you are now in profit of $2200-2400 per DX contract. Dollar has currently run into some expected resistance at the a-wave high. A further correction here would not be out of the quesion, but once it breaks out above the a-wave high, it should be relatively smooth sailing to the targets.

In conclusion, it doesn’t yet appear that the final lows for this wave are in place, and a trip into the mid-1200′s still appears likely before it’s completed. Trade safe.

Gold In Short Term Rally Phase Toward Resistance

Newswires — Fri, 18 May 2012 13:18:33 +0000

Here are today’s gold stock screens and data, along with cycle conditions and projections for gold and HUI index, and Chart of the Day picks for swing trades. Indispensable daily information for gold and precious metals stocks traders.Click here to download complete report in pdf format (Professional Edition Subscribers).

See the current full sized chart with a complete explanation and analysis and get daily updates on the 4 week, 6-7 week, 13 week, 6 month, 9-12 month and long term cycle projections in the Wall Street Examiner Professional Edition Daily Market Update.Try the Professional Edition, including this Precious Metals update risk free for thirty days. If, within that time you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information or join now!

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Market Oversold, But Breaking Down From Major Top Means More To Come

Lee Adler — Thu, 17 May 2012 12:40:13 +0000

Several technical indicators have reached levels consistent with intermediate lows, but key support levels have been broken, and despite some signs of being oversold, the market remains vulnerable to further declines, both over the short run and the longer term as well. The market averages have broken down from an important top, and some long term indicators are on the verge of confirming a major downturn. This report reviews the charts and data as well as new downside projections.

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Carve this market in butter

Lee Adler — Wed, 16 May 2012 03:11:13 +0000

Drip, drip, drip goes the market. This can go on for a while, as few indicators have reached any kind of extreme. Cycle projections have been hit on the 13 week and 6 month cycles, but short term projections still point a little lower. This report presents the targets, carved in butter.

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Market Peeks Over The Cliff’s Edge

Lee Adler — Tue, 15 May 2012 12:42:12 +0000

The market broke key support yesterday, but not by much. This morning it is attempting to regain that level. If successful, a 4 week cycle upturn could be under way, but the market would need to clear the 1355 area to have any room to run on the upside. If the market fails to recover today, most projections are in the 1335-40 area, but a new 4 week cycle projection points to 1295.

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Black and Blue Swan Could Spook Traders in Most Vulnerable Period

Lee Adler — Fri, 11 May 2012 02:50:35 +0000

By the time the market closed on Thursday, even before Jamie The Demon got on the phone, the charts were sending little signals that things were about to get worse. Cycle alignments had said that the period of greatest vulnerability would last through next Monday. Now, suddenly we have a black and blue swan to spook traders. Here’s what the charts were pointing to even before that fateful conference call.

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Testing Major Support, What To Expect Next

Lee Adler — Thu, 10 May 2012 03:50:35 +0000

The market continues to test support. A close below 1345 would break several major support levels and trend channels. Some traders may be benchmarking the March low of 1340. If this test holds, the trading range would remain intact. This suggests what is likely to happen next if it does hold, and if it doesn’t.

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Breakdown Today Would Put Bears In Control Copy

Lee Adler — Wed, 09 May 2012 12:28:35 +0000

The market is testing major support again this morning. A close below 1345 would break several major support levels and trend channels. This report examines the triggers and potential outcomes.

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