With multi-swing divergences happening in the US Stock Market, what is the similar picture like on the inversely correlated US Dollar Index? As it stands now, it’s bullish but in its earliest stages of potential life. Let’s take a look and learn a quick lesson in confirmation via a simple inter-market cross-check. The US Dollar: …
I posted yesterday about the precarious internal situation regarding market internal and momentum divergences at the key major resistance level 1,300. Today the divergences ultimately mattered and the market snapped-back like a rubber band early in the trading session, after slipping up into one of the most vicious bull traps in a while. Let’s take…
If you’re an active trader, no doubt you’re on the edge of your trading chair trying to figure out if the S&P 500 is going to breakout through the key 1,300 level today, tomorrow, or alternately retrace deeper from here. Let’s take a quick “Step-Inside” analysis of the intraday price and compare it to signals…
With NetFlix announcing better than expected earnings after the bell Wednesday, I thought it was a good time to take a quick look at the recent history and current structure (reference levels) as seen on the daily chart for clues about what to expect next. Here’s Netflix (NFLX) daily chart (not including post-market gap to…
Exxon-Mobile (XOM) has been one of the strongest performers in the Dow Jones index lately, and the rise correlates in part to the QE2 stimulus effects, giving us a great lesson in both charting breakouts and “stock-specific” narratives, or even broader market narratives. Let’s start with the monthly chart and then drill down to the…
During major market moves, and at potential market turning points, it’s often helpful to look at the ratio between the “offensive” Consumer Discretionary/Retail and the “defensive” Consumer Staples sectors. Let’s take a look at the current ratio in relation to the S&P 500’s big recent run, and then look individually at the daily charts of…
I’m a huge fan of comparing the S&P 500 with the NYSE TICK (and Breadth, VOLD internals along with volume and momentum) for confirmations and non-confirmations (divergences) as tools to get a better sense of trend strength and possible opportunities to play within that developing structure. Just like the S&P 500, the TICK has an…
For the quick-reflexed traders among us, here is a current intraday update of the state of the SP500 5-min chart when compared with declining breadth/internals and the competing rising price trendlines to use as a reference for potential future trade set-ups. Let’s see it: Keep in mind the Higher Timeframe structural reference level at 1,300…
The US Equity Markets now face a critical test of weekly chart price levels that stretch back to mid-2008… or a surprising level on the NASDAQ weekly index. You might be very surprised at the level the NASDAQ has reached if you focus most of your attention on the Dow or S&P 500. Let’s take…
I wanted to give a quick chart-based update to my prior post this week “Key Daily and Weekly Price Level to Watch in Gold GLD” which goes into a bit more detail than this quick update. It’s rare to have such a major commodity ‘hanging out’ at such a critical key level from the technical…