Greetings all and my long absence has been one of enjoying the summer outdoors while we have it, and also to test out something I have been wishing to try for a long time. I have ended my Windows based trading and moved to a web platform instead. I will say the charts you see here are not my live charts and I have instead selected a popular company brand to show you what the platform is like.
First thing to note is this is a resource hog and it takes considerable CPU processing time, that came as a surprise. I have filtered my charts down to 2 and sometimes one large monitor. Of late all my trading has been long term and I have had no need for using more monitors to get more time frames in front of me. It is a bonus when you can eliminate lower time frames, providing you have the discipline to set some kind of alarm when price reaches an area you are interested in.
Fair warning, the charts I am about to show are full width of my monitors and this could well cause some scroll bars to come into this blog, I will just have to see how it looks and if it need fixing I will depend on some of the web guru's who are here.
A look now at the S&P500. Ah, scroll bar has come. If you all dont like the scroll bar I can reduce the chart size. In fact, let me add the same chart below this one with the reduced size and you can say which you prefer.
The details are all lost on the second file, but for the moment I will
continue and find some sense in all this. The two black horizontal lines
are near term support and resistance and between them is where a large
range setup and held the majority of the trading for a long time. We now
have broken out of the range and last week I passed a comment to a
friend that this thing is long over due for a deep pull back. Our
conversation went further and talk of the real crash being long over due
came to the fore. In case some of you dont get that part, the S&P
is made up of the top 500 US companies and shows an over all view of
that market.
Any company shows a strong share price if the company is doing well, has good sales, hiring new people and expanding etc. But, and here is the real fly in all this. There is no positive economic news from the US and the company share price in my view is being bought into by institutions who are using FED money to get short term gain and the share price is in no way reflected in real economic numbers. Same can be said for Europe.
Keep in the front of your mind all the time, when price is set to collapse, it must first be run up. When price is due to become bullish it must first be marked down. What I see now is price rising with no good reason why it is going up, other than being marked up. Needless to say I would not be long the S&P nor short either, yet.
A closer look on the weekly and see what else we can see. Scroll city again, but at least you can see it.
First thing to pop out is we pretty much hit 2000 and fell back sharply.
The last leg looks very weak and taking a long time to get anywhere.
Since the break out of the trading range it has taken a lot of effort by
the bulls to get prices moving higher. Sensible traders will wait and
see where support comes in, if it comes in.
Lastly for the S&P is a daily chart. 
Your first glance at a closed candle tends to be your best analysis. What can we see here?
How about the obvious sharp fall followed by break of near term support. Next support is 1900 and the media at that stage will whip up a storm. Our unanswered question is, where will the buyers come back in, or will they come back in at all?
Lets take a look at Oil on the weekly.
With all the mess in the middle east happening the reaction in the price
of Oil is.....range bound. There is no panic or interest in Oil trading
for higher prices. One reason is Russia, they need a 100 dollar per
barrel price and the west is determined to hurt their pocket. But even
prior to the mess kicking off, look at the historic price. It has not
been rising much and if anything there appears to be potential for more
downside coming in. The last two attempts to push price higher failed.
Onto Oil on the daily chart.
We see price gained a little but the reaction by the bears was strong,
there is no upside on this chart. At present we are at support and price
will dance around here for a while and likely fall further. Look at
where the last real buying came in and there is a target pro money will
aim for. Getting an entry might be entertaining.
Oil on the 8hr chart. Yes I did say 8hr. One thing I do like about the platform is it has many time frames not seen on MT4 and it is useful to have.
More good information here, note the last attempt by the bulls. It was
very strong, sudden and did not have the legs to get anywhere. The bears
are clearly in control still and we now see price at near term support,
look at current price and then scroll left to see historic demand. I
doubt this will hold, but doubts wont make you money and for the moment
take note of the price range setup by the buyers and wait.
Last Oil chart on the 15min.
