Are market internals confirming the recent breakout above 1,100 in the S&P 500? Let’s take a look: This morning’s update (July 26) shows the three key market internals – Breadth, TICK, and VOLD (Volume Difference of Breadth). What’s the message? We’re seeing a slow creep higher in price beyond the 1,100 “round number” resistance level…
In general, copper prices travel in the same direction as stock prices, as copper is an industrial metal that is sensitive to good or bad changes in the economy. As such, we can watch copper prices to see potential turns in the stock market. The S&P 500 is stuck under resistance at 1,100, just as…
I mentioned yesterday that the broad market equity indexes all face specific resistance overhead – which is still true as of noon on Friday. Check yesterday’s update for the specific levels to watch on the three US Equity indexes. However, I wanted to zoom-in not just on the overhead resistance level in the S&P 500,…
No matter what index a trader monitors activity, all three key US Equity Indexes are bumping up against critical resistance levels, where a break solidly above these levels would be a major game-changer to the short-term structure in place. Let’s take a moment to learn these levels on the three charts, and be prepared for…
Bloomberg published a critical report for anyone who has ever purchased a commodity ETF – especially the USO (Crude Oil) and UNG (Natural Gas). The article defines contango, shares real (shocking) experiences, and explains why these funds are not ideal for long-term investing due to the roll-over effect of commodity futures. The article – a…
Earnings from Yahoo (YHOO) disappointed investors this morning, sending shares down to the critical “Line in the Sand” support at the $14.00 per share level. Let’s pull back the perspective on YHOO’s stock to note the large-scale “Rounded Reversal” or arc pattern along with the key level to watch on the Weekly chart: First things…
Gold prices are testing a critical support price at the $1,170 level, which would be a key make-or-break level between bulls and bears. So far, we’re supporting off that level, so let’s see that “Line in the Sand” on the daily chart of gold futures: Above, we see the Daily Chart of gold with a…
It’s time for a mid-Monday afternoon check on the key Market Internals in the S&P 500, which are showing intraday strength as price forms a short-term symmetrical triangle. Let’s see the internals and price levels to watch: (Click for full-size image) Price fell sharply on Friday, and formed a new short-term swing low of 1,061…
I’m pleased to announce that I will be conducting a webinar training session hosted by Mirus Futures and Trader Kingdom entitled: “Trading Intraday Breakout Plays” at 3:30 CST / 4:30 EST this Wednesday after the market close on July 21. For full information, and to register free, visit the sign-up page via Trader Kingdom here….
Bank of America (BAC) shares fell sharply recently after releasing earnings on Friday. On Monday, shares crossed under the major Support “Line in the Sand” from the daily and weekly timeframe, so let’s take a quick look at that level and what to watch as investors grapple with the reality of a potential major breakdown…