This is something I haven’t heard anywhere else yet – with everyone focused on the S&P 500 Head and Shoulders, people have let this fact slip them by: The NASDAQ Index is coming into confluence resistance via the 200 month SMA and the 38.2% Fibonacci Retracement. Let’s take a look:
The fall in Crude Oil from the recent $73 highs has been relentless! We’re down again Friday morning before market open – let’s take a look at the 30-minute internal structure to see what’s going on and what might be in the cards.
I wanted to show a chart of some of the better trading opportunities that presented themselves during today’s intraday trading, so as to serve as a reference to see more examples of these trades and patterns. Here’s today’s structure (Rounded Reversal) that offered a limited number of good set-ups.
Adam Hewison released an update on the Crude Oil market yesterday which roughly squares with my analysis, particularly in my recent post “Has a Top Formed in Crude Oil?”. I wanted to show you Adam’s video which uses a couple of extra tools and provides it in video format.
What a day! Today officially ended as a “Rounded Reversal” or Failed Trend Day Down, but I wanted to take a moment to highlight the numerous TICK and Momentum divergences and also show how overlaying basic Elliott Waves can help you in your intraday trading strategies. This is one chart from today’s “Idealzied Trades” Daily Summary/Trading Reports.
I wanted to do a quick update and highlight the 60-minute SP500 intraday chart from the March lows to the June highs and overlay four Fibonacci grids over this move to uncover the hidden confluence zones. Doing so allows us to see why the recent break beneath 880 could be significant.
Today’s price action held a lot of lessons for apt traders – let’s take a look at the SPY (US Market proxy) and the intraday chart to see what quick lessons we can learn from today’s price action – technically a Trend Day Down.
We’re seeing a very similar situation in IBM’s Weekly and Daily charts that I highlighted in a prior post on RIMM (RIMM: Bullish or Bearish? Depends on Your Timeframe).
If you look in isolation at IBM’s Daily chart, you might want to get aggressively short right here right now thanks to a breakdown of support; however, if you look only at IBM’s weekly chart, you might want to get aggressively bullish thanks to confluence support. What does a trader do? Let’s take a look.
In yet another example of how an intraday low in the SPY (and other major market ETFs) are formed either on distinct momentum or TICK divergences (or both!), the intraday price action of SPY gives us yet another crystal clear example of this trading opportunity. Let’s learn from it.
The following charts are taken from my new weekly “Intermarket Technical Report,” which goes into greater detail in discussing the current and potential future price structure for crude oil. For now, let’s take a look at the Monthly and Weekly timeframe charts to see EMA and Fibonacci confluence resistance overhead.