Gold prices always keep investors on a bumpy ride, though the ride has at some points been straight up.
Let’s take a quick look at the interesting arc pattern – curved trendlines basically – that gold prices are forming and where we stand within that pattern.
Financial companies caught a strong bid this morning, rallying sharply despite news that Congress (the US Senate) cleared a hurdle to approving the Financial Regulation Bill.
Chart-wise, leading stocks like Goldman Sachs (GS) and JP Morgan-Chase (JPM) were at absolute “make or break” support levels… and so far, they’ve held. Let’s see them.
Despite all the volatility in the stock market, crude oil has been falling almost in a straight line, and a lot of people are unaware of this major sell-off in such a major commodity.
Let’s take two perspectives, focusing on divergences, of the entire rally phase and the current range breakout to the downside.
Very interesting developments occurred on the major US Equity Indexes this morning – let’s take a quick fly-by overview of the Dow, NASDAQ, and SP500 to see what happened and what levels to watch next. First, the Dow Jones Daily: This morning, the Dow Jones Index, which is watched by many retail investors and TV…
It’s unusual when a major market ETF will form such a lengthy (intraday, that is) parallel trend channel that lasts a full day or more, but that’s what’s happening now in the SPY. Let’s take a look and if you’re an intraday trader (of futures, options, leveraged ETFs, etc), it might be helpful to draw…
The S&P 500 faces another important test of support here at the 1,100 level, so it will be key to watch what happens here.
I was glancing over the monthly charts of leading stocks and found an interesting volume trend in Microsoft (MSFT) over the years that’s worth mentioning.
I posted yesterday about the importance of the $70.00 level as a “Line in the Sand” Support area for Crude Oil. Yesterday, price tested and – so far – held that level, developing a triple-swing positive momentum divergence along with a classic “Finger” Trade set-up/resolution. Let’s see those and the current intraday oil chart: Reference…
Friday’s action concluded with multi-swing positive momentum and internal (TICK) divergences, which forecast the likelihood of a retracement that was expected early in the week… but it looks like we’ve already had the expected – smaller than usual – and now the prevailing downtrend continues.
If you’ve been focusing your attention last week on the volatility in the stock market, you may have missed the sharp sell-off in crude oil.
With half the month behind us, Crude Oil prices are down $12.50 (14.50%) for the month of May.