Chicagostock Trading

Chicagostock Trading

US Dollar PPT

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6933 Hits

Japanese Yen Back to its Neckline

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1217 Hits

Buy Silver

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Since silver's new low by a tick last year at 26145 in December, we saw the market squeeze into highs of 37580, retesting resistance from where the market broke down from in August.  This failed to hold and we have seen the market slowly drift back lower where it is now retesting where it broke out from in December being the 29000-26145 range.  This retracement offers bulls a level to defend within 29000 to the 26145 lows, using a break below 26000 as the exit.  The target for the move is 32, 35, 38. Failure to hold the 26000 and the market can see further downside room to 20 which would be testing the August 2010 breakout. 

 

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1972 Hits

SP500 Channel

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Following the bounce seen the last week of April off the 1354 lows, the market rallied into retesting its daily channel that was broken on April 6th.  The bottom of this channel was hit on the tee as the market put in highs of 1411.75 and failed to move past the level, only to be rejected and turned lower.  Thus far we have seen the market break off this rejection and fall back down into taking out the stops below the 1354-1352.50 lows.  This has the market now testing the bottom of a newly created channel based off the March - May highs.  This test of this bottom channel also sees the market nearing a 50% retracement of the 1259.75-1419.75 rally at 1339.75.  Support should come into play at this bottom range to bounce this market back into retesting the market from where it broke down at 1390-1411.  Failure to hold these levels puts the next major support into play being the 1320 level from where the market broke out of in February, also a 61.8% retracement level.

 

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1682 Hits

SP500 Retraces NFP Breakdown

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1856 Hits