S&P 500 mini Futures (180 min.

)
(Z) We were looking for some resistance into the 1125 to 1129 zone. What we’re seeing doesn’t classify as a
“c” “reversal,” but the market is respecting this area as buying pressure has slowed down. The -y- structure from
1084.5 is very difficult to categorize at this point. It’s NOT an impulsive move--that’s all I know for sure. Which
means that it must be a correction of some kind. It resembles one of those “unorthodox” diametric (bowtie)
patterns that we’ve discussed before. I’m looking for some sort of reversal lower within the next 24 hours.

-y-
1129
-w-
(c)
[5]
All of this previous support 1113
should now be considered
resistance: 11251129 [3]
(b)

[4]
(a)
[1] 1084.5
(c)
[2] -x-
The move lower from the highs was clearly
“corrective” in nature and not an “impulse.” (a)
Can you legitimately see five waves down
from the peak?

(b)

Many people are attempting to call the move up from 1440.5 an “impulse,”
but it’s very difficult to make that case because of how the move began.
1440.5 The mess of corrective congestion that kicked it off does not fit as a 1-2
a

Andy’s Technical Commentary__________________________________________________________________________________________________

 Dollar Index (Daily)
This feels like a “triangle” in
development.
One of the things that has surprise me this year is how “persistent”
sentiment can remain stuck either bullish or bearish with respect to
currencies. Remember in the final weeks of the Dollar move (dashed -a-
y -c-?
z of “d”
blue box) how extremely bearish sentiment was? And yet, that market
kept “grinding” lower. In similar way, sentiment and bullish bets on the
-g-
80.68
Dollar are extremely high, but the DXY continues to congest/grind
higher.

-b-?
-e- 79.53
KEY SUPPORT
w -c- x2
-c-
-f-

-d-
-a-

-b-
76.60
-a-
x1
-b-

My target has been 81.70 for a 61.8% of “b” = “d”. When the market was
rushing higher a few weeks ago, I thought it would slice through that level
easily. It’s difficult to know exactly where this “d” wave might end, but it has
certainly SLOWED way down in front of the 81.70 objective. In terms of
duration, this wave “should” last a few more weeks.

Andy’s Technical Commentary__________________________________________________________________________________________________

 Copper - 60 Minute

There’s a lesson to be learned from this chart. Sometimes

you don’t need to know much about Wave Analysis or
technicals in order to make a “call.” Yesterday we identified
the move down as “corrective” and were dealing with a
perfect “gap fill” accompanied by a bullish candle at the
bottom. One didn’t need to be a rocket scientist to realize a
bounce was coming….

Where we go from here is anyone’s guess--an 8.8

Earthquake in a major producing center will “disrupt” the
short/medium term wave count a little bit.

Andy’s Technical Commentary__________________________________________________________________________________________________

 Copper - 60 Minute

Yesterday’s market action was a bit of a disappointment for both bears and bulls.
The bulls had to have that sinking feeling facing a shooting star top on the daily
candles AFTER a major supply disruption. Bears are disappointed with the
“corrective’ move lower that merely “filled the gap.” The market ended up holding
It looks like we get another push higher
the important support point that we identified yesterday at $3.28.

GAPS Get Filled

REPRINTED 3/2/10

Andy’s Technical Commentary__________________________________________________________________________________________________

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