“Always be prepared.” Should the market continue trading down against the 2,000 level in the S&P 500 (and corresponding level in the Dow Jones), what simple Fibonacci Levels would be logical targets? Let’s take a quick glance at the current Fibonacci Levels to watch on a continued retracement lower: First, compare notes from yesterday’s update…
What does the chart suggest about the current rally into 2,000 and what can we see by “stepping inside” the market right now? Let’s take a quick look at the S&P 500 and focus on key levels: Let’s focus on the strong impulsively rally up from 1,900 to 2,000 (we’ll start simply). Price achieved the…
I’m excited about a webinar opportunity I’ll present for you Wednesday as part of Trader’s Coach’s Wednesday Night Live educational webinar series! I’ll be discussing “Five Steps a Market Takes Before a Reversal/Breakout” and – given our recent breakout – it should be a perfectly timed event. I’m honored to be a guest of Bennett…
I’m a big fan of the concept of “Strong Getting Stronger,” and three such stocks stand out as strong candidates. All three names are overextended so these aren’t instant-buy candidates, but they do underscore the principle of trend following (as opposed to fighting a trend). Let’s take a look at three strong, overextended stocks as…
If you look closely at the current market rally, you may see something eerily familiar. Let’s chart the current intraday rally (as we’ve been highlighting) and compare that to a familiar friend on the chart and learn a quick lesson about technical analysis in the process. I’m using the @ES futures contract (S&P 500) to…
Altera (ALTR) showed up on two of my stock scans this morning and I wanted to share the chart both as an educational resource and a potential trading opportunity. Let’s see the chart and discover why this stock appeared on two separate scans: First, Altera (ALTR) appeared on my morning “Consecutive Closes” scan as the…
Well there we have it! It’s official – the S&P 500 achieved the 2,000 Magnet target. We now ask the question “Did buyers use up all their fuel to push the market into this level?” Let’s take a look at the charts, breadth, and highlight our trending stocks of the day. I’ve repeatedly stressed the…
Last week I posted about “Open Air” and magnet levels in Apple – let’s update the chart now to focus our attention on the $100 per share level (now achieved) which has served as a floor of support. Here’s the Daily Chart with the progression to the new highs: First, start with a little background…
As we continue yet another trend day to the upside, let’s highlight the price action, sector strength, and identify the strongest trending stocks so far at mid-day in the bullish session. We’ll start with the S&P 500: I’ll let the chart speak for itself but will again reference the series of posts I wrote leading…
Sometimes it’s helpful to look at one indicator at a time, and we can do that with our special “Color Keltner Channel” Chart – as seen on the S&P 500 and NASDAQ indexes. Let’s take a look at where price trades relative to the Keltner Channel sand what message this activity sends to the market….