Let’s take a quick look at something very interesting in the daily Andrews Pitchfork auto-trendline tool in the S&P 500. SPX Daily: Click for full-size image. This is the same Andrews Pitchfork trendline tool I’ve been showing in various updates on the blog and for members. Main idea? Starting the grid with the November 2008…
I’ve been pointing out to members of the Weekly Intermarket report that just prior to major market downturns, we have seen either a breakout in the TLT (20+ Year Bond Fund) or a strengthening in the fund while the SPY held up, just before a sharp fall. This is the third such instance in the…
I wanted to share a timely link from Rob Hanna at Quantifiable Edges entitled: “What a Very Weak TICK has led to in the Past.” I incorporate the TICK in almost every single intraday trade, but it’s nice to have quantified research to support your trading decisions. The post is actually from February 2010, as…
Though Intel INTC recently released much better than expected earnings, the stock fell from the initial enthusiastic price burst. The stock broke a very important trendline in a breakout formation, but is it a true breakout that will lead to higher prices… or a vicious bull trap? Let’s see the chart and the price levels…
While I usually post updates on the S&P 500 market internals, I thought it would be helpful to branch over to show the structure of NASDAQ-specific market internals on the tech index. Here is the current status of Market Internals on the NASDAQ Index: For background on why Market Internals are important and how to…
Like the levels to watch in the S&P 500, the Dow Jones has its own levels short-term traders must be watching. Let’s take a quick mid-day look at the overhead reference levels to watch on the Dow Jones index: The main idea is that price currently sits at a chart resistance cluster at the 10,400…
Apple Inc (AAPL) frequently receives a great deal of media attention on their recent iPhone and iPad gadgets. However, their stock has been stagnating in a trading range between$240 and $270 since May. There is a critical support area – particularly from the weekly chart – that traders should be keenly aware of, so let’s…
Rallying off positive earnings announcements, the S&P 500 hit the overhead confluence resistance price target this morning at 1,090, and the question now is “Will the resistance hold?” and “If not, where is the next pocket of overhead resistance to target?” Good questions! Let’s see the answers: As I’ve been showing to Idealized Trades members…
I received a request to update the analysis on the CRB Index and I realized it’s been quite some time since I posted a CRB update. Without further delay, let’s take an updated look at the weekly and daily CRB Index, a basket of commodities charted as a composite index. A quick glance shows us…
A standard mid-day check of market internals shows us a blatant negative divergence – this time with market internals turning negative as price clawed its way to a new swing high this morning. It’s a situation you certainly need to watch closely. Let’s take two perspectives of the SP500 Market Internals. First, the standard view:…