Currencies opening favors bearish opening / day for equities futures

A couple of ideas from currencies....

One of our favorite proxy for market (AUDUSD) has just filled its gap and reaching resistance levels. Notice also the rising wedge. Overall a nice bearish setup.

Maybe one of the most bullish FX main pair recently. Now ready for a retracement IMO.

You may recall this old post where we presented the RSI setup. It has worked very nicely ever since.

Range bound?? X-rays say no!

We have been talking about market internals quite frequently since we believe are a key instrument to define market direction, especially when they present meaningful divergences.They helped us to spot previous bounce.

Some traders are confident about market being still on a range bound that will eventually break to the upside (like many other ranges before during 2009). We believe it will not since internals are weakening more and more this time...

Let's have a look

Summation Index for both NASDAQ and SPX has made a new low and of course presenting a huge divergence.

Bullish percent (PF chart based) ALSO making lower lows

Adv-decline issues also dropping

New highs- New lows also weakening, remember this one?

Pure ART

50 years+ experience trader drops some thoughts for us. A must-see IMO, especially last 20 secs.

Indices review

Let's make a weekly wrap up reviewing main indices to update previous post on this.

SOX review

RUSSELL 2000 review:

DJ transports review.

DJ industrials

XMI review:

Black border

See previous post for comments.

PPT for president!!

Closed deal?

First of all, thanks Hogs!! They were very helpful. Now we know that many of the signs we were seeing just got confirmed. At this point ES has reached a VST support  that may provoke a bounce to 1084 area but IMO is just an opportunity to add to shorts since the most probable direction and potential is down side.

Hogs talk!!

Here are a set of the few stocks that are responsible of a majority of all NYSE volume. So we can think of them as market movers on most of the cases.
Just have a look at them and hear what these charts are saying....












RUSSELL 2000 review















NASDAQ review

Setup is still valid

Despite yesterday's run up. Bearish setup is still valid as well as potential IT top.
Invalidation signal would be one or ideally two daily closes above white price level.

FX opening

Certainly, not looking good for bulls....

Review III

GS, one of the best market proxy is facing a double top and important trend line retest. Nice bearish setup




Close up view:



Regardless of its numerous strengths as a company, we cannot overlook some appealing coincidences between AAPL and GS charts. Nobody can foretell what is going to happen with AAPL after earning report. It may rally as GOOG did but so far charts are suggesting a different story

AAPL weekly:





AAPL daily