S&P 500 Update 1812 level of interest for bears

NU Northeast Utilites Symmetrical Triangle

Symmetrical Triangle produces a $50 handle Objective on breakout

Upper Trend line Test coming on beginning of next week

CL Crude Oil Update Symetrical Trianle

$CL_F $91.91 Pivotal Low, Bulls need to take out $93.47 High after mid-band resistance

ZB 30 Year Bond

$ZB_F Still stepping lower after last weeks "False Break N' Shake" of downtrend line. Last month low 142'05 Res.

ZW Wheat Falling Channel Potential "Wave 5 Low"

$ZW_F Potential Wave 5 Low against 78.6 & completion of -38.2 target. Key pivot reversal holds out of falling channel

6E Euro Futures Update

$6E_F H&S targets inside "Key Swing Low" Every rally has been sold as stair step lower continues .382-.50 N Jeopardy

Oil Symmetrical Triangle

Oil futures daily chart is forming a Symmetrical Triangle. On the 3rd test of the trend-line identified "X" is the ideal location to get long instead of buying the breakout. .618 retrace from the November 2012 lows to the January 2013 highs along with a key pivot bar is propping this future to where it could see higher prices next week. I also like how its breaking out of the organized falling trend channel that was established against the Right Shoulder highs made in February. My overall expectation is for the "Neckline" to be tested and for oil to continue higher and targeting those 127.2 extensions. 

Euro Futures 6E stair stepping lower into support

The Euro for the last several trading sessions has entered a key support zone, along with testing and holding a key pivot low from early December. The key reversal bar that occurred during last Fridays session is somewhat concerning for the bulls. But if this future can sustain trade within the zone & start basing out and break its series of lower highs and lower lows along with a trend-line break a new upside objective will be in place. Notice the objective completed on February 1, 2013 and that was the high for the move. Majority of the times when the target is reached moves tend to terminate or at least pause at the objective. The organized light blue trend line with 5 touches assisted in turning this future south.

MCD Daily The "Confluence Cross" Marking the Spot

Today the "Confluence Cross", Marking the Spot in our last MCD post occurred and we saw $MCD put in a head fake above point #2 just to sucker in a few fresh longs but then to reverse to squeeze these new longs out of there positions. Now we are seeing a shift in pattern  and a 2 day key reversal bar unfolding. In the next coming sessions I expect $MCD to see continued weakness and selling pressure as this move targets $91 for its 1st objective and a break of $91 targets the lower extreme of the range.

MCD Marking the "Spot"

MCD Marking the "Spot"... Watching for reversal pattern into point 4

BA (Boeing) Daily Chart

Both support levels on BA have been holding, the major support level was clearly defended by the bulls and still has upside objective of 80.82 and the retracement pullback support level is getting a work out with multiple tests as the shorts attempt to break this area keeping the island reversal active by trapping the longs in the market who bought the island. With the uptrend line intact and acting as support, along with the support level and today's reversal candlestick, I wouldn't be surprised to see this stock reverse course and begin attacking the island head and attempt to pop the downward trend-line. Note: 77.56 objective is still active. 

IBM Daily

IBM Daily is breaking out of a long term down trend line. But also bumping its head on rising trend-line which is resulting in a rising wedge pattern. Note the inverted head & shoulders pattern that's targeting the 213.00 price. On a pullback into 202-200.00 i anticipate buyers to be active on a re-test of the broken trend-line plus the August high as support.

6E Trendline Resistence