Bouncing Range Market Update and Scan for Oct 20

Oct 20, 2014: 1:06 PM CST

With a narrow bounce continuing to drive the market into a known resistance cluster, let’s view the key levels, highlight the trending stock candidates, and update our S&P 500 chart as we start the week of October 20th.

Here’s our S&P 500 update and trending stock scan for the day:

Again we watch the 1,900 confluence which represents a “Round Number” level with the 38.2% Fibonacci Retracement as drawn, along with the important 200 day Simple Moving Average near 1,905.

The market is simply “Breakout Bullish” to reverse the intraday downtrend via V-Spike Intervention Reversal or else bearish into resistance should price instead move down against the 1,900 cluster.

Continue Reading…

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Netflix NFLX Pushing into Gap after Big Drop

Oct 20, 2014: 11:25 AM CST

Netflix shares (NFLX) suffered a large news-based drop last week that took price all the way down to a key monthly support target.

Let’s take a look at a potential buy opportunity as shares push into the gap or “open air” created from the plunge.

From last week, we saw a gap down into the $330 level on very high volume as buyers swooped into purchase shares at a deep discount to the prior $440 to $490 range from June to present.

The opportunity now is to play aggressively (buying shares) into the movement higher as price completes at least a partial fill of the gap from an oversold bounce. Continue Reading…

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Rally Report and Market Update for October 17

Oct 17, 2014: 1:17 PM CST

Price today continued its recovery rally into resistance (see this morning’s update for targets) and now we pause mid-day to check key key levels and highlight the top trending stocks of the session.

Here’s our S&P 500 update and trending stock scan for the day:

Our focal point turns to the underside of 1,900 which is where the market peaked and reversed today (1,898).

We’ll be cautious under this area as price continues to pull back.

Note the lengthy negative TICK (and momentum) Divergences into the underside of 1,900.  This further suggested a sell-off was likely.

Continue Reading…

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Surging Toward the 200 day SMA Target

Oct 17, 2014: 11:26 AM CST

As was generally expected, the market retraced higher after several down-days in a row took price to a key monthly support level (1,825).

Let’s look at the current S&P 500 and Dow Jones charts and highlight the surge back to the underside of the broken 200 day SMA:

On the breakdown under the confluence of the 200 day SMA and the August price low with the 1,900 “Round Number,” the S&P 500 collapsed into a vacuum of buying until bulls supported the market aggressively off the 1,825 target.

Now, we see a logical bullish price pathway surging higher toward the underside of the 200 day SMA and this same confluence.

It should be our focus for planning the next swing in the market into next week. Continue Reading…

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Join Me Saturday for a Full Day of Trader Education

Oct 16, 2014: 4:22 PM CST

Join us live for a day of trading education from Fibonacci to Price Patterns, Trend Days to Spotting Market Reversals.

I’ll be part of 8 trader educators presenting a full day of content as part of the

Smart Investing Workshop:  Financial Leadership from Professionals live event.

I’ll be the final speaker to round out the day, taking the microphone at 3:15pm EST (12:15 PST):

I’ll teach you what a Trend Day is and how to position yourself best for these explosive intraday moves.

The information will apply to swing and intraday traders.

These sessions are free and you can attend any or all sessions at your convenience.

Click here to register for free and start planning your schedule.

Thanks to the team at Investor Inspiration and I can’t wait to see you there live!

Corey

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