Market update october

Market update October

There is no doubt the GOVT shutdown is having some sort of affect on the market, but it is more directly related to the debt ceiling agreement that is coming up in the next few weeks. We shall see what sort of BS the congress has in store for us then. I always get a good laugh out of their lies, BS and propaganda. Thank goodness that in the VIP MEMBERS AREA HERE  we only  concentrate on all the charts that do matter. It has been a good week for our  VIP MEMBERS  HERE 

Onto the charts.....

With all this downdraft on the markets, you can see that the S&P is in a downwards channel. Things are still favoring the bears, and below 1700 should be bearish, and above this level should be bullish in my eye. We shall see what happens next!

spx daily chart 

We have been watching the VIX very closely, as a few days ago, we did warn it was staring to look particularly strong! Just look at all the events moving the vix at the moment, pointed out in the chart below. Today we broke 18 on the VIX as you can see, but by the close of the market the sellers came right back. Breaking 18 today, is significant, and does mean two very important things.....

1) Traders are looking for a flight to safety and insuring their bets on the market. 

2) There is a good chance we see higher prices on the VIX soon. 

If these things are true, it will only put more pressure on the stock market and indices.

VIX chart

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Bonds Weekly Chart - The Bonds Weekly Chart

Bonds Weekly Chart 

The Bonds Weekly Chart is clearly in a downwards channel at the moment. With a target of 147. We have noticed over the last week or two money coming out of the stock and equities, and into the USD and bonds.

The Bonds Weekly Chart is also showing us that things are very very oversold longer term. So we would not be surprised to see Bonds Weekly Chart go up and reach the 147 market and then possibly break its falling resistance line and head higher.

The Bonds Weekly Chart is very telling and we will monitor this over the coming weeks.

bonds weekly chart

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Gold Chart - The Gold Chart update

We have been keeping an eye on the gold chart as of late. As you can see we have been in a massive downwards channel that has been holding very well.

The gold chart has a bottom projection target of the  high 1500's and we nearly hit that on friday after a rather significant sell off. This week gold sold off significantly, but there could be more downwards coming.

There are no buy signals yet, and we are of the opinion that gold is soon going to be a very good BUY soon.  One must be careful NOT just to buy right now, as there is still room to move on the downside, and the signals that sentiment trader is getting is just to be patient here, because most good traders know that on the market patience can BANK you alot of coin.

gold chart - the latest gold chart

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usd chart index - usd chart index

usd chart index

The usd chart index is quite interesting, and we have been watching this for the last few days.

the usd chart index has been trading back in a downwards channel, and still keeping the global stockmarkets boyant, no matter the pessimism around, this chart is very telling.

usd chart index

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fiscal cliff - how to trade the fiscal cliff news

fiscal cliff news is all the talk of the town, yet no matter what fiscal cliff news is coming, traders are still not looking at their charts.

The bulls were not able to print a higher high today compared to last Friday. I am kind of sounding like a broken record, lol, but until this happens the bears remain in control and caution should be exercised.

fiscal cliff news

I have been warning to watch the leader "The NASDAQ" in the next few days. I saw many other pundits get excited about a bounce in early trading, however it did not last, and traders who were long got caught yet again!

Fiscal Cliff this! LOL

Look at the nasdaq chart below. I was not surprised to see fresh lows get hit today, as I cannot see any strong buy signals at the moment, even though there were lots of traders screaming to get long. So we watch and we wait. 

There is lots of news tomorrow FOMC news minutes. Sentiment is still bearish for now. These markets do not seems like they are settled yet, and there are lots of talk about about Obama and this fiscal cliff and whether there will be some sort of decisions made, but one thing I do know is that no matter the fiscal cliff news these markets are still quite unstable. 

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