SP500 In the Sky with Diamonds

Nov 18, 2014: 2:03 AM CST

I couldn’t resist the catchy headline to demonstrate the mini-Diamond Pattern forming in the S&P 500.

Let’s take a look and chart a possible course for this developing pattern:

Diamonds are relatively rare consolidation or contraction patterns that represent balance in price.

At the moment, the “Balance Price” is the 2,036 level which reflects the black diagonal line in the pattern.

The green line represents the vertical distance as the “Diamond” or Kite pattern expands and contracts about the 2,036 level. Continue Reading…

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A Broader Triple Timeframe Glance at Apple AAPL to Plan

Nov 17, 2014: 11:24 AM CST

Apple (AAPL) shares continue to enjoy their bull-run and new all-time highs, but what does the Monthly and Weekly chart suggest about additional upside action?

Let’s take a broader “Triple Timeframe” chart view of this stellar stock and note a key price level target to watch – and plan.

Here’s our Big Monthly Chart:

Keep in mind, Apple split 7-for-1 July 2014 so the price peak into $100 per share during 2010 in real time was $700 per share.

Nevertheless, the price patterns and trend remains the same regardless of the actual price level.

Very, very few trends progress (move) straight up or straight down; instead, they move with pullbacks and retracements along the way higher. Continue Reading…

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Bull Trap Intraday Reversal Market Update and Power Trending Stock Scan Nov 13

Nov 13, 2014: 2:44 PM CST

Wow – well that was certainly interesting.

Stocks continued their short-squeezed march higher but stumbled on divergences and an intraday reversal shy of the 2,050 target.

Let’s update our charts and highlight some strong trending stocks for potential candidates to trade:

The trading range developed between the 2,040 level and the 2,035 support (with minor spikes outside it) and we saw this morning attempt a breakout higher as we’ve seen many times in the past.

However, this time bears rebuffed bullish efforts and swiped the market lower, resulting in a short-sell opportunity under 2,040 (the re-entry into the range) and then on the break under 2,035’s support.

Our focus will be the 2,030 intraday support low as our ongoing pivot for the remainder of the trading day.

Continue Reading…

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About those Support Levels in Crude Oil…

Nov 13, 2014: 2:20 PM CST

Crude Oil traders have found it impossible to call a bottom (reversal) in the sharp decline in Crude Oil prices.

Admittedly I’ve fallen victim to trying to call that elusive bottom in this strong collapsing market but so far it’s not been the case that oil has bounced for anything but a small retracement against the ongoing tide of selling pressure.

The first thing we learn when we study technical analysis is how important it is to start with the trend and study it.

Trends – once established – have greater odds of continuing than of reversing.

That’s core principle #1 and Oil continues to show why trends – even on short timeframes – are important places from which to build trading strategies. Continue Reading…

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Nov 12 Update and Stock Scan Down from the Highs

Nov 12, 2014: 1:35 PM CST

“And now, for something a little different.”

Stocks have traded sideways into the 2,040 S&P 500 level and we can define a short-term range for our trade plans.

Note this morning’s market update on the magic of the 2,040 level and how we’re planning around it.

Here’s our updated levels as the S&P trades through all-time highs:

Our short-term reference levels include the 2,032 price support (double bottom today) along with the 2,040 resistance in the S&P 500.

We’re simply pro-trend breakout (short-squeeze) bullish on an impulse above 2,040… bearish for a possible breakdown (short-term reversal plays) under 2,030, and neutral to trade “ping-pong” between this 8 to 10 point range.

Continue Reading…

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