The USDJPY breaks out as stocks to trim Zone control

"The market (S)" aka "RISK" instant - closes 60 minutes

Prepared by Jamie Saettele, CMT
SPX 500 - bars of every day

Prepared by Jamie Saettele, CMT
We are just 1 day away in our proposed trim window. "The decline of the high April consumed in 43 days... corrective rallies tend to consume 1/3 - 1 / 2 of the time which made the decline." In other words, one would expect the rally of bass to take 14 to 21 days. Projected from the bass 6/4, we get a possible trim dates 6/22-7/3. »
Spy ETF - daily candles

Prepared by Jamie Saettele, CMT
The rally of the bass in SPY traced about 61.8% of the decline from April high. At this time, keep an eye on the string that defines the advance of the 6/4 bottom of support and resistance. A fall below Monday to 133.28 low suggests that the top is in place. Until then, the respect for the potential to the void left open in early May to 138.99 (crosses the resistance of the channel tomorrow). It is noted that the RSI is pressing against 60, which is often a resistance in a bear trend. The DJIA and S & P 500 Index have already reached their setbacks to 61.8%. A look at the intraday patterns suggests that dip of yesterday may have composed wave 4 C (or part of the wave of C). 4 waves are often difficult (complex) they occur before the final assault that results in a reversal of the situation. Decreased by about 100 points yesterday closing Dow would result in a test of the 38.2% of the 3rd wave and Intraday rally tracing 6/18 low pivot little less 12730 (see following table).
DJIA - 30 minute bars

Prepared by Jamie Saettele, CMT
Australian Dollar futures - Minute 240 Bars

Prepared by Jamie Saettele, CMT
As I mentioned last night on Twitter (@ JamieSaettele), volume on futures of Australian Dollar (CME) in the upper part was the highest since the bottom price on 6 and 1. Go back more than once that volume it was high for an hour 4 period was high and low on 04/10/11 (which resulted a high short term that has taken the time to develop) on 11/30. Volume of this magnitude is indicative of a "washing".
USDJPY - Minute 240 BarsPrepared by Jamie Saettele, CMT
Seq. bull USDJPY appears to be underway. Risk on long may be moved to 7860 (from 7765) and 7980 is now. We are in what may be the interim resistance but the first real test will come near 8075.

Dollar Breaks Support as S&P 500 Builds on Bullish Reversal Setup

THE TAKEAWAY: The US Dollar broke below a significant support level, opening the door for further weakness, as the S&P 500 built upon a bullish reversal chart formation. S&P 500 – Prices are testing initial resistance at 1357.40 after completing a bullish inverse Head and Shoulders (H&S) pattern with a break above neckline resistance in the 1334.40-41.90 area. A break above this level exposes 1392.10. Broadly speaking, the H&S setup implies a measured objective at 1419.90, conveniently at the year-to-date closing high. The 1334.40-41.90 region has been recast as support.

 Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL – Prices continue to tread water between the 23.6% Fibonacci expansionat 81.07 and the June 7 high at the 87.00 figure. A break higher initially exposes 90.14. Alternatively, a push through support targets the 38.2% expansion at 77.34.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD – Prices pulled back to retest the 61.8%Fibonacci retracementat 1616.23, a barrier reinforced by former resistance at a falling trend line set from early March. A break below here exposes the 1600/oz figure. Near-term resistance remains at 1637.35, the 76.4%Fibonacci retracement, with a break above that exposing the May 1 high at 1671.49.
Daily Chart - Created Using FXCM Marketscope 2.0
US DOLLAR – Prices broke support in the 10066-70 area marked by a confluence of the 50% Fibonacci retracement and the 38.2% expansion to expose the 61.8% level at 10010. A push through this level targets the 76.4% retracement at 9936. The 10066-70 region has been recast as near-term resistance.
 
Daily Chart - Created Using FXCM Marketscope 2.0

"" S & P 500 Builds Downward Momentum as US Dollar Breaks Out Higher ""

10 May 2012 01: 11 GMT THE TAKEAWAY: The US Dollar has cleared key resistance defining the down trend since mid-March while the S & P 500 is starting to build to catch up to the downside.

S & P 500 - Prices Fraktur a pair of Hammer candlesticks identified yesterday with a break through support at 1363.50, the 76.4% Fibonacci expansion. The bears now set their sights on the 40 1339-1347 40 area, marked by the 100% Fib expansion as well as the 38.2% tracing of the rally from the December 19 2011 swing low. A push below here exposes the 50% tracking at 1313.00. The 1363.50 level has been recast as near-term resitance.

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL - Prices continue to grind through support in the 95 78-96 56 area marked by a horizontal barrier in play since early November 2011 as well as the 100% Fibonacci expansion. A break below this exposes 92.51. Near-term resistance lines up at 98.89, the 76.4% expansion.

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD - Selling ongoing after completion of a Triangle chart formation carved out since late March - a setup indicative of bearish continuation - with prices narrowly taking out support at 1591.00 marked by the 50% Fibonacci expansion. The bears now aim to challenge the 61.8 percent level at 1569.73. The 50% Fib has been recast as near-term resistance, with a push above that targeting the 38.2% level at 1661.75. Longer term, the Triangle pattern implies a measured downside objective at 1548.21.

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR - The move higher marked by the formation of a Morning Star candlestick pattern identified last week continuous. Prices broke above resistance at a falling trend line established from mid-March. The bulls see the next layer of resistance at 10047, the April 5 high. The trend line - now at 9963 - has been recast as near-term support.

Daily Chart - Created Using FXCM Marketscope 2.0

:::: S & P 500 Breaks Range Top, US Dollar Losses Grip it Support

27 April 2012 05: 00 GMT THE TAKEAWAY: The S & P 500 took out the top of the range that contained prices for the past two weeks while the US Dollar slipped below support in place from late March.S & P 500 - Prices took out resistance at 1391 10-20 marked by the recent range top and the 50% Fibonacci level tracing. Bulls are now testing the 61.8 percent level at 1399.10, with a break above exposing the April 2 closing high at 1416.10. The 1391 10-20 area has been recast as near-term support.

CRUDE OIL - Prices are showing a Shooting Star candlestick below resistance at 104.90, a former level support reinforced by the top of a falling channel set from early March. The setup warns of bullish exhaustion and hints a turn lower maybe ahead. Initial rising trend line support is now at 101.98.

GOLD - Prices the top of a falling channel set from early March now at 1660.60, with a break higher exposing 1680.35. Support lines up at 1638.02, the 23.6% Fibonacci expansion. Absent a daily close above the channel top, the overall trend remains bearish.

US DOLLAR - Prices took out support at 9906 to test the next downside barrier at 9879. Continued selling through this barrier exposes 9832. The 9906 level has been recast as near-term resistance, with a push back above seeing trend line resistance now at 9926.