Dec 9 Gap into Support Update and Stock Scan

Dec 9, 2014: 1:46 PM CST

Even though we’re seeing the widely expected and highly logical pullback, buyers continue to show their strength with another intraday V-Spike Reversal.

Let’s update our levels and highlight the strongest trending stocks to trade for the moment:

The widely (negatively) divergent market couldn’t sustain the thin-air highs any longer and retraced sharply lower toward the initial support target near 2,050 then 2,035 as highlighted.

Buyers swooped in to prevent additional selling, thrusting the market up off the 2,045 prior pivot zone.

We’re back above 2,050 which will be the focal point to develop a trading range (2,040 to 2,050).

Look to be bullish above 2,050 and otherwise cautious under this level.

The deterioration in breadth – and new indicator lows – do suggest that further price lows are likely under 2,035.

Continue Reading…

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Charting the Strongest and Weakest Sectors XLF and XLE

Dec 8, 2014: 4:37 PM CST

A longer-term comparison reveals the current strongest sectors and weakest sector for trade and position planning.

Let’s see these weekly charts and highlight key levels to watch for additional opportunities:

Depending on how you measure relative strength, you’ll find that the Financial (XLF), Technology (XLK), Staples (XLP), and Health Care (XLV) sectors all show steady uptrends with price impulsing to new highs. Continue Reading…

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Dec 5 Stock Scan and New High Market Update

Dec 5, 2014: 1:48 PM CST

Can this market actually go down?

No.  It can’t.  Absolutely not.  A sell swing would be silly.

I’m being sarcastic of course, though it doesn’t feel far from the truth!

Buyers swooped in to thrust the market higher, building on yesterday’s two V-Spike intervention reversals.

Let’s update our levels and highlight the strongest trending stocks to trade for the moment:

Building on the strong Jobs Report, buyers put more money to work and sellers (bears) bought-back to cover more losing positions, resulting in another new all-time high for the Dow Jones and S&P 500.

So far, price is declining (at the moment) from the 2,080 level and we’ll focus our attention on 2,075 for now as the intraday pivot.

Continue Reading…

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Watch these Key Levels for Trading the Breakdown in WYNN

Dec 5, 2014: 12:44 PM CST

If you’re trading WYNN stock or considering it – or just want to learn a neat real-time lesson as price breaks lower – then take a moment to view the current trend, charts, and levels.

We’ll start with the broader picture trend on the Monthly Frame:

Just based on monthly closing highs, the key simple level on the Monthly Chart is the current $160 per share shelf.

However, the rising 50 week EMA intersects $150 as a likely downside target should the price floor fail.

Notice the two prior sell-swings (2007’s reversal and 2011’s pullback) and compare the current retracement. Continue Reading…

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December 4 VSpike Reversal Intraday Update and Scan

Dec 4, 2014: 1:54 PM CST

Can this market actually go down?  It seems like the answer is no – at least not for long.

Buyers swooped in once again to thrust the market higher on the hint of a possible decline in the market, using the retracement as a knee-jerk reaction to buy.

Let’s update our levels and highlight the strongest trending stocks to trade for the moment:

The morning retracement was reversed violently – another “V-Spike” Pattern – off the 2,063 level and the index short-squeezed its way to another all-time high.

Our pivot point continues to be the 2,075 level where the market is “ignore it all” breakout bullish (short-squeeze) above 2,076 and otherwise cautious as price fills out the range between the 2,063 and 2,075 level.

Stay with price and avoid bias and expectations in this market environment.

Continue Reading…

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