That’s a lot to say in one headline! In addition to a (so far) confirmed downside break of the bearish rising wedge on the S&P 500, an ominous Head and Shoulders pattern has now formed on the 60 minute structure. Let’s take a look at this new development. If there ever was a confluence sell…
Let’s take a quick mid-week look at the S&P 500 daily chart structure for April 22, 2009. While I’ve been making much of the “Bearish Rising Wedge” (which was broken to the downside on Monday), keep in mind that it still looks like we could be forming a “Rounded Reversal” on the Daily chart as…
It’s rare when all of you indicators point in the same direction, but when it does, a powerful trade can open up. I wanted to show you such a trade that just completed in the QQQQ: Real quick, price formed a 5-wave Elliott Wave fractal into the intraday highs, but more importantly, notice it did…
I wanted to point out a 5-wave Elliott structure and two bull flags that offered trading opportunities in today’s (April 21, 2009) intraday SPY structure. We started the day with a medium overnight gap which was quickly filled (small to medium gaps have greater odds of filling than large gaps), so that should have been…
I was excited to hear that Andrew Horowitz’s guest this week on his Disciplined Investor Podcast series was Jack Schwager, author of the famous “Market Wizards” interview books. When I first became interested in trading, I read both of Schwager’s books, which have become required reading now it seems – Market Wizards and his follow-up…
The movement of the VIX has been puzzling many people over the last few months, particularly in not confirming market lows with increased upward spikes. Let’s look at the current structure of the VIX and where we’ve come. Remember, the S&P (and other US Equity markets) hit new lows in October (2008), November, and March. …
The Energy ETF (XLE) has lagged the broader market, and now it has gapped down through all major support on its daily chart, which could be a bearish omen of things to come. Let’s take a closer look. Notice that the XLE failed to break above its February high like some other ETFs did (like…
I wanted to highlight the near perfect Elliott Wave structure that formed intraday on SDS (S&P 500 UltraShort), including a focus on trading opportunities and set-ups within the developing wave structure. (Click for larger image) First and second waves are notoriously difficult to predict or trade, but once you know what you’re looking for and…
Here’s the question on everyone’s mind – did the S&P 500 officially break out of its rising wedge pattern this morning? Let’s look. (Click for larger image) A quick look says “Yes,” but always keep a close eye on the risk, and the possibility that this break could be an insidious ‘bear trap.’ The trendlines…
India’s “Nifty 50” stock market index is coming into potential key overhead resistance on the weekly chart after an impressive rally to levels not seen since October 2008. Let’s see the structure and note prior bear market rallies. Nifty Weekly Chart: First, let’s note the technical structure. Price has broken above a down-trend line (not…