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/2009-11-06.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.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-21.htmlThe SPDR Gold Shares (NYSE: GLD)’s violation this morning of support in the 99.20/00 area indicates that the high-level consolidation pattern between 100.00 and 99.00 has morphed into a deeper correction. The correction should press towards the 98.20 area, which represents the lower channel support line. Otherwise, the GLD needs to climb and sustain above 99.60/65 to neutralize the near-term negativity.Mon, 21 Sep 2009 05:49:16 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-21.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-18.htmlTime to take defensive precautions in case the major equity market ETFs initiate a potential potent countertrend move (profit-taking). If the ProShares Single Levered Short SPY (NYSE: SH) hurdles and sustains above key resistance at 55.90-56.00, we should see follow-through strength that takes out 56.25, which will trigger a substantial countertrend advance to 57.30/60 for starters. However, as long as the SH remains below 55.95, the SH bears are in control.Fri, 18 Sep 2009 05:40:40 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-18.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-17.htmlLet’s notice that the Regional Bank HLDRs ETF (AMEX: RKH), which we added yesterday, continues to climb to new recovery highs, hurdling the August double-top at 81.45/49 in the process, which usually is a very constructive technical event. If the RKH sustains for today’s session above 81.50, then my next target becomes 85.20/60. The heaviest weightings in the ETF are JPM, WFC, USB, BAC, NTRS, PNC, BK, BBT and STI.Thu, 17 Sep 2009 05:48:53 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-17.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-16.htmlIf at any point the ProShares Single Levered Short SPY (NYSE: SH) manages to climb above yesterday’s pre-open up-gap high at 57.59, I will get buy signals to be long in anticipation of a powerful countertrend move in the major equity market ETFs. Unless and until that happens, however, the dominant near and intermediate trends will remain down for the SH.Wed, 16 Sep 2009 05:35:54 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-16.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-15.htmlOnce again, the market attempts to sell off (perhaps triggered by the imposition of tariffs on Chinese tires by the Obama Admin), but the weakness does not stick. From a medium term perspective, the daily chart of the S&P 500 e-mini contract remains remarkably and potentially explosive on the upside as it fulfills the long standing target zones projected off of the huge base pattern -- at 1100 and then 1200. It is days like today, when the market ignores otherwise bad news, reversesTue, 15 Sep 2009 06:24:44 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-15.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-14.htmlThe dollar continues to press to marginally lower lows this morning and could be heading for a test of its year-ago low at 75.89. Meanwhile, gold prices have climbed above Tuesday’s high at $1,008.30, which should trigger continuation towards a test of the all-time high at $1,033 thereafter on the way to $1100. Our SPDR Gold Shares (NYSE: GLD) model portfolio position has benefited from the action. After three days of sideways, corrective action, the GLD has gapped up into an extension of itsMon, 14 Sep 2009 06:15:41 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-14.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-11.htmlThe big picture of the PowerShares QQQ Trust (Nasdaq: QQQQ) continues to exhibit a powerful series of higher-lows and higher-highs off of the March low at 25.63. Unless and until the Q’s break the prior significant pullback low at 39.02 (9/03), the uptrend will remain intact and dominant. On the upside, if the Q’s are heading for the top of the March-Sept channel, then we should expect prices to climb towards 43.00-44.00 in the hours/days directly ahead. Finally, a pullback into the 31.30/00Fri, 11 Sep 2009 06:41:03 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-11.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-10.htmlThe big picture of the iShares Taiwan ETF (EWT) shows its powerful upmove since August 27 (10.60) into yesterday’s high at 11.87. Most important, however, is the recent surge above a 4-month resistance plateau in the vicinity of 11.50, which now becomes key support on any pullback. As long as that upside breakout plateau contains any corrective weakness, the overall pattern argues for additional strength that projects next to 12.60 –- on the way to 13.50. I regard all of the action between theThu, 10 Sep 2009 06:17:32 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-10.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-09.htmlWith the breakdown in the Dollar, and the powerful thrust in crude oil prices, and buoyancy in metals such as gold, silver, alumininum, copper, and the industrial metals, the pattern that is developing in the PowerShares DB Commodity Index ETF (NYSE: DBC) is fairly conspicuous. Let's notice that Friday's low at 21.42 was followed by today's potent up-gap open and strong action-- the type of action expected at the end of a correction (in this case off of the 8/05 high at 24.00), and at theWed, 09 Sep 2009 05:32:02 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-09.htmlhttp://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-07.htmlThe dollar is on the defensive today after holding its value relatively well since Wednesday’s upside explosion in gold prices. Let’s notice that the Dollar Index (DXY) is pressing on its key Aug-Sept support line near 78.00, which is an ominous sign heading into a three-day weekend. The fact that gold is holding nearly all its three-day gains suggests strongly that money is moving into the precious metal and now more obviously and aggressively is moving out of the dollar. Good for holders ofMon, 07 Sep 2009 05:45:02 GMThttp://www.fxstreet.com/technical/market-view/info@advicetrade.com (MPTrader.com)http://www.fxstreet.com/technical/market-view/the-midday-minute/2009-09-07.html