Market Commentary 29Jan12

8/3/2019 Market Commentary 29Jan12

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Andys Technical Commentary__________________________________________________________________________________________________

S&P 500 ~ Daily The price action the last few days has forced me to revisit this particular pattern which was highlighted on12/19/11. The wave up from 1200 is not acting like an impulse at this point as its channeling too well(green dashed lines). All the of the price legs from the x low look corrective in nature. Therefore, Im leftwith a diametric, a seven-legged correction. The market still looks poised for a corrective move lowersooner rather than later; but, its impossible to tell exactly where the peak of e-wave will come. We willneed to see a break of the uptrend channel before we can get excited about selling the S&P 500 again.

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( C )

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e?

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( B )

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REPRINTED from 1/22/2012


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S&P 500 ~ Daily with Weekly Support and Resistance

My attempt to short this market did not last that long. I only see one goodresistance point at this point, the 1347 level--the point at which the

market really collapsed last year. Bulls should monitor the channel aswell at the 23.6% retracement at 1289. At present, Im short-term neutralthis market and would look to short only on a break below 1288.



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S&P 500 ~ Daily

Only one new S&P 500 for the weekend. The well formed steep trend channel continues to hold. I still see large resistance at 1347. Themarket still appears poised for a correction lower, though Ive been thinking that for more than a week now (been wrong). Short termsupport now lies at 1302. A break of that level should start a larger correction down.

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Resistance = 1347


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Gold - Daily Continuation

The gold market continues to reward those carrying length. Though, its becoming clearer now that that moveis corrective in nature (choppy channeling higher). Im raising stops for longs: 1632 is the 23.6% of theentire bounce an it aligns pretty well with classic chart support. Ive also highlighted here the 38.2% retrace ofthe entire move lower--it seems like the market is feeling that level and slowing down a bit in front of it. From

a triangle development perspective, however, the $1,692 would be a nice target as the 61.8% of b-wave.

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Gold - Daily Continuation

We continue to raise our stops for long positions and the market continues to truck higher --thats a goodthing. Gold blew through last weeks resistance points. 1682 is now first level of resistance, the 61.8% retraceof the move up from $1,649.20. Bulls should consider trimming positions at this point -- i.e. get rid of 30-50%of gold length as were now heading for a stronger area of resistance between $1,752 - $1,768.

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DISCLAIMER WARNING DISCLAIMER WARNING DISCLAIMER

This report should not be interpreted as investment advice of any kind. Thisreport is technical commentary only. The author is NOT representing himselfas a CTA or CFA or Investment/Trading Advisor of any kind. This merelyreflects the authors interpretation of technical analysis. The author may ormay not trade in the markets discussed. The author may hold positionsopposite of what may by inferred by this report. The information contained in

this commentary is taken from sources the author believes to be reliable, butit is not guaranteed by the author as to the accuracy or completeness thereofand is sent to you for information purposes only. Commodity trading involvesrisk and is not for everyone.

Here is what the Commodity Futures Trading Commission (CFTC) has saidabout futures trading: Trading commodity futures and options is not foreveryone. IT IS A VOLATILE, COMPLEXAND RISKY BUSINESS. Beforeyou invest any money in futures or options contracts, you should consider

your financial experience, goals and financial resources, and know how muchyou can afford to lose above and beyond your initial payment to a broker. Youshould understand commodity futures and options contracts and yourobligations in entering into those contracts. You should understand yourexposure to risk and other aspects of trading by thoroughly reviewing the riskdisclosure documents your broker is required to give you.

Wave Symbology

"I" or "A" = Grand SupercycleI or A = Supercycleor = Cycle-I- or -A- = Primary(I) or (A) = Intermediate"1 or "a" = Minor1 or a = Minute-1- or -a- = Minuette(1) or (a) = Sub-minuette[1] or [a] = Micro[.1] or [.a] = Sub-Micro

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Market Commentary 29Jan12