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. I am still reiterating 1334 as the final price objective for ES. Remember, bulls live above 1246. However, ES has been trading in a sideways move which is unusual at this part of the turn. Usually the pattern moves faster at this part of the turn. Anytime, there is a correction between waves they always seem to last longer. Corrections are not easy to be in because someone has to be wrong or on the other side of the trade. Otherwise we would just have crashes.
Dow Jones Industrial Average Futures (YM) - Daily Chart
The 60 minute YM chart illustrates that it has gone parabolic up since it crossed 11350 cash. You can see these shooting up uptrends, and then YM pulls back to form bull flags. One thing that holds true regardless of pattern, is this; markets always move the fastest when markets are they overbought. Furthermore, once a market or equity is overbought the momentum perpetuates the greatest gains. When a market or equity is oversold, you can pin point that a reversal is occurring when the indicators and oscillators begin to form v shaped reversals. You can see this on the chart if you look at the reversals in the INDU that occurred in December and March.
Dow Jones Transportation Average ($TRAN) - Daily Chart
The TRAN is currently trading in a parabolic uptrend channel since November of last year. It is at all time highs, it is at 4908.24. The larger pattern is currently in a broadening triangle pattern. This time, the TRAN chart pattern has broken out of the RST to the upside. The TRAN chart may look toppy, however it keeps going higher, because there is no resistance above. (Remember the DAX looked just the TRAN does now this last year and it has rallied 100 points) Indicators and oscillators have been in a full blown bullish trend reversal since the lows in October 2005.
The US Dollar ($USD) - Daily 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.(not shown here) On the daily chart shown here, the right shoulder is in the process of being put in. The dollar has broken the up trend line bellow $89.00. The $USD will probably be headed to around $83.80. If the $USD breaks $83.80 then it would get ugly. However, I believe the $USD is very close to it's reaction lows. The risk reward to short the $USD here, would be unfavorable. Please refer back to previous updates for the big picture update on the dollar.
Russell 2000 small cap index ($RUT) - 60 Min Chart
I just want to point out, yet again, that small and mid caps are still out performing the market. The MACD is bullish.
NYSE Composite Index ($NYA)- 60 Min Chart
The $NYA is currently trading in a parabolic uptrend channel since November of last year. It is now trading at the upper end of the channel.
Berry Petroleum Co. (BRY) - Daily Chart
BRY is one of the energy front runner stocks. We had it the portfolio from December to the end of January. If oil continues to pull back, but BRY begins to advance, this is evidence that the energy stocks should start to out perform the commodity itself. When this occurs, the energy stocks will perform well. I am keeping an eye on it. No buy alert at this time.
SP500 FUTURES
DOW FUTURES
$TRAN INDEX
$USD
$RUT
$NYA
BRY
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