As goes the Dollar, so goes the markets:Gold (GLD here) sits in a high, tight flag pattern currently
The Financial sector (XLF) had a false breakout this past week, but still bases under that $15.50 levelWhile GS is starting to build a potential bear flag (or potential Right Shoulder of a small H&S pattern)XLE isn't getting the surge perhaps many were looking for, hasn't given up the Resistance to Support changeover.The Transportation Index faltered this week. Watch for a breakdown of the "M"s midpoint:
The Dow Jones Utilities Index has been in a sideways channel since July (the long price stays contained within a range, the stronger the move out of that range).Not something I typically look at, but here's the Dow Jones Equity REIT index, price looks to be "drooping" into that neckline, not good.
And finally, there's the SPY. A down week overall, but interesting where is bounced and found support to close this week. On the Monthly time frame you can see Price found support at September's Highand on the weekly you can see price bounced (on Friday in fact) off of last week's open price.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.