A Quick Look at the Major US Stock Indexes Nov 29
With the end of November just a day away, let’s take a quick look at the daily charts of the Dow Jones, NASDAQ, and S&P 500 US Stock Market indexes.
Gold’s Thanksgiving Crash and Friday Recovery
Along with the quick global market decline that occurred while the US was celebrating the Thanksgiving holiday, gold fell $60 in a span of about four hours, highlighting the potential risk of an overbought, overextended market. As of Friday morning, gold has regained most of those gains, but the sudden volatility was not a fun experience for most participants. Let’s see it on the overnight charts.
An Inside Look at the Thanksgiving Market Decline
If you didn’t check the US futures on Thanksgiving (what good trader wouldn’t do that?!), then you missed some sharp downside action, spurred by global shockwaves from Dubai’s proposal to postpone debt payments. Global Markets were open while the US Market was closed, and many of these overseas markets fell sharply on the US’s Thanksgiving holiday.
SPY Three Push Negative Divergence Intraday Nov 25
I wanted to show the morning “External” or “Lengthy” (multi-swing) negative Momentum and TICK divergence that preceded a mid-day retracement which served as an excellent low risk, high probability short-sale opportunity. Let’s see it on the 1-min SPY chart:
Gann Fan Chart Art of Dow Jones Nov 25
A reader asked me to create a chart of the “Gann Fan” structure, and I wanted to show that chart as one of my “Chart Art” series of posts. Let’s take a look at a 10 point Gann Fan originating from the 2007 high and also the 2009 low in the Dow Jones Index.
Interesting Convergence to Watch at 10,500 on Dow Jones
There’s an interesting convergence of two ‘advanced’ technical trading methods that show potential overhead resistance – or upcoming technical breakthrough – at the 10,500 on the Dow Jones Index – the upper trendline from an Andrew’s Pitchfork and the 100% Fibonacci Price Projection. Let’s see them both.
Mid-day Tight Triangle in SPY 1min Nov 24
I wanted to put up a quick mid-day update on the current market as of 1:45pm EST, showing a tight consolidation/triangle pattern that’s worth watching for a breakout play.
Free eBook on Using Fibonacci to Spot Turning Points
From now until November 30th, Elliott Wave International is offering part 1 (a 42 page PDF document) of their “How You Can Identify Turning Points Using Fibonacci” e-book. Chapters in the eBook include the following: Ch 1: The Golden Ratio and the Golden Spiral Ch 2: Fibonacci Ratios and Multiples Ch 3: Amplitude Relationships Ch…
A Different Look at Recent Breadth Divergences
Instead of looking at absolute breadth (advancers minus decliners) data, let’s smooth out that data with moving averages and take a look at the ‘bigger picture’ of recent breadth developments.
The Profit Magic of Recent Mondays
Over the weekend, I read an article at Phil’s Stock World written by Trader Mark entitled, “What the Heck is Going on with Mondays Lately? Always Up!” I initially had skepticism after reading about the recent tendency for Monday’s to be big up days, but after today’s action, I’m giving it a second look.