Thank you to all who request analysis on India’s “Nifty 50” stock index. Here’s the latest quick update on both the weekly and daily frame. Even for those who don’t follow the Nifty, you can learn insights from my presentation of two weekly and daily Fibonacci retracement examples.
Potash (POT) was a major “go-go” stock of 2007 and part of 2008 as it helped investors ride up the commodity market ‘boom,’ but the crash was severe in the latter part of 2008, erasing almost all of the prior gains.
We’ve rallied sharply in 2009, but as you’ll see from the chart, the recent 70% rally from the late 2008 lows into the June 2009 highs was only able to reach the 38.2% Fibonacci retracement price of the entire down-move, which provided major resistance there. Let’s take a look at both of these examples.
I wanted to call your attention to an ‘arc’ formation that is completing in Apple (AAPL) stock at the fresh 2009 highs. Let’s take a look.
I wanted to show a mid-afternoon “Best Trade” idea in the market today, which highlighted an internal TICK divergence with a momentum divergence as price filled the morning gap into the resistance area of Friday’s close. Let’s see it:
Exxon-Mobile (XOM) is forming a large-scale contracting (symmetrical) triangle pattern on the daily and weekly chart that you might want to examine further. Let’s take a quick look:
Sunday afternoon brings us another update from the “Editor’s Picks” from the NewsFlashr Business Blog section: Dr. Steenbarger of Trader Feed shares a few thoughts on the Dynamics of Trading Success for us. In the post, he links to a prior helpful article entitled “What Makes an Expert?” Andrew Horowitz of the Disciplined Investor anticipates…
With the monthly “Jobs Report” coming in better than expected (the unemployment rate actually DECLINED in July, when the consensus was for an increase of anywhere from 0.1% to 0.3%), the market pushed higher from the open into what resembled a Trend Day. However, by mid-day, the S&P 500 challenged overhead resistance and a “Three Push” negative divergence pattern (as well as an Elliott Wave fractal) formed at the highs. Let’s take a quick look.
I wanted to do a quick update on the broader technical structure of the S&P 500 in advance of Friday morning’s potentially market moving “Jobs” report. Let’s take a look:
Adam Hewison released another 4-minute quick video update on the recent ‘bullish strength’ in the Gold Market boldly entitled “Has the Gold Bull Finally Arrived?”
A reader brought to my attention from my last “Chart Art Arc” post on Intel (INTC) that price also reflects a large-scale 50% Fibonacci Retracement. He’s right, but I also wanted to show a second important Fibonacci Confluence at the $20.00 price level that also adds an interesting twist to the price chart. Let’s take a look: