* RoughDollars Best Charts - August 4, 2015 - Bradley spoken here...
! ! $ $ $ $ $INDU - 30 MIN 45 DAYS Heiken-Ashi
For I know the plans I have for you declares the Lord:
plans to prosper you and not to harm you, plans to give you hope and a future.
! ! $ $ $ $INDU - 1 Hr 45 Days Heiken-Ashi
July 20> NFLX may have topped after its split with a pull back today and a p.e. ratio of 201? SOXL, TNA, MIDU and the $TRANS struggling to stay upright. The $TRAN started their descent earlier last month. TECH has led this rally up with most indicators again at higher ranges. So love for the techies are again in play....QQQ AT ALL TIME HIGH! If China has topped and resumes its correction to the downside, it certainly seems logical that it would pull the world markets down as well, but more time needs to pass as our markets refuse to give back.
The one chart to high light today with caution is the $INDU chart #2. I have annotated a caution box as the $VIX has converged to the lower price range verses the $SPX, suggesting a turn may be coming. Also chart #3 is showing possible topping area.
Gold has broke its technical support level and metals and stocks getting slammed today. DUST up over $7.00 and JDST up over $3.00. $HUI AND $GOLD has now broke technical support to the downside and selling continues like water over the dam, just like a 'Chi -nee' water fall. Several of the large banks are hitting new highs, as they are the ones with the large short positions in the metals. Doubt if they will cover soon...
The weekly Renko charts are smoothing out the daily knee jerks, whipsaws and are showing price direction without all the trading stress like in many of the short term chart set ups. Plus the weekly Renkos are giving a good insight of direction of trend. It appears that this is a time of caution in the markets, a time to protect capital and staying alert.
! ! $ $ $ $NDX - 1 Hr 2 Mo Candlesticks, 1024
! ! $ $ $ $nERX - Weekly 5 MO Renko, 1280
! ! $ $ $ $nERX***** - Daily TRADE CHART 20 Days Renko, 1280
! ! $ $ $ $nERX***** - TRADE Weekly 7 Mo Renko, 1280
! ! $ $ $ $nERX*****- Weekly 5 MO Renko, 1024
! ! $ $ $ $nERY - Daily TRADE CHART 20 Day Renko, 1280
! ! $ $ $ $nSCO - Daily 20 Days Renko. 1280
! ! $ $ $ $nSPXL - Daily Trade Chart 20 Days Renko, 1280