Glewis54

Glewis54

Looks like stiff resistance with an apparent high mark just below 412. All the news and views are bearish. I'm not so sure.

Glewis54

The price of gold in terms of the Mexican Peso is pretty low. For those holding Mexican Pesos, now would be a good time to consider acquiring gold bullion.

Glewis54

Next target for me is 285. Expect possible move to above $300

Glewis54

TLT made a big head and shoulders top. Based on this formation, one could expect TLT to bottom at 97

Glewis54 Updated 

Still considering that this leg down is merely Wave 2. Channel and Fib work shows that we might drop down as low as 3,400 but the wave count conviction remains. My key motivator for this count is the long term action of price against the 40 month moving average. I have long believed that a major washout in the markets would occur. Way too much debt and the...

Glewis54

Could be strong support here with a bounce coming to test the death cross at 20.57

Glewis54

KO has performed well even as much of the market tumbles. One topping pattern I watch is the three period test of a closing high or low. KO is showing such a possible set up. Even as we are early in to the month, it's a possible indicator as to the health of the overall market. If we have another big, lengthly move down, today's high fliers will likely also be...

Glewis54

Had hoped for a bit more strength when it was close to the 40 day moving average. Missed my short entry point. Had been expecting another shot up but it doesn't appear to be playing out in this manner. I see excessive fear across the board. The pattern however is playing out with a probable wave down. This would complete a wave 5 and in my book, would mark...

Glewis54

I am anticipating a test of the low next week at 365.86. Should it break through, SPY has shown significant support over time at the 40 month moving average, Comes in around 360. That being said, I'm looking for 397 on this move higher and will enter put positions here. Potential for 40 point move in a week or two.

Glewis54

If you look for such things, adding a put position for the day might be appropriate should SPY try to test the closing low of three days ago.

Glewis54

I've long been a fan of buying when a stock is at or below a 40 month moving average with a rising trend line. As SPY hits this level at 360. It is very compelling for me to be positioning to the long side here for a significant upward move. A nearby Fib retracement points to 345. Should we maintain these levels, The market will continue rising with SPY moving...

Glewis54

I've been noticing how the Correction waves seem to rest on the 40 month moving average while the impulse waves are topping out at the top of a channel. Momentun and sentiment remain extremely negative however going through the historical data, the 40 month moving average has consistently been shown to be a good point to go long.

Glewis54

Had to step up at the end and buy some based solely on it's hit on the 50% fib correction. David Halsey wrote a book called Trading the Measured Move. Generally directed for short term traders with short term moves, I'm still applying the concept that stocks will retrace 50% of the move and then rally to the .236 fib. Worth a shot with blood in the street...

Glewis54

The sharp move down on Friday was not so surprising. The weekly chart pattern showed a three week test of the low set up and SPY dropped down to test this weekly closing low price. The news was not surprising and the market's sharp reaction seemed to be exagerated, but the three week test of the low came off as expected. It held and one can assume that the...

Glewis54

One trading method looks for reactions to a move rising to the 50% retracement level. a fail there brings price target to -0.236 Fib level, or 361.

Glewis54

Appears that we will shoot for the 420 level and then a drop down to the Fib level at 360. Good trade ranges.

Glewis54 Updated 

Silver has been relatively tracking the S&P however there is a strong divergence now as money pours to stocks and silver is weak. On the closing basis, SLV failed a three day test of the low and is now destined for a retracement down to test the 3 week test of the low in a week or two. It's good to have some puts in the bank as this could get really ugly. ...

Glewis54

Looks like a perfect correction on a weekly basis.