Happy Holidays! Here are this week’s “holiday” and “end-of-year” version of the NewsFlashr Business Blog Editor’s Picks: 1. Dr. Steenbarger of Trader Feed highlighted “Why Quiet Markets Reveal the Best Traders.” ” It’s the [traders]who adapt their tactics to market conditions that survive over the long haul.” 2. From Darwin’s Finance, a timely post (a…
Let’s take a holiday look at the current 60 minute chart of the SPY – the S&P 500 ETF to see a new upward sloping range along with volume and momentum insights.
Following-up from my prior post “Knock, Knock, Knocking on Fibonacci’s Door,” I wanted to post a quick update on the current intraday S&P 500 Index chart to see just how important this level is and how buyers and sellers are playing ‘chicken’ at this level. Who will be the first to … crack?
To quote an old song by Bob Dylan, the S&P 500 is “Knock, Knock, Knocking on Fibonacci’s Door,” … meaning the intraday S&P 500 keeps bumping against this critical level of resistance that marks a key turning point between Bull and Bear. Let’s take a closer look.
If you’ve been trading or following Baidu (BID) lately, then you know how much price (and investors) have been on a roller coaster lately! Let’s get a quick update on BIDU and view the recent recovery which is now being eroded in what could be shaping up to be the colorfully termed “Dead Cat Bounce” pattern.
Per a reader’s comment, I wanted to show a quick reference grid of the NASDAQ Index stretching back to the 2000 peak above 5,000 and show three dominant Fibonacci Grids to watch as price moves into the future.
Let’s see the 10-year grid, starting with the 2000 high and stretching to the 2002 low.
The XLK Technology Sector SPDR is making fresh new 2009 price highs above the prior ‘range resistance’ boundary area, and that is a bullish sign for the broader market. Let’s take a quick look at the daily and weekly chart of the XLK.
“The more things change, the more things stay the same…” or so it seems since mid-November to mid-December in the SPY and S&P 500 and broader US Equity Market.
Let’s take a ‘pure price’ look at the current trading range as seen on the 60-min chart.
Potash (POT) is a stock I like to follow, mainly because it received so much attention as it rallied non-stop (almost) from 2006 at $30 per share to the mid-October 2008 peak of $240. The stock is well-beneath these lows now, but it looked like the stock was coming back to life.
The recent downswing last Thursday and Friday brought that into question. Let’s take a look at Potash’s weekly and daily chart and note key levels to watch going forward.
With a major trend shift potentially occurring in both the US Dollar Index and the Euro Index – both inversely correlated – let’s take a look at both of these currency indexes and observe their multi-month positive momentum divergences along with a likely Elliott Wave count.