chartramblings: November 2010

Tuesday, 30 November 2010

Slap on the makeup !

good end of month video from Tim Knight

http://slopeofhope.com/2010/11/novembers-end-video.html

Deadly candle

Most indices posted bad (bearish) candles on the monthly (November) charts...here is Ftse100

I posted a bearish 4 hr pitchfork chart last week.(Nov 24) We now have a bearish 3rd lower high setup.We could bounce and test the neckline but could just as easily accelerate down through the channel line

Dow Jones

The kagi chart has turned red (in AH trading) confirming a possible false break/double top scenario.The bull view is that we are in a wave 4 before new highs in Q1 and this is possible,but this setup is valid with a relatively close stop-loss

Triple Top Setups

Wolseley is a UK building service supplier

IHG

This is a UK listed hotel stock.I know little about it other than it has an interesting chart with good bear potential.Triple top on the weeklly kagi could produce a fast decline.Trended well in the last bear phase in 2008

Cable - honeymoon over ?

EMA's are crossing and we have followthrough to last week's bearish candle and rising wedge breakdown,downtrend looks like it is accelerating

Monday, 29 November 2010

Ftse big engulfing candle day

Sunday, 28 November 2010

Tesco

Generally a bullish looking chart although may pullback to lower trendline,offering a good buying oppurtunity.I would guess this breaks out of the triangle some time over the next 12 months

Euro

Oversold at Gann line support so could bounce from here

LLoyds Bank

The Lloyds bank chart posted on Sep 10 has really worked out well...lets see if the lower trendline can hold.The rsi divergence suggests a test of 52p

Another monthly topping candle !

Saturday, 27 November 2010

S&P

Dow Jones 3 x bear etf

We appear to have travelled 64 points (with a bit of overthrow) in 64 days ,which is the square of 8.I know Murrey math uses 64 trading day cycles a lot so it may be worth monitoring the square

S&P 3X bear ETF

This is just a Gann square of the last major range,extended forward .

Spain

Spain posted an ugly black candle this week.I noticed we had a 44 point range down,then a 22 point range (half 44) and also that the recent high was 44 ...Gann said pay attention to numbers ! I am not saying the market will decline to 22,but it is definitely on the radar screen !

Italy

I posted this chart a week ago and we have seen a bearish monthly engulfing reversal at Gann 50% down from the high,with natural Gann levels (36 and 18) operative

Ndx

If this is an ovethrow of the 2 lines then a reversal is needed swiftly,below the circled congestion area and would be a strong sell signal with stop above the high

Monthly candles

There is not much time left for markets to turn round the dangerous looking topping candles on various charts (eg look at BKX,XLF)...here is the NYSE

Aussie dollar

This is an important currency as when it rises it tends to indicate risk appetite is growing.

European contagion?

Not a pretty week in Europe,while in the US bond yields are rising and the dollar rallying...not what Ben intended! The Vix had a good move today but I find it amazing how complacent the markets have been (signalled by the low levels the Vix has been trading at)

Cable

FTSE

Thursday, 25 November 2010

Cocoa

multiple backtests of descending triangle

Tullow Oil

Kagi chart showing lower highs

Banks - watch out !

A lot of agonising going on about whether we in a wave 4 or a wave B etc...I think that is missing the point and that bears are so traumatised by Fed manipulation some are even turning bullish.The key,I think is to watch Europe,China,mining stocks and....banks..........all of which are flashing warning signals that we may be approaching a big turning point