dxy

Into FOMC

| 50Pips
“If you understand, things are just as they are; if you do not understand, things are just as they are.” – Zen Proverb
It could end up being an interesting day as markets digest election results out of Alabama and the upcoming FOMC press conference. It still looks like the price action is very fragile and volumes continue to be anemic. It is what it is but it doesn’t make it any less frustrating… it does continue to look like it’s going to boil down to headline risk.
Watch action around the 152 mark on ZBs as Yellen takes the stage for the final time:

It’s that time of the year again… as we go into FOMC, you may want to keep in mind gold action these past years around these December meetings and January seasonality. As usual, we will be discussing this in detail, along with how swingers are going to be looking to structure positions in today’s session.

Don’t forget to keep an eye on the Crude and DXY weekly charts:

As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Charts in Focus

| 50Pips
“Things are as they are. Looking out into the universe at night, we make no comparisons between right and wrong stars, nor between well and badly arranged constellations.” – Alan Watts
As discussed in our latest weekly outlook video, the theme of the week is patience until we get into the Wednesday/Thursday Central Bank window. Here are some of the charts we are focusing on:
  • How long can the self-reinforcing virtuous VIX selling continue…
  • 1250 mark remains pivotal for momo & flows + potential range shift on GC
  • DXY waiting for the Fed. Remember, what matters is how market reacts to the decision…
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Supporting Charts

| 50Pips
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William J. O’Neil
Here are some of the charts we discussed in our latest outlook video.
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Chart Overview

| 50Pips
“In my experience, I have to say that there was very little critical difference between the net winning traders and the net losing traders in most areas. All of them had good understanding of the basic market fundamentals, used a solid technical analysis or research of some kind, and exercised a lot of personal discipline. The one thing that stood out, the one thing that separated the net winner from the net loser, all things being equal, was that the net winner had a trading plan in addition to his other skills. The net winner knew he was up against not just the market and his competitors, but he was up against himself, too. To guard against the possibility that he (the trader) could blow himself out of the water at any time if he wasn’t careful, that trader had a plan.” – Jason Alan Jankovsky
If you missed it, don’t forget to take a look at our latest weekly outlook video.
He are some of the charts we are going to be reviewing today:

As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Chart Book

| 50Pips
“To only praise your success and fail to learn from your mistakes , separates the educated amateur from the professional.” – Bruce Lee
Here is a short selection of some of the charts that we will be going through today…
Look at the last 6 days in DXY; indeed, much to do about nothing. The jury is still out:
The sideways chop and market looking for direction is even clearer if you look at EURUSD on both the Daily and Week and see how it is hovering around a key pivotal level:
Focus is going to be on Apple at the open. It held the 156.50s and has broken to new highs. As long as we can’t get back below the 165 mark it is hard to see how the market is going to really roll-over:
Eyes on Crude. Still stuck around the key 55 pivotal level and what looked like a decent chance for a reversal is currently having trouble thanks to the continuing Venezuela drama:
Facebook needs to hold above the 175.50s or things could get a bit ugly:
RUT still doing the best job at resisting the endless ramps:
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Crack and Bid

| 50Pips
“The usual bull market successfully weathers a number of tests until it is considered invulnerable, whereupon it is ripe for a bust.” – George Soros
The relentless bid continues to appear in equities despite more and more cracks starting to show across the charts. In this context, it’s important to leave emotions out of the equation and simply focus on the levels understanding that unless the bigger ranges are broken, we are still stuck in choppy trading until we get the next catalyst.
In terms of the pivotal levels for momo and flows (key bull/bear lines), we would be focusing on:
> ZBs @ 152 / ES @ 2500 / NQ @ 6000 / YM @ 23000 / RTY @ 1500
As we have been discussing, there are a lot of key charts that are starting to break down but remember that if you are looking for a bigger acceleration lower across the board, it is going to be very hard to get a decent move unless Apple decides to join the party.
On the FX side, we’ll have to wait for Draghi as DXY is trying but struggling to make a decisive move.
In case you missed it, here is our Latest Outlook Video for the week ahead.
Note for active 50Scouts members: make sure you keep an eye on your inbox for a free pass to Friday’s daily webinar session (make sure to check your spam folder too).
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Still Waiting

| 50Pips
“You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.” – Abraham Lincoln
No change in outlook as the market continues to pick up pennies in front of a steamroller into earnings. Here are updated charts on some of the key moves we have been discussing:
In case you missed it, here is our Latest Outlook Video for the week ahead.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Calm Before Storm

| 50Pips
“If you calmly observe, you will more clearly see situations for what they really are.” – Brahma Kumaris
As equities continue to press higher and as we go into NFP ahead of the now usual weekend risk (North Korean, Catalonia, Iran, etc…) President Trump made some elusive comments on about the fact that “Maybe it’s the calm before the storm”. Hmmmm, Interesting… as we said before, unless we something ‘happen or change’, there is very little on the calendar in term of potential catalyst until the next ECB meeting on October 26th.
Here are some of the charts we will be discussing and focusing on today:

As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Techs in Focus

| 50Pips
“Tell a man there are 300 billion stars in the universe and he’ll believe you. Tell him a bench has wet paint on it and he’ll have to touch it to be sure.” – Murphy’s Law
As we have been discussing and as highlighted once again in our latest weekly outlook video, not only have markets been very complacent in pricing in geopolitical risk but tech has been really flashing all kinds of warning lights. If you are interested in our latest charts/levels for Apple, Nvidia, Amazon, Facebook and Tesla, they were all posted yesterday on our twitter feed.
Here are 3 of the key charts to focus on today:

Note for active 50Scouts members: make sure you keep an eye on your inbox for a free pass to Friday’s daily webinar session (make sure to check your spam folder too).
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.