Dollar Index Daily w/ Weekly Support

The Dollar Index was destroyed on Friday on European headlines, though he DXY still looks bullish on basic charting techniques: higher highs and higher lows. While the move on Friday was nauseating for longs, risk/reward still favors buying dips. Bulls should use 81.19 and 80.18 as support/pivot points in the week ahead.
-e-? (a)

REPRINTED from 7/1/2012

-c-

-a-

(b)

-d-

-b-

Andys Technical Commentary__________________________________________________________________________________________________

Dollar Index Daily w/ Weekly Support

One of the things weve been consistent on in the last several weeks was the concept of buying/owning the U.S. Dollar. This market continues to look like it wants to head higher. Im not sure where the upper end of this move might lead to, therefore this is one of those trades where you stay long until your wrong. In other words, keep raising the stops and keep holding the length. Theres a decent chance were still looking at an expanding triangle from the lows; we could be just in the middle of an explosive -e- wave higher. Bulls should consider using 82.21 and 81.19 as supports, or stop areas for long positions. Any break of the blue uptrend line should certainly cause a full blow exit of any long trades.
(a)

-e(c)?

-c(b)?

-a-

-d-

-b-

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 240 Min. with Weekly Support/Resistance

This has become a very confusing market pattern with all the whipsaw you would like. The shorter term posture must be on the sidelines while waiting for greater clarity. The Fibbo technicians out there get another opportunity to sell the 61.8% retrace at 1362, but it doesnt look like a good sell the second time around. This looks like a market that wants to probe higher levels. The good news for the bears is that the move up from 1266 is definitely only corrective in nature. The bad news is the Friday move went out like a boss and showed no signs of peaking. Bulls should consider 1330 as support, but again, this market is so choppy and unpredictable right now, it makes little sense to even be involved.

REPRINTED from 7/1/2012

(y)?
[c]

(w)?
[c]

[a]

[b] [a]

[b]

(x)?

Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ 240 Min. with Weekly Support/Resistance

Our last message (7/1/2012) on the S&P500 suggested more choppy action higher and that it was a market that traders should just stay away from for a few weeks. It appears that a corrective move higher has completed. It looks like a seven-legged diametric has finished. If this is correct, then the S&P 500 should start collapsing. 1373 is the small 61.8% retrace of the most recent move down. Traders should consider using that as first level stop loss on shorts. Second level resistance should lie at 1,389 (78.62%). 1345/1325 look like 1st and 2nd supports for anyone who really wants to be long this market.trading below those levels would represent a full breakdown in the market.
[b]

-b-?
(e) (x) (c) (g)
1373

[a] [c] (w) [b] (a)

(f) (d)

(b) [a]

[c] (y)

-a-

Andys Technical Commentary__________________________________________________________________________________________________

Gold Daily
This has been the count weve been going on with Gold, but confidence is waning a bit. The only idea that seems certain is that when this latest triangle (blue dashed line) resolves itself, its going to trigger a huge move either way. The best trading strategy is probably to wait for the resolution and then get on board in the direction that it breakseither higher or lower. Or, maybe one should consider getting long some volatility (i.e. Option straddles).

(b)

-x-

(b) -x(a)

(a)

(c) -w-

(c) -y-

Andys Technical Commentary__________________________________________________________________________________________________

PLEASE NOTE THAT THERE IS ADDITIONAL INTRA-WEEK AND INTRADAY DISCUSSION ON TECHNICAL ANALYSIS AND TRADING AT TRADERS-ANONYMOUS.BLOGSPOT.COM

Wave Symbology "I" or "A" I or A <I>or <A> -I- or -A(I) or (A) "1 or "a" 1 or a -1- or -a(1) or (a) [1] or [a] [.1] or [.a] = Grand Supercycle = Supercycle = Cycle = Primary = Intermediate = Minor = Minute = Minuette = Sub-minuette = Micro = Sub-Micro

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This report should not be interpreted as investment advice of any kind. This report is technical commentary only. The author is NOT representing himself as a CTA or CFA or Investment/Trading Advisor of any kind. This merely reflects the authors interpretation of technical analysis. The author may or may not trade in the markets discussed. The author may hold positions opposite of what may by inferred by this report. The information contained in this commentary is taken from sources the author believes to be reliable, but it is not guaranteed by the author as to the accuracy or completeness thereof and is sent to you for information purposes only. Commodity trading involves risk and is not for everyone. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading: Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.