http://www.fxstreet.com/technical/market-view/the-midday-minute/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-20.htmlThis is an extraordinary chart picture from the high in the UltraShort S&P 500 ProShares (NYSE: SDS) at 118.24 (3/06/09) into this week's low at 35.50. The most salient feature is the fact that RSI momentum hit its most oversold level on 8/04 at 45.37, and thereafter, each successive lower price low has been accompanied by a higher low in the RSI. Each one of the divergences produced a potent rally, but none of the rallies has been able to hurdle its prior peak. This Mon.'s low at 35.50Fri, 20 Nov 2009 05:52:33 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-20.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-19.htmlThose who have watched my work for a while know that I find channel analysis very useful (along with Bollinger Bands in many instances). For me, it is no coincidence that Ford (NYSE: F) hit the upper channel line at around 9.05 and then accelerated 1% above the upper line, which happens to be 9.14, after which the price structure reversed and declined back into the confines of the channel. The low so far today is 8.81, but my sense from the pattern off of the October 30 low at 6.81 intoThu, 19 Nov 2009 05:49:47 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-19.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-18.htmlThe cash Dollar Index (DXY) is climbing meaningfully today, but so far gold and silver do not really care. Spot gold is down a sparse $2-$3 and the SPDR Gold Shares (NYSE: GLD) flat, ignoring the climb in the DXY for now. My suspicion is that the closer the DXY gets to its key resistance line at 76.20, the more nervous the holders of gold will become about a nasty near-term bout of profit-taking that should press spot gold right to $1100 initially on the way to $1060/50.Wed, 18 Nov 2009 05:51:44 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-18.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-17.htmlOff of Friday’s late-session sell-off to 15.56, General Electric (NYSE: GE) has pivoted to the upside with power and has the right look of a price structure that has entered a new upleg. Let’s notice that GE is approaching a very important resistance area at 16.00/05, which represents the prior rally peak (Nov 10) and the Sep-Nov down trendline. If GE can hurdle and sustain above 16.00/05, the positive 16-17 week cycle (which bottomed on Oct 30 at 14.15) as well as a bullish upleg structureTue, 17 Nov 2009 05:24:49 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-17.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-16.htmlAll of the action in Ford (F) this week argues that the stock is carving out a high-level congestion pattern that should resolve to the upside in a thrust to 9.00/25 next. At this juncture, only a decline that breaks the recent pullback low at 8.17 will morph the congestion pattern into a deeper correction that projects to 7.85/75 prior to the emergence of another upleg.Mon, 16 Nov 2009 05:45:13 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-16.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-13.htmlThe moment of truth for nearby crude oil now that the latest inventory data shows building supplies. Into the data and in reaction to worse than expected data, prices are under pressure as they revisit critical near-term support at 77.00-76.55, which must contain the weakness to avert additional weakness into the $74.00 area next. The equivalent support zone for the US Oil Trust ETF (NYSE: USO) is 39.30-38.90. If nearby crude breaks key support, the high-level consolidation pattern carved outFri, 13 Nov 2009 05:53:00 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-13.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-12.htmlThe tension in the market today is palpable, isn’t it? The dollar goes down, and stocks, metals and commodities go up. The dollar rallies off of oversold, and stocks, metals and commodities pull back. That said, however, let’s notice on the hourly chart of the S&P 500 emini futures contract that after making yet another new recovery high this morning at 1103.25, the emini S&P has sold off to nearly unchanged and more importantly is approaching an important test of key near-term supportThu, 12 Nov 2009 05:39:13 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-12.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-11.htmlIt should come as no surprise to anyone who trades or who has traded silver that it is much more volatile than gold. In fact, since yesterday's highs in the iShares Silver Trust (NYSE: SLV) and the SPDR Gold Shares (NYSE: GLD), the SLV has had a 3% correction whereas the GLD has had a sparse 1.2% pullback. Something we are going to have to get accustomed to in order to get the benefit of the approaching "silver catch-up" rally. My near- and intermediate-term work continues to warn me to expectWed, 11 Nov 2009 05:50:28 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-11.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-10.htmlAlthough oil prices are up about $1/bbl this morning, given the juxtaposition of the dollar index pressing against its October low (see our comparison chart of oil and the dollar), a holder of long positions in oil and the US Oil Fund ETF (NYSE: USO) could be disappointed. That said, I am also mindful of the fact that Friday's weakness can be construed as a successful test of critical support at $76.55, and as long as $76.55 contains any forthcoming weakness, the near-term pattern in oilTue, 10 Nov 2009 05:51:39 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-10.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-09.htmlWow... General Electric (NYSE: GE) has exploded to the upside this morning after being upgraded by a couple of high profile research departments on the Street. From my perspective, this morning’s up-gap and upside continuation confirms the low of the 17-week cycle and the start of a new cycle, the first half of which should propel the stock higher off of this week’s low at 14.15. The initial optimal target is 16.20/40. My optimal pullback buy zones are 14.90 and 14.60.Mon, 09 Nov 2009 06:04:59 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-09.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-06.htmlIf a new, powerful upleg in the US Oil Fund ETF (NYSE: USO) started at the 9/25 low at 33.45, the pattern carved out since exhibits a structure that is incomplete to the upside. Although the major upside thrust occurred into the Oct 21 high at 41.92, the 9-trading session pullback into Tuesday’s pivot low at 39.13 represents the conclusion of a correction within the larger incomplete upleg that projects to 43.00-44.00 in the upcoming hours/days. The rally from Tuesday’s low at 39.13 toFri, 06 Nov 2009 05:38:23 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-06.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-05.htmlMy medium-term pattern work from the June and Sept highs into last week’s low, as well as my momentum work, are telling me that Research in Motion (NASDAQ: RIMM) has completed a major correction and has turned to the upside to begin a potent “repair” rally period. Let’s notice that the initial rally from 54.30 to 60.57 came to a screeching halt right beneath the Sep-Nov down trendline. After the current pullback runs its course, into the 58.00-57.00 area, the next upleg should hurdle theThu, 05 Nov 2009 05:46:24 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-05.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-04.htmlFor a week and a half, the dollar (looking at the DXY cash dollar index) has formed a minor bottom and has climbed above its March-November resistance line, while spot gold prices have carved out a high-level trading range between $1065 and $1025. In other words, the rally in the dollar index has not (yet?) impacted spot gold prices negatively. My sense is that the DXY must hurdle and sustain above 77.40 to trigger upside acceleration in the dollar, at which point holding long spot goldWed, 04 Nov 2009 05:44:55 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-04.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-03.htmlToday's very postive earnings and revenue news on Ford (NYSE: F) goosed the stock from around 7.00 to as high at 7.84 so far (+12 prior to the pullback to 7.57. Without diminishing either the report or the upside reaction, let's notice that today's upmove has NOT hurdled important resistance at the prior rally peak of 7.98 (10/21 high, at least not yet. Today's high places another coordinate along the resistance line from the August high, imbuing it with more power and significance. This hasTue, 03 Nov 2009 05:55:54 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-03.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-02.htmlThe ProShares UltraShort SPY (NYSE: SDS) has climbed concurrent with overall equity market weakness. Let's notice that the price structure is approaching critically important (and stiff) resistance between 40.90 and 41.15, which if hurdled, should trigger upside acceleration to 41.50, and then to 42.50-- and likely will be correlated with an upside breakout in the dollar, and a powerful flight to quality in the bond market. That said, as long as the SDS remains beneath the 41.00 areaMon, 02 Nov 2009 05:40:38 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-11-02.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-30.htmlFor anyone watching the travails of General Electric (NYSE: GE) lately, my near-term work argues that yesterday’s low at 14.35 ended the downleg from the 16.91 high from October 14. As of this moment, the lift in GE to 14.75/80 so far should be viewed as a recovery bounce within the confines of a 6-week correction that has an optimal target zone of 15.15/40 – at which point GE will be at crossroads technically. A downside pivot reversal from 15.15/40 will argue strongly that GE remains withinFri, 30 Oct 2009 05:22:25 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-30.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-29.htmlThe euro continues to press lower, but let’s notice that the price structure is nearing a test of important support along the March-October up trendline, now at 1.4680, which must contain the weakness to avert a press to test the rising 50 DMA, now at 1.4625. If dollar strength, commodity weakness, bond strength and equity weakness remain connected at the hip, then the results of the test of major trendline could have extremely significant near- and possibly intermediate-term consequences. TheThu, 29 Oct 2009 05:51:31 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-29.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-28.htmlAlthough the equity markets really are not doing much, I feel very uptight right now. Why? Take a look at the enclosed daily chart of the S&P 500. Let's notice that today marks the third session of weakness, and the decline has pressed slightly beneath the rising 20 DMA (now at 1070) AND, more importantly, is testing -- perhaps leaning against -- the Jul-Oct up trendline (1061.80). So why am I so uptight? Well, in such circumstances, given the juxtaposition of the SPX and theWed, 28 Oct 2009 05:46:08 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-28.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-27.htmlOne of the key market relationships we’re watching is the dollar and gold. If the dollar turns up in a big way and sustains the gains into the close, then tomorrow could be a very dangerous session for equities. The daily cash dollar index (DXY) popped above its nearest-term resistance line this morning, which triggered a negative reaction in the gold market and the SPDR Gold Shares (NYSE: GLD). Let’s notice that the weakness in gold has pressed prices beneath key micro (coil) support atTue, 27 Oct 2009 05:42:33 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-27.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-26.htmlMy near and intermediate term work are warning me that Ford (NYSE: F) hit a significant near-term rally peak at 7.98 on 10/21, which ended the upleg from the 10/02 low at 6.61. If my workproves correct, then F should correct into the 7.40/20 area in the upcoming days, where it will test important support, in particular, against the Mar.-Oct. up trendline. If F pivots off of that area, then I will have to enter a new long position ahead of another upleg towards 9.00. However, in the event thatMon, 26 Oct 2009 05:41:02 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-26.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-23.htmlLet's notice that today's early weakness in the iShares Silver Trust (NYSE: SLV) came right down to its week-long support line at 17.02, which contained the weakness, after which the price structure pivoted to the upside into a spike that is nearing a test of the 10 day resistance line, now at 17.48. More importantly, perhaps, is the shape of the pattern that has been carved out since the 10/13 high at 17.73, which looks like a coil within the upper 40% of the Oct. price range. As long as theFri, 23 Oct 2009 05:44:40 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-23.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-22.htmlSee our comparison chart between Cash Dollar Index (DXY) and the Proshares Ultrashort 20+ Year T-bond, ETF (NYSE: TBT), in which I am trying to show that right now the vulnerable juxtaposition of the dollar is creating nervousness among bond traders and investors. Once the bond vigilantes get their meat hooks into the bond market, the Fed will have one heck of a challenge on its hands. The chart shows that the prior April-June climb in the TBT (longer-term rates) did nothing to break theThu, 22 Oct 2009 05:31:22 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-22.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-20.htmlFor traders watching the S&P 500 and the S&P 500 Depository Receipts (AMEX: SPY), here’s a look at the hourly chart of the S&P 500 emini futures contract, which shows the index racing towards a retest of Friday’s high at 1095.90. If hurdled that should trigger additional strength that propels prices to 1105-1112 thereafter. Only a break below 1082.75 before the index makes a new recovery high above 1095.50 will morph the near-term pattern into something less bullish than myTue, 20 Oct 2009 05:36:26 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-20.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-19.htmlMy near- and intermediate-term work in the ProShares UltraShort FTSE/Xinhua China 25 Stock Index (NYSE: FXP) argues that this week’s low at 8.21, which incidentally created a big positive momentum divergence compared with the Sep 17 low at 8.44, ended the downleg off of the Oct 2 high at 10.69. If my work is correct, then today’s up-gap open, followed by strong continuation, inaugurated a powerful new recovery rally period that projects initially towards a test of the prior rally peak at 9.05.Mon, 19 Oct 2009 05:49:38 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-19.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-15.htmlThe oil and gas sector finally is on the move, perhaps in reaction to the decline of the dollar (commodity relationship). Since last Friday, the Proshares UltraLong Oil & Gas Sector ETF (NYSE: DIG) climbed from 34.00 to 36.32, or +6.8%. More importantly, the rally off of the October 2 low at 29.13 also broke above a ONE YEAR RESISTANCE plateau at the 34.00 level as well, which has measured upside potential targets of 44.50 and 51.00. So why don't I just fly into a new long position now?Thu, 15 Oct 2009 05:32:41 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-15.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-14.htmlThe major feature of today's trading will be the release of Intel (NASDAQ: INTC) earnings after the close. Mr. Market might grind higher all afternoon in anticipation of a good report from INTC. Judging by the intermediate- and near-term pattern, additional upside should be forthcoming in the coming hours. Purely from a technical perspective, if INTC heads for the top of its 2009 bullish channel, then we should expect it to make a run for 22.00, which could be triggered by tonight’s earningsWed, 14 Oct 2009 05:56:36 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-14.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-13.htmlFord (F) is up substantially this morning on rumors floating around that one of the rating agencies is about to upgrade the company's credit rating, which could save Ford billions of dollars in refinancing costs in the upcoming months. Looking at the daily chart, to trigger upside acceleration F has to hurdle 7.40, which should propel prices above 7.60 on the way towards 8.50. We added it to our model portfolio last week at 7.09. Only a decline that breaks the October low at 6.61 willTue, 13 Oct 2009 06:57:16 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-13.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-12.htmlAll I can say is that when you have Geitner, Summers, AND Bernanke all chiming in with comments about the need for a strong dollar, smart money listens – and dumb money had better be prepared for some wicked volatility (against their short position). In the extremely interventionist world in which we find ourselves, my sense is that you really need to reevaluate a short dollar position when the three highest US financial market officials are telling you that they don’t like your attitude. InMon, 12 Oct 2009 05:34:35 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-12.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-09.htmlThis is what I wrote just before the opening bell regarding the iShares Silver Trust ETF (NYSE: SLV): "My work argues that the measured upside move off of the Sep-Oct base pattern has hit its target in the vicinity of 17.35/40, which more often than not is a compelling reason to EXIT the market, at least for a little while, to give ourselves some time to reassess the technicals as well as our committment level to wanting to continue to have a long position in the aftermath of a rapid climbFri, 09 Oct 2009 05:59:40 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-09.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-08.htmlThe most salient feature of the weekly chart of spot gold is a cluster of critical support left behind this week at $1000-$985.00. Now that gold prices have spike to $1050 – likely on the way to $1180-$1220 next – any “intervening” weakness should be bought unless and until the price structure chews below $1000-$985. First pullback buy zone is $1037-$1033, with the second pullback buy zone at $1025-$1020. We’ve been participating in gold via the SPDR Gold Shares (NYSE: GLD) and Market VectorsThu, 08 Oct 2009 05:40:54 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-08.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-07.htmlI am keeping a close eye on Ford (F) because it has become the darling of what remains of the American auto business, and appears to have the grit and determination to succeed in a new mean global environment. My medium-term chart work argues that we need to be long Ford soon, ahead of an explosive new upleg that projects to 12.00-15.00 in the upcoming months. My near-term work suggests that I want to be long F as long as the October 2 low at 6.61 remains intact and before the stock hurdlesWed, 07 Oct 2009 05:58:47 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-07.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-06.htmlAfter a bumpy start, the iShares Silver Trust (NYSE: SLV) long position is recovering in sympathy with the climb in gold prices today, which itself is a reflection of continued weakness in the US dollar. Purely from a technical perspective, the SLV has established a bouble bottom corrective low around 15.60. The upmove off of 15.60/65 has just started and represents the basing portion of a sizeable bull flag formation that should provide the launch-pad for the start of a new upleg thatTue, 06 Oct 2009 07:12:29 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-06.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-05.htmlGold -- and the SPDR Gold Shares (NYSE: GLD) -- has rocketed off of its lows, largely in reaction to the weaker dollar that emerged in the aftermath of the disappointing Jobs data -- and because Mr. Market senses that the Gov't may well have to pump additional substantial liquidity into the "economy" to avert another deflationary downward spiral...which is perceived to be bullish "eventually" for gold. Spot gold plunged to $986 in overnight trading, but has reversed with a vengeance. Let’sMon, 05 Oct 2009 05:54:55 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-05.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-02.htmlAs we discussed with subscribers last evening, the iShares 20+ Year Treasury Bond ETF (NYSE: TLT) looked like they were in a high-level consolidation ahead of a thrust to the upside, which is exactly what has transpired so far here today, likely in reaction to disappointing data on initial Jobless Claims ahead of tomorrow’s monthly Employment Report. The fact that the stock market is getting hammered today, the first session of October, probably is sending some dollars into Treasuries as well.Fri, 02 Oct 2009 05:42:01 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-10-02.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-30.htmlThe action in the ProShares FTSE/Xinhua China 25 Stock Index ETF (NYSE: FXP) since mid-June exhibits a series of lower-lows in price, higher-lows in momentum (RSI), and declining volume into weakness, all of which are warning signals that the current downtrend in the FXP is extremely stressed – and ripe – for a period of countertrend movement. Based on the current technical set-up, the FXP is heading for a confrontation with the Jun-Sep resistance line, now at 10.35, which should be hurdled onWed, 30 Sep 2009 05:21:06 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-30.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-28.htmlWith just over two hours remaining in today’s session, let’s notice that the S&P 500 emini futures is pressing against key support at 1039, which represents the lower channel trendline off of the July low. If the index closes today’s session either leaning against or below 1039, then the technical set-up will take on a considerably more bearish tilt that will point towards additional weakness into the 1032 area directly. Traders following the index or its ETF – the S&P 500 DepositoryMon, 28 Sep 2009 06:19:32 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-28.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-25.htmlOk... which is the chicken, and which is the egg? To find a starting point, let's look at the key timeframe during the major market turns that occurred duing Feb. and March 2009. Crude Oil prices hit a low (with equity prices) at $44.01, while at the same time risk averse investors finally bought enough dollars (from Dec, 2008) in their acute flight to safety. Since then, equity and oil prices have climbed sharply, while the daily Dollar index (DXY) gave up all of its panic flight to safetyFri, 25 Sep 2009 05:51:53 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-25.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-24.htmlFor the past seven weeks, Ford (NYSE: F) has been correcting its prior upmove from the July pivot low at 5.24 to the August high at 8.86. On Monday the stock traded down to 6.75 prior to recovering to the 7.00/10 area. In pre-open action today, F was trading up at 7.21/22, largely due to a very favorable article in today’s WSJ entitled, “Ford Makes Push to Boost Asian Presence.” My near- and intermediate-term pattern work argue that a correction was completed at Monday’s low (6.75) and as longThu, 24 Sep 2009 06:11:48 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-24.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-23.htmlThe most salient feature of the hourly chart of the SPDR Gold Shares (NYSE: GLD) is that despite today’s up-gap opening and climb above 100, the bulls were – and still are – not able to sustain above the key 100 level. As of this moment, with the GLD at 99.43 and the huge unfilled gap area (down to 98.57) remaining on the downside, let’s watch closely to see if the price structure can leave the unfilled gap behind and instead revisit and hold the 100 area prior to or into the close. Such aWed, 23 Sep 2009 06:08:22 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-23.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-22.htmlFor the most part General Electric (GE) and the S&P 500 Depository Receipts (AMEX: SPY) exhibit very similar patterns during the past year or so. However, upon a closer look, we notice that GE actually peaks slightly before the peak in the SPY. After the March rally, GE peaked on May 8, while the SPY peak on June 11. After the July pivot low, GE peak on Aug 7, while the SPY peaked on Aug 25. And last Thursday, Sep 17, both GE and SPY hit new post-March recovery highs. If GE now begins toTue, 22 Sep 2009 05:30:35 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-22.html