Dollar Index Daily w/ Weekly Support

One of the things weve been consistent on in the last several weeks was the concept of buying/owning the U.S. Dollar. This market continues to look like it wants to head higher. Im not sure where the upper end of this move might lead to, therefore this is one of those trades where you stay long until your wrong. In other words, keep raising the stops and keep holding the length. Theres a decent chance were still looking at an expanding triangle from the lows; we could be just in the middle of an explosive -e- wave higher. Bulls should consider using 82.21 and 81.19 as supports, or stop areas for long positions. Any break of the blue uptrend line should certainly cause a full blow exit of any long trades.
(a)

-e(c)?

REPRINTED from 7/22/2012

-c(b)?

-a-

-d-

-b-

Andys Technical Commentary__________________________________________________________________________________________________

Dollar Index Daily w/ Weekly Support

The idea of an expanding triangle has been our model for several weeks now. We will continue to maintain this count, though confidence is waning a bit. If we were in the midst of an expanding triangle e-wave, the market should have been rocketing higher. Primary support lies at 81.19 and/or the well-defined uptrend line (blue dashed). Bulls should be exiting the DXY on violations of those levels. In the meantime hold em if you got em.
[x]?

-e(c)?

(a)

-c[y]?

(b)
[w]?

-a-

-d-

-b-

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 240 Min. with Weekly Support/Resistance

Our last message (7/1/2012) on the S&P500 suggested more choppy action higher and that it was a market that traders should just stay away from for a few weeks. It appears that a corrective move higher has completed. It looks like a seven-legged diametric has finished. If this is correct, then the S&P 500 should start collapsing. 1373 is the small 61.8% retrace of the most recent move down. Traders should consider using that as first level stop loss on shorts. Second level resistance should lie at 1,389 (78.62%). 1345/1325 look like 1st and 2nd supports for anyone who really wants to be long this market.trading below those levels would represent a full breakdown in the market.
[b]

-b-?
(g) (e) (x) (c)
1373

[a] [c] (w) [b] (a)

(f) (d) (b)

REPRINTED from 7/22/2012

[a]

[c] (y)

-a-

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 240 Min. with Weekly Support/Resistance

This has become a very confusing market pattern with all the whipsaw you would like. The shorter term posture must be on the sidelines while waiting for greater clarity. The Fibbo technicians out there get another opportunity to sell the 61.8% retrace at 1362, but it doesnt look like a good sell the second time around. This looks like a market that wants to probe higher levels. The good news for the bears is that the move up from 1266 is definitely only corrective in nature. The bad news is the Friday move went out like a boss and showed no signs of peaking. Bulls should consider 1330 as support, but again, this market is so choppy and unpredictable right now, it makes little sense to even be involved.

REPRINTED from 7/1/2012

(y)?
[c]

(w)?
[c]

[a]

[b] [a]

[b]

(x)?

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 240 Min. with Weekly Support/Resistance

This has become an extremely difficult and complex corrective pattern higher. Our initial labeling on 7/1 may turn out to be correct ,though it would be considered a triple now (abc-x-abc-x-abc). Confidence in the count is low, though. This is a market we will be staying away from in the short termuntil there is some resolution. Weekly support is well blow spot prices, at 1354 at 1329. Resistance should now come in at 1415, the previous peak in the market and an [a]=[c] target.

(z)
[c]?

[a]

(y)
[c] [a]

(w)
[c]

1354

[b] [a]

[b]

1329

(x)

[b]

(x)

Andys Technical Commentary__________________________________________________________________________________________________

Note to Readers:
Due to my time being more constrained by my business and family, these reports/updates will become more sporadic in nature. My goal will be to put out updates whenever markets become more interesting. Thanks for reading.

Best,
-AT

DISCLAIMER WARNING DISCLAIMER WARNING DISCLAIMER

Wave Symbology "I" or "A" I or A <I>or <A> -I- or -A(I) or (A) "1 or "a" 1 or a -1- or -a(1) or (a) [1] or [a] [.1] or [.a] = Grand Supercycle = Supercycle = Cycle = Primary = Intermediate = Minor = Minute = Minuette = Sub-minuette = Micro = Sub-Micro

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