| Futures Update of the eminis, NQ, $INDU and MTH |
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| Wednesday, March 1, 2006 |
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Pre- Market Update - ES,NQ, INDU, XAU, MTH
The S&P 500 Large Cap Index (ES) - Daily Chart
The S&P 500 Futures ES daily chart looks bullish. As you can see ES has broken out of the reverse symmetrical triangle. It has completed it's wave 3 to 4 pullback and is now on its way up to wave 5. The 5th wave target is 1304 to 1334, but techincally it could go as high as 1400.
NASDAQ 100 Futures update (NQ) - Daily Chart
On the daily chart you can see that the NQ is putting in a wave 3 of 4 pullback within it's rising wedge pattern. However, my long term target is 1850
Dow Jones Industrial Average (INDU) -
The daily chart of the INDU illustrates that it has broken out of the continuation diamond pattern and is now in the process of forming a bull flag as it pulls back of it highs placed at 11159.20 earlier this year. I do not believe the INDU will break out until it breaks above the 11050.00 level. Target reamins 1350 and perhaps higher.
The Gold and Silver Index- Philadelphia (XAU)
On the daily chart, you can see that the XAU is in an ABC correction and on its way to the primary uptrend line around 127.00 or so. As far as the XAU goes I am not feeling it right now. I don't like being long precious metal stocks because they are so emotional and they go down so fast becasue goldbugs tend to panic. I feel that the XAU has to go to the lower trend line before I see set ups. Emotional money you are on your own, if you are trading the XAU right now. Let us wait and see what happens. Sit on hands and do nothing.
Meritage Homes Corp. (MTH) - Weekly Chart
The weekly chart of MTH shows that it is in a bullish falling wedge reversal. As you can see, MTH is in a wave (3) to (4) pullback. However it is starting to break out of the wedge. The pattern scan is starting to pick up signs of set ups from the home builder sector. As you can see there is bullish divergence in the MACD. I am watching this and waiting for MTH to trigger and when it does, I will alert you all.
EXPANDING TRIANGLE ALREADY BROKE OUT SP500 FUTURES
NASDAQ 100 FUTURES DAILY
SP500 FUTURES DAILY
$INDU
$XAU
MTH WEEKLY (HOV REPORTS TODAY)
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