S&P 500 ~ Daily

The proposed c-wave within the triangle seems to have further to run. Its possible that it has already concluded but it would mean a very short -c- within c. Unlikely. Prime targets for the -c- wave would be 1293 and 1311. 1293 would the 61.8% of a-wave and would look like a double top. 1311 would be the lower degree -a- = -c-. The implications are for a triangle with upward-sloping bias. c?
-c-

a
-y-a-

(B) z e?

-b-

-w-a-x-b-

-c-

d?

b?

(C)

REPRINTED from 1/2/2012

x

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ Daily

Last weekend, we put forward the idea that the New Year would start with a decent move higher. Mr. Market did not disappoint as the S&P 500 rallied 27 pts on the first day of the trading year. It still looks like it has further to work higher but is now entering sell territory as the c-wave seems closer to completing. Targets remain 1293 or 1311 for the c-wave.

a
1284

c?
-c-

(B) z e?

-a-

d?
-b-

-c-

b?

(C)

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 60 Min Short term Wave count

c
-c(5)

[3] (3) [1] [2] (1) (4)

-a-

[4]

(2)

-b-

Trying to peg short term wave counts can be a foolish endeavor due the intraday noise. This is my best interpretation of the count up. We should get one more move higher to start the week before trading down. It seems like a bull trap is in the offing if we break above 1293, the 10/27/11 high.

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 120 min. Weekly Support and Resistance

REPRINTED from 1/2/2012

The first of level of support from the last report (12/19/11) held and the market bounced sharply. Maybe someone should have been holding a gun to my head. Based on the shorter term wave count, this market looks headed higher to begin the new year. Traders who are long should consider 1228 as a stop for any length. Thats the 61.8% retrace of the last move up from 1201--a break of 1228 would alter the very short term bullish wave count. I would be looking to sell short this market into the 1293-1311 zone. Serious consideration should also be given to selling short on a breakdown below 1228

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 120 min. Weekly Support and Resistance

First and Second points of resistance remain unchanged from last week, but we can now raise support points for traders who are holding length. 1265 is the 23.6% retrace of the last move higher and aligns with last weeks low print. 1248 looks like classic chart support. Those levels should be considered decent points for stop loss strategies.

Andys Technical Commentary__________________________________________________________________________________________________

Gold - Weekly Continuation (Log Scale) with RSI

Everyone holding Gold as a safe haven got doused with an ice cold bucket of water. Its NOT a save haven of any kind and never has been. Save Havens dont experience these kinds of moves. Im sticking with my longer term count that there is one more corrective move higher coming (I-Wave) and that this (H)-wave will likely be a triangle. Even with the massive move lower, the market has not yet tested the lower 1577 trendline. I expect it to be a source of support one last time.
(E) 1478 (C) (F) (G)

-Y(I)

(H)

(A)

(D)

REPRINTED from 9/25/2011

Bulls should consider the 1478-1577 as an import zone of support longer term. Also, $1,528 is the 23.6% retrace of the ENTIRE 11 year advance. That level should also provide decent support on the first go.

(B)

Weekly RSI pegged out into the last high. It would be nice to get Weekly RSI divergence before calling a major top in Gold.

Andys Technical Commentary__________________________________________________________________________________________________

Gold - Weekly Continuation (Log Scale)

Its been awhile since weve last peered into the wild wild world of Gold. Our last report highlighted the idea that we would witness a triangle pattern off the highs and that 1478-1577 would be an important zone of support on the first go. We also made mention of the long, long term (G) 23.6% retracement point $1,528. Its worthwhile to note that gold bottomed at $1,524, right in the middle of our support zone and 4 bucks away from the 23.6%. b The market broke through the very clear cut trendline, but it did not collapse. Markets that tend to meander through a support line strongly suggest a triangle development. Therefore, well continue to go with 1577 that idea.
(E) a c
1478

-Y(I)

e (H)

(C)

(F)

(A)

(D)

(B)

The short term implications here are bullish, but traders must understand that Gold is approaching the end of multi-decade move, so it will be very smart to use good risk management techniques. In other words, USE STOP LOSS STRATEGIES ON LONG POSITIONS. The bounce up from $1,524 has been decent and it appears to be a medium term bottom. Traders should use the 61.8% retrace of this move as a first level of support--that level would be $1,565/oz based on Fridays close. Traders should consider trimming length below that level ($1,565) and should not be holding ANY length below $1,524.

Andys Technical Commentary__________________________________________________________________________________________________

PLEASE NOTE THAT THERE IS ADDITIONAL INTRA-WEEK AND INTRADAY DISCUSSION ON TECHNICAL ANALYSIS AND TRADING AT TRADERS-ANONYMOUS.BLOGSPOT.COM

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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