Nokia (NOK) Weekly: Nokia investors have experienced a very wild ride in a short period since the start of 2006. From a low near $16, Nokia rose to $40 per share in two years (though not exceeding is 2000 split-adjusted $55 high) and then has spent the better part of 2008 in virtually total free-fall….
The S&P 500 is striking a strange chord that will resolve eventually into a potentially large trend move – the question is “Which way will it move?” Let’s see this and look for clues. First, the S&P 500 Daily Chart: If you look at this structure, you likely see a powerful “sell” signal setting up…
Today’s the big day I’ve been studying almost two years to accomplish – the final examination in the Market Technicians Association’s Chartered Market Technician Exam track (Level 3 written essay exam) Wednesday afternoon. Wish me luck in this four hour essay exam that makes all aspects of Technical Analysis and Market Dynanamics (including psychology and…
Financial giant Goldman Sachs (GS) held its own relative to other large financial institutions who suffered worse or collapsed entirely. Although Goldman recently broke beneath $100 per share recently, it might be worth looking at this stock’s recent journey to see if we can glean any insights. Goldman Sachs (GS) Daily Chart: The daily chart…
Today, the S&P 500 (together with the Dow Jones, NASDAQ, and Russell 2000) made a new closing low not seen since roughly March 2003. Let’s take a quick look at this development on the monthly chart and look at a possible, simple Elliott Wave count interpretation. The S&P 500 Monthly Chart: Beyond getting deep in…
With technical analysis – the art of studying price and volume through visual charting and mathematical indicators – gaining momentum, I thought it would be prudent to take a moment to discuss the three underlying foundations of modern technical analysis and why they’re important. Let’s examine them: 1. Prices Move in Observable Trends Prices have…
With gold price movement confusing many traders, let’s pull the chart back to the monthly view to see if we can gain any insight from this higher time frame and note possible significant support under us. Gold Monthly Chart (normal scale): These charts are similar, so I’ll show them both and then discuss them. I…
What a week we just wound down. There was contraction in volatility and a possible triangle consolidation formation, but by Friday we had a lock-limit down move on the US Equity Index futures and the NASDAQ making fresh new 2008 closing lows. Let’s see these up close and personal. First, the S&P 500 Daily Chart…
For four hours this morning, the US Equity Index Futures markets went “lock limit down” after moving a predetermined move that automatically halts trading. Let’s see that overnight move on the charts and then compare what happened in the Crude Oil and Gold Futures Markets as well. S&P 500 “e-mini” Futures Contract: 15-minute overnight session:…
Ben at The Financial Ninja has kept a running monthly summary of various charts from the Federal Reserve that are absolutely worth viewing in full detail. His most recent post is entitled, “Really Scary Fed Charts [for] October – Now ‘Crazy’ Scary!“. Ben plots the Non-Borrowed Assets of Depository Institutions (hint – it’s very negative……