I believe November will be a pivotal moment for the markets. While the S&P 500 is still trading above the previous 1019.95 swing low, many markets have already put in either a lower low or have an unresolved double bottom. In addition, many markets have already broken through their March low long-term trendline and the short-term trends as well.
News I'll be watching this week.
<table width="100%" border="0" cellpadding="4" cellspacing="0"><tbody><tr><td align="center">Nov 2</td><td align="right">10:00 AM</td><td>Pending Home Sales</td></tr></tbody></table>
<table width="100%" border="0" cellpadding="4" cellspacing="0"><tbody><tr><td align="center">Nov 6</td><td align="right">8:30 AM</td><td>Unemployment Rate</td></tr></tbody></table>
Below is the Dow Jones World Stock Index. "Dow Jones World Stock Index: An index that measures the performance of more than 2,000 companies world-wide that represent more than 80% of the equity capital on 25 stock markets."
Daily Chart: From the March lows it has broken through the long-term trendline. It has also broken through and failed to break above the medium-term trendline going back to August.
Monthly Chart: On the Daily chart (located in the red square) are the last two monthly candlesticks. October put in a Doji Inverted Cross. When a pattern like this is seen at the top of an uptrend, it can be seen as a sign of a Bearish reversal.
Monthly Chart: The S&P 500 failed to close above key overhead resistance from Oct 07's peak trendline. While prices did attempt to push higher, they weren't able to penetrate a 50% retracement like $EMW did and in the end the Bears controlled prices.
Monthly Chart: It's hard to see because it isn't obvious, so I thought I'd point out the S-Fund put in a Bearish Engulfing Candlestick indicating it may be ready for a reversal.
This is a good read and well worth 5 minutes of your time. It is Japan we should be worrying about, not America
Note: For the I-fund, Japan is the #1 weighted Market.
Monthly Chart: My long-term system put this market on a Sell 28 Sept 09. Also, unlike many other markets, this one has put in its 2nd red candlestick.
Monthly Chart: I left the F-Fund for the S-Fund in October and it turned out to be the biggest mistake I've made since January. Going back 8 months AGG has put in a higher open and higher close. Last Friday from the 104.03 low it has closed above a short-term 61.8% Fibonacci level. Using Andrew's Pitchfork we can see it is trading in the upper half of the channel. It is also trading in the upper half of the Bollinger Bands and still has room to go higher.
Stay cautious... JTH
News I'll be watching this week.
<table width="100%" border="0" cellpadding="4" cellspacing="0"><tbody><tr><td align="center">Nov 2</td><td align="right">10:00 AM</td><td>Pending Home Sales</td></tr></tbody></table>
<table width="100%" border="0" cellpadding="4" cellspacing="0"><tbody><tr><td align="center">Nov 6</td><td align="right">8:30 AM</td><td>Unemployment Rate</td></tr></tbody></table>
Below is the Dow Jones World Stock Index. "Dow Jones World Stock Index: An index that measures the performance of more than 2,000 companies world-wide that represent more than 80% of the equity capital on 25 stock markets."
Daily Chart: From the March lows it has broken through the long-term trendline. It has also broken through and failed to break above the medium-term trendline going back to August.
Monthly Chart: On the Daily chart (located in the red square) are the last two monthly candlesticks. October put in a Doji Inverted Cross. When a pattern like this is seen at the top of an uptrend, it can be seen as a sign of a Bearish reversal.
Monthly Chart: The S&P 500 failed to close above key overhead resistance from Oct 07's peak trendline. While prices did attempt to push higher, they weren't able to penetrate a 50% retracement like $EMW did and in the end the Bears controlled prices.
Monthly Chart: It's hard to see because it isn't obvious, so I thought I'd point out the S-Fund put in a Bearish Engulfing Candlestick indicating it may be ready for a reversal.
This is a good read and well worth 5 minutes of your time. It is Japan we should be worrying about, not America
Note: For the I-fund, Japan is the #1 weighted Market.
Monthly Chart: My long-term system put this market on a Sell 28 Sept 09. Also, unlike many other markets, this one has put in its 2nd red candlestick.
Monthly Chart: I left the F-Fund for the S-Fund in October and it turned out to be the biggest mistake I've made since January. Going back 8 months AGG has put in a higher open and higher close. Last Friday from the 104.03 low it has closed above a short-term 61.8% Fibonacci level. Using Andrew's Pitchfork we can see it is trading in the upper half of the channel. It is also trading in the upper half of the Bollinger Bands and still has room to go higher.
Stay cautious... JTH
