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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.


* If the dots don't connect, gather more dots until they do...or, just follow the $$$...





* Wed. June 12 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
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Sunday, August 16, 2020

From This Week's "Smile File"...Words Matter

Can you read this?...

If you cna raed tihs, you hvae a sgtrane mnid too. I cdnuol't blveiee taht I cluod aulactly uesdnatnrd waht I was rdanieg. The phaonmneal pweor of the hmuan mnid, aoccdrnig to a rseheearcr at Cmabrigde Uinervtisy, it dseno't mtaetr in waht oerdr the ltteres in a wrod are. The olny iproamtnt tihng is taht the frsit and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it whotuit a pboerlm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe. Azanmig huh? Yaeh and I awlyas tghuhot slpeling was ipmorantt! If you can raed tihs, SHARE IT!

Wednesday, August 12, 2020

SPX Pivot Point Values for August 2020

The pivot point support/resistant values/targets for the S&P 500 Index (SPX) for the entire month of August are based on the high/low/close of the July monthly candle, as shown on the following pivot point calculator.

The PP of each monthly candle is depicted as a blue cross on the chart of the SPX below.

You can see, at a glance, where the current price is relative to those...giving an indication as to its relative strength/weakness as the price moves above/below each one in the coming days/weeks/months.

The July candle closed on Friday, July 31. At that time, there was only one more PP to overcome...that of the January candle at 3259.31. As of Tuesday's close of the new August candle, it's well above all previous monthly PPs.

R1 sits at 3333.79...Tuesday closed just below at 3333.69...after hitting a high of 3381.70 (just under R2 at 3396.46).

The Balance of Power has been declining since May. It was hovering just above the zero level at the close of the July candle...signalling a potential weakness or lack of conviction in the buying in the ensuing months.

Near-term support sits, firstly, at January's PP at 3259.31, then July's PP at 3217.12. A drop and hold below that level may see price reach S1 at 3154.45, or lower. 

A 10% correction from the recent high would see the SPX reach somewhere around 3,043.53...S2 sits at 3037.78, so that's possible.

The SPX:VIX ratio dropped back below 150, after briefly breaking above and retesting the 200 MA, as shown on the following daily ratio chart.

The RSI is threatening to break its recent uptrend, but is still above 50. Both the MACD and PMO indicators are about to form bearish crossovers.

If the RSI breaks and holds below 50, and if the MACD and PMO form bearish crossovers, we may see price retest the 50 MA around 115, or lower to the next major support at 100...all as confirmation that the SPX may drop to its July PP, S1, or even correct by 10% down to S2.

However, if the SPX breaks back and holds above R1 (3333.79), it may retest or overshoot its all-time high of 3393.52. R2 sits at 3396.46

Then, the next major resistance level (R3) is much higher (with only air in between) at 3513.13...so we'd be in for one heck of a bear surprise if that were reached!

I'd venture a guess that things are going to get "interesting" (volatile) this week...one way or the other!

From This Week's "Smile File"...An Economist Is...

An economist is an expert who will know tomorrow why the things he/she predicted yesterday did not happen today.