| Technical Analysis $SPX HGX $SOX MCHX INTC $USD AAPL |
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| Thursday, April 20, 2006 |
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Morning Update - ES, HGX, SOX, MCHX, USD, & AAPL
The S&P 500 Futures (ES)
The chart of ES illustrates that it is in a Reverse Symmetrical Triangle pattern. This is the fractal of the larger pattern in multiple time frames. One thing that I would like to point out is that the MACD is getting stronger with price, it is higher now than it has ever been. ES is very close to new 52 week highs. This pattern is on the verge of gaining speed, and moving into a fast market. At the beginning of the week, ES was at 1280, it has rallied up 40 points which is parabolic. I just want to point out that ES will get a retracement/consolidation this morning then start moving back up.
Try and not to trade your self in and out of this market and compound your losses. Ride the bull and try not to get kicked off. Manage your positions which is easier than over trading. I am still reiterating that the ES price target is 1334. Remember, bulls live above 1246.
The Housing Index - Philadelphia (HGX)
The chart of the HGX illustrates that it is in a neutral symmetrical triangle pattern. It is most likely that the HGX will pull back to the uptrend line to put in wave E. Highs in price are occurring along with the highs in the MACD. That is bullish.
The Semiconductor Index (SOX)
The chart of the SOX shows that it is currently in a wave 3 to 4 pull back. It is also forming an ascending triangle pattern. I believe the SOX is headed higher to wave 5 around 600- 650. Stochastics are turning up.
Marchex Inc. (MCHX)
I added MCHX to the portfolio today. Entry was triggered prior to the breakout at $20.84. The price target is $32.00. I believe a short squeeze is in the works. MCHX is in a continuation wedge pattern. Stochastics are showing bullish divergence.
Intel Corp. (INTC)
The chart of INTC illustrates that it is in a falling wedge reversal pattern. I believe that a catalyst will come out and cause INTC to rally at some point. I This is due to the bullish divergence that is appearing in the indicators and oscillators. Today INTC came out with awful earnings, and INTC rallied and broke out of the wedge.
The US Dollar (USD) Weekly Chart
The weekly chart of the USD illustrates that it is in the process of forming an inverted head and shoulders pattern. The right shoulder has not been put in yet. The dollar has broken the up trend line bellow $89.00, and is in the process of putting in wave C to the downside. Wave C will probably be around $83.00 and it will form the rightshoulder. Indicators and oscillators are bearish. The dollar looks ugly. The lower the USD goes the higher the market goes.
Apple Computer, Inc. (AAPL) - Daily Chart
The daily chart of AAPL shows that it has completed a wave (3) to (4) pull back. AAPL is in an ascending triangle pattern. It never overlapped wave 1 to 2, and that is bullish. Furthermore, AAPL put in it's lows at $57.67. AAPL is now bull flagging, and headed towards resistance at $72.00. The MACD is bullish.
SP500 FUTURES
HOUSING SECTOR
$SOX
MCHX--ADD TO THE PORTFOLIO TODAY
INTC
$USD
AAPL
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