September 11 Midday Market Update and Stock Scan

Sep 11, 2014: 12:38 PM CST

What levels remain important for the S&P 500, what does Breadth suggest about today’s price action, and which stocks are our pro-trending candidates of this important session?

Let’s start with the S&P 500 and pinpoint the trend and key levels for planning:

The 1,997 level – which is roughly the 50% Fibonacci Retracement as drawn – served as yesterday’s resistance high and price fell just shy of testing this level again during today’s session (so far).

We’ll thus continue reference the 1,995 and 1,997 short-term resistance level as the key pivot for today’s session.

We’re bearish under this level as price continues to fall down away from this level to continue the intraday downtrend already in motion.

Continue Reading…

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Market Update and Stock Scan for September 10

Sep 10, 2014: 1:36 PM CST

The S&P 500 is downtrending on the intraday frame and pulling back from a resistance target near 2,010, but we have a key pivot point that will determine whether we’ll be bulls or bears for the next few sessions.

Let’s take a look at the charts, breadth, and highlight our trending stocks of the day.

In simplest terms, the S&P 500 is “Bullish for a Breakout” above the current trendline resistance into 1,995 and is otherwise “Bearish for Trend Continuity” under the 1,995 pivot.

We’ll focus our attention on this level during today’s session and beyond.

We do note a lengthy positive Momentum and TICK Divergence that undercut today’s low near 1,985 and the subsequent bullish impulse (power-swing higher) that may develop into a larger intraday reversal with a break above the prior high above 1,995.

Continue to reference the 1,995 level as your key inflection pivot. Continue Reading…

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The Course of Crude Oil Never Did Run Smooth

Sep 10, 2014: 11:35 AM CST

If you’re a trader or follower of crude oil, you’ve noticed the increased volatility and intraday gaps with reversals over the last few sessions.

Let’s take a look at what’s happened and where we are now in the market (the lessons goes beyond crude oil).

We’ll start with the transition from “stable” to “unstable”:

Before we discuss Crude Oil, take a look at prior “stable to unstable” educational posts including the following:

Market Internals Turn Unstable to Start October

S&P 500 Structure Moves from Stability to Instability

A Lesson on Silver, Stability, and the Sell-off

Three Quick Indicators to Measure Volatility

With Crude Oil, we can view our prior update with respect to the successful (yet smaller) “Rounded Reversal.”

Positive Divergences and a “Rounded Reversal” price pattern successfully led to a retest of the prior price high as oil moved up from the $93.00 level toward the initial target into $96.00. Continue Reading…

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New Video and Tuesday Training Webinar with John Carter on Beating the Market Makers

Sep 8, 2014: 5:02 PM CST

As a follow-up from his earlier document “Understanding Options,” John Carter released a new video for you and will be hosting a special webinar this Tuesday to continue the free education.

Be sure to join John this Tuesday, September 9th when he presents his special webinar:

How to Beat the Market Makers by Using Weekly Options

In addition to the webinar, John is also offering the trading community a free educational video that is a much-shortened version of his upcoming webinar.

It’s entitled “What the Market Makers DON’T Want You to Know” and it’s still available for you to view.

Even if you’ve never considered weekly options as part of your trading program or plan – and I’m assuming most of us have not – it will still be worth your time to learn additional information about this trading vehicle and opportunity to see if it could be a welcome addition to your trading activities.

I’m a long-time colleague and affiliate of John Carter’s work and always enjoy his simple style and quality education he presents frequently to the trading community.

Thanks again John for this information!

Corey

Continue Reading…

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September 8 Market Update and Trending Stock Scan

Sep 8, 2014: 2:47 PM CST

As we wind down our first trading session of the week, let’s take a look at the message from our Sector Breadth Chart and highlight trending stocks of the day that may continue to trend into the next session.

We’ll start with our perspective on Sector Breadth:

We see another mixed picture of Sector Breadth which is to be expected on today’s Range/Reversal session.

Our strongest two sectors are Health Care (traditionally ‘defensive’) and Technology (‘offensive) with the weakest two sectors being Energy and Utilities.

The remaining sectors are still bearish with roughly 25% of stocks trading higher mid-day but we’re interested in the relative strength of the sectors, not the absolute values. Continue Reading…

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