Weekly 3LB Update for week ending 2/5/10

Weekly 3LB update (week ending 2/5/09)
a new high or low will change the reversal price and the midpoint

SPX -new low & now trending (also trading below monthly 3LB mid)
trend=down
rev= 1126.48; mid= 1096.32



Dow Jones -new low & now trending (also trading below monthly 3LB mid)
trend=down
rev= 10520.10; mid= 10266.17



Nasdaq Comp -new low
trend=no; direction=down (2 bars)
rev= 2317.17; mid= 2229.15




DXY -new high (also closed above 55 & 89 SMA)
trend=up
rev= 77.86; mid= 79.15




Gold -new low & now trending (also trading below monthly 3LB mid)
trend=down
rev= 1146.80; mid= 1099.50



VIX -no change (closed above monthly 3LB reversal price)
trend=no; direction=up (1 bar)
rev= 17.91; mid= 22.61




WTI Crude Oil -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 82.75; mid= 76.97




Sugar #11 -new low & WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 29.90; mid= 28.04





10 Year -no change
trend=no; direction=down (2 bars)
rev= 38.62; mid= 35.37

30 Year -no change
trend=no; direction=up (2 bars)
rev= 40.11; mid= 43.53

SLV -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 18.22; mid= 16.56

BAC -no change (almost had a new low)
trend=down
rev= 17.46; mid= 16.02

AXP -no change
trend=no; direction=down (2 bars)
rev= 42.39; mid= 40.03

AMZN -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 138.47; mid= 127.93


M -no change
trend=no; direction=down (2 bars)
rev= 19.82; mid= 17.70


XLF -new low & confirmation week...finally after 13 weeks
trend=no; direction=down (2 bars)
rev= 15.24; mid=14.59


BKX -no change
trend=no; direction=down (1 bar for 14 weeks)
rev= 47.69, mid= 44.96


Powershares USD Bull (UUP) -new high
trend=up
rev=23.03; mid=23.34

Goldman Sachs -no change
trend=down
rev= 164.16; mid= 156.44

TLT -no change
trend=no; direction=down (2 bars)
rev= 99.01; mid= 94.15

Apple Computer -no change
trend=no; direction=down (2 bars)
rev= 211.98; mid= 202.02

DXY Fibonacci Levels (Major and Minor)

This is a quick look at the dollar with what I call major and minor fibonacci levels. The major levels use the usual fibonacci levels while the minor uses the same levels divided by 10. Fibonacci works on all levels so this is similar to "waves within waves".

Dollar has a monthly 3LB reversal

DXY
Monthly 3LB reversals are major in the dollar because the direction change is good for a few months or longer. Just a FYI.







UPDATE: Added monthly S&P chart and info

The S&P is approaching the midpoint of its monthly 3LB reversal price. Closing below the midpoint price usually indicates that sentiment has changed. This weighs more heavily than weekly midpoint breaks.