1/22/16

Stock market indexes and oil were getting hammered early this short week honoring Martin Luther King Jr, but were able to make a nice rebound on Wednesday that was able to follow through the rest of the week.  Much damage has still been done to the charts though, and currently believe this is just a bounce.  The Dollar, gold, and bonds still look constructive.  Copper hit a vM at 1.9653, and has so far bounce back above $2.00

/ES got hammered Tuesday, and Wednesday, falling over 100 points, and has almost recouped that 100 points back from mid-Wednesday through Friday.  Expecting to hit vW at 1982.25, and gap just above at 1983.  Neckline for vM to 1571.5 has been breached.

/ES Long Term

/TF had the best rebound of the week, but looks like the worst among the major indexes.  vM to $849, about 15% below here, is still triggered and well below the neckline.  Has short term vW to 1073

/NQ has a vW to 4393 that is triggered.  Has longer time-frame vM to 3367.25 that has formed.   a break below 4000 will trigger.

The Dow still has vM to 13402 working, inside a much larger vW to 20296

The Nikkei has formed and triggered vW's to 17484 and 18354.  vM to 15918 hit and bounced, forming vM to 13036

Bonds continue to null short term vM's.  vW's to 168'17 and 186'12 are triggered.

The Dollar continues its grind up along the 50ma.

Gold still has double bottom to 1315 working as long as can hold 1045.4

Copper hit a vM to 1.9653 and has so far bounced back above $2.  vM to 1.84 is still triggered.

Oil fell and hit a vM at 28.10 and has so far bounced back above $30.  Has vW to 33.78 which will possibly be used as a short entry(>34.35 STOP / $18.94 Target) back below $20.  If breaks above $34.34, it will likely test its 50ma around the $37 area.  $18.93 still on the radar.