The US Dollar Index is on the balance of a precipice, the resolution of which will determine its short-term structure. Right now, the Dollar Index has formed and now retraced back into the Cradle Crossover Zone. Let’s see all this on the Daily Chart: Until recently, the Dollar was in a strong uptrend, which was…
Last week, the S&P 500 rallied into a Fibonacci Confluence zone which was met with resistance. At present, this zone is proving to be a significant resistance zone which halted the recent strong rally. Let’s see this confluence resistance zone on the daily chart. The main take-away is the following: Drawing off the significant recent…
Can we count out a full five-wave structure on China’s Shanghai Index? Let’s take a close look at the index which has shown strength recently and may be on pace to etch out fresh 2009 highs. I’ve started the chart at the October peak (which corresponds with the US S&P 500) and noted a quick…
India’s Nifty Index (as well as the $BSE Bombay Sensex Index) showed great strength in its recent price swing from 2,500 to 3,100 over the last two weeks. Let’s look at the Nifty Daily Chart to see its current consolidation structure and note key points to watch. Click for full image. I’m sidestepping the Elliott…
Goldman Sachs (GS) has been on many trader’s radars because it has shown relative strength over the Financial Sector (XLF) and the broader S&P 500 since its November lows. Let’s take a look at GS on the weekly chart (using two possible Elliott Wave Counts) and then at the Daily Chart, where we see a…
As a slight continuation of last night’s “Elliott Wave” update post, let’s look at the hourly (60m) chart of the S&P 500 from the beginning of 2009 until present (mid-day Friday, March 27) with a special look at divergences, moving average structure, and fractal Elliott Waves. (Click for larger image) The year began with a…
I just updated the Editor’s Picks section for NewsFlashr Business Blogs and wanted to share my updates here with readers. What does it mean to sustain ‘engagement’ in the Markets? Dr. Steenbarger of TraderFeed addresses this question in his post “The Challenge of Market Engagement.” In addition, Dr. Steenbarger’s new book “The Trading Coach 101…
On my end-of-day summary of the ‘idealized’ intraday trades (a practice or journal I encourage all day traders to keep), I noticed something interesting – the intraday SPY (and DIA) high and low of March 25th formed on momentum and NYSE TICK Divergences. I thought I’d focus this post on those TICK divergences. SPY 5-min:…
You might ask “How can that be possible?” The XLF Financial ETF is down roughly 30% year to date, but the SKF (as of March 24), which is the double inverse (short) leveraged Financial ETF… which you would think would also be up 60%… is also negative: down 3%. Let’s see the performance year-to-date up…
They’ve finally upgraded their charts! After a lengthy development phase, the Market Club service has upgraded their charting program and added some really interesting and amazing features. The charts are more interactive, more visually appealing, display multi-timeframe ‘trade triangle signals,’ display the rating “box” on the charts, and … the charts actually speak to you!…