The S&P 500 Futures (ES) )- 60 min chart
The 60 minute 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 showing bullish divergence. 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. In order to negate the drop from the 52 week highs at 1323, ES would have to rally all the way back to 1313 which is the 72% Fibonacci retracement level. When it rallies above there, we will know that this drop is just a correction and not a reversal.
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.
Dow Jones Industrial Average Futures (YM) - 60 min chart
The 60 minute YM chart illustrates that it is in a counter trend pullback. YM is forming a bull flag. YM has pulled back 250 points on bullish divergence in the MACD. This week will set the stage for a major move and extreme volatility.
NASDAQ 100 Futures (NQ)- 60 min chart
On the 60 minute chart, you can see that the NQ is putting in a wave 3 of 4 pullback. It is in an ascending triangle pattern. The NQ looks exactly like the OIH and the XAU.
Oil Services Holders ETF (OIH)- Daily Chart
The daily chart of the OIH illustrates that is in an ascending triangle pattern. However, the OIH hit resistance at the 52 week high / previous high at $156.00. The OIH is now lower than it was in January, while the price of OIL is higher. The OIH is underperforming the commodity. Opening new positions in this price zone is treacherous. Support comes in at the uptrend line at $140.00. Avoid this sector for now.
The Gold and Silver Index - Philadelphia (XAU) - Daily
Like the OIH, the XAU is also in an ascending triangle pattern. However, the XAU is very close to resistance at the 52 week high / previous high at $156.00. The precious metal stocks are underperforming the metal. The best move in the XAU occurred from November 2005 to January 2006 when Gold & Silver were weaker. When the metals become weaker, the XAU and precious metal stocks should start performing better. Avoid this sector for now.
Semiconductor Holders ETF (SMH) - Daily chart 4/11/06
The SMH daily chart illustrates that it is in a a large megaphone topping pattern/RST. In any case, as per the chart update on 4/5/06, the SMH did what it was supposed to do. The SMH ran up to resistance at $37.94, and then dropped to support is at $36.20 to from the right shoulder. The short term pattern is an inverted head and shoulders bottom pattern. The Aroon just had a bullish cross, and the indicators and oscillators are turning bullish. The SMH is looking better now.
SP500 FUTURES
DOW FUTURES
NASDAQ 100 FUTURES
OIH
$XAU
SMH
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