Wake Me Up When The Range Day Ends Market Update and Stock Scan March 27

Mar 27, 2015: 1:58 PM CST

Wait – was the market open today?  So far nothing’s happened.

I’m kidding but that’s not far from the truth as today has devolved into a low volatility tight range day.

Let’s dive inside the sector and stock action and get away from this boring price action in the S&P 500 index.

There’s not much to say about the sideways action which has taken the form of a triangle.

Don’t guess in which direction price will break; instead note the level and join the buyers/bulls on an upside break above 2,060 or the bears on a breakdown under 2,057. Continue Reading…

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VSpike Reversal Intraday Market Update and Focused Stock Scan

Mar 26, 2015: 12:44 PM CST

The selling pressure continued today yet a strong V-Spike Reversal off the 2,050 level may signal a short-term price bottom.

Let’s update our S&P 500 chart and highlight the strongest – and weakest – stocks on the session:

A slight positive divergence occurred on a V-Spike Price Reversal this morning off the 2,050 level, resulting in an “ABC” retracement toward 2,060.

We’re monitoring the 2,063 and 2,057 levels as a neutral pivot with a bearish “pro-trend” bias under 2,055 and a reversal bullish bias on a breakout above the 2,063 level (and 2,065).

Note the upside targets along with the downside retest – and likely break under 2,050 – should the intraday downtrend continue. Continue Reading…

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Biogen BIIB Shoots the Moon then Falls to Key Support Pivot

Mar 26, 2015: 12:11 PM CST

We saw an interesting price pattern in high-flying Biogen (BIIB) only to see a harsh pullback to the key pivot level.

Let’s note the “Shoot the Moon” rocket play – and return to orbit – to a key trading level on which to focus.

Biotechnology stocks in general have been market leaders, at least until this week’s sharp pullback.

Biogen (BIIB) remains a leading stock as evidenced from the strong bullish rally from the $300 per share December 2014 low to the overshoot high near $500 in March.

On the Daily Chart, I’m highlighting minor resistance pivots and the price breakouts and follow-through.

However, the “Shoot the Moon” breakout into open air above $430 per share went a bit too far and the result has been a sharp, impulsive crash-back to the gravity of the price and moving average pivot near $430 per share.

For quick reference, DO NOT buy a big breakout that results in a hanging doji or reversal candle, especially one followed the next day by a shooting star candle.

In an uptrend, price tends to rally through the upper Bollinger Band and then pullback (retrace) to rising moving averages such as the 20 day EMA (green). Continue Reading…

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Selloff Market Update and Trending Stock Scan March 25

Mar 25, 2015: 1:24 PM CST

We have a second sell-session in a row as the S&P 500 moves down from the 2,100 key level.

Let’s update our S&P 500 chart and highlight the strongest – and weakest – stocks on the session:

As the S&P 500 failed to hold the 2,100 level, an slow-moving avalanche of selling pressure (liquidation) crept the market lower.  Today’s session sees the avalanche moving quicker mid-day into the current 2,070 pivot level.

We’re using 2,070 – the 61.8% Fibonacci Retracement (not drawn) – as our intraday potential reversal pivot.

The market would be intraday bullish above the 2,075 level and continuation/breakdown bearish under 2,070. Continue Reading…

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Repeat Bullish Pattern in Twitter TWTR Calls for New Highs

Mar 24, 2015: 10:14 AM CST

Twitter (TWTR) is back in the news with a bullish breakout and a strong recent rally.

There’s an important pattern in price, momentum, and volume aligning that suggest even higher price highs are more likely to come in the near-term future.

Let’s see the pattern and chart the levels in the relatively new stock Twitter (TWTR):

Before viewing the current action, let’s study the late July 2014 alignment and compare it to what’s happening now.

Twitter rallied up off an inflection/reversal low near $32.00 per share to break into a new daily chart uptrend.

Pay particular attention to the yellow highlight which reveals…

  • A GAP in price and new breakout high
  • A New Momentum (Oscillator) High
  • A Large Spike in Bullish/Buy Volume

Taken together, the alignment of a new breakout price high when confirmed with momentum and bullish volume all suggest that higher price highs are yet to come after a pullback (retracement). Continue Reading…

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