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The Keltner channels were very useful pinpointing resistance last week. Thursday evening’s update stated that resistance was at 920-922 and prices rallied to 923 before turning lower. Now the question is, where is the support?

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People seem to think that oil is expensive now that it’s moved back above $70 per bbl. It’s tough to know how anything should be priced in fiat dollars, so I thought a look at oil priced in gold would be interesting.  The chart below shows that for all the crazy swings in the oil [...]

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One of the methodologies I use it to look for penetrations of ‘net-lines’, which then ideally indicate a move to the opposite Keltner channel. We noted last spring when a buy net-line was penetrated on the weekly S&P cash index chart. It’s worth following up to show that when the S&P topped at 956, the [...]

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There are some pretty clear support and resistance levels as we head into tomorrow’s eMini session.

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That 60 net-line level mentioned earlier today proved its worth.

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At some point, declines do pause.

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Last evening I wrote, “The 60 minute chart indicates resistance at 925 where there’s a net-line buy level in effect until 11:30 AM ET tomorrow. Any rally attempt into that area would be a great opportunity for the short side.” The overnight high was 924.75 and the day session high this morning was 924. Prices [...]

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I’m working on the first of a series of Spiral Calendar discussion posts. They will start appearing later this week and will add a significant dimension to our analysis going forward.

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