The S&P 500 currently rests near a midpoint of the recent swing high and low, but there’s a key support level we’re watching for clues as to which level to target next. Let’s update the current S&P 500 near-term support and structure chart, starting with the Daily Frame: Keeping the chart as simple as possible,…
With half of 2012 behind us, let’s take a quick check of what the Sector Rotation Model is suggesting, both from a Year-to-Date perspective and from the 2012 peak so far. First, let’s update Sector Performance Year-to-Date: The Sector Rotation Model classifies the major sectors into two broader categories: Offensive or “Risk-On” Sectors (such as…
With Thursday developing into another big news day, let’s take a quick morning check on current daily resistance (or key) price levels and what to watch from here (upper and lower short-term targets) in the US Equity Markets. First, the S&P 500: Let’s discuss the current conditions which apply to all indexes. First, June gave…
I’ve been highlighting the trend of distribution volume in the SPY (S&P 500 ETF) since April, and that trend continues presently. Let’s take a quick update on what volume suggests about the health of the stock market: We continue to see phases of Distribution Volume as price rallies and retraces from May to present. To…
As June winds to a close, let’s take a quick look at the current Risk-On/Risk-Off trends within the Intermarket Landscape. Here’s the current Cross-Market Picture: For a quick review, the way we interpret the line chart above is to divide the broader markets into “Risk-On” or “Risk-Off” markets: “Risk-On” Markets include Stocks and Commodities (shown…
US Stock Market Indexes have rallied into the initial resistance level accordingly, and now appear poised to break through these levels with the favorable outcome in the Greek election over the weekend. Let’s take a quick glance at the current daily resistance levels that price could shatter this week on a push through a visible…
Monitoring Market Internals – particularly Breadth – tends to be very helpful for short-term traders to asses market strength or weakness, particularly during a mature rally or decline. Let’s take a look at the current state of Market Internals and how they have been effective for trading intraday trend reversals and breakthroughs. The simple price…
Following up from last week’s post on “Triple Stock Index Key Levels,” let’s take a quick mid-week update on what’s happened and what support levels continue to be key focal points in the “Big Three” US Stock Market Indexes. Let’s start with the S&P 500: The prior update focused on the 1,300 support bounce with…
After a stellar move higher in Gold, price now faces a challenge of converging trendlines into the $1,630 area. Let’s take a quick look at the current price level and develop a simple game-plan from there. Here’s Gold (futures @GC) on the Intraday Hourly “Structure” Chart: I drew two simple price trendlines that connect as…
I’m excited to announce and invite you to a live webinar/webcast from the Dallas Traders Expo on Thursday, June 7th on how to Identify and Trade Range Days. The live event will take place in the evening after market close at 5:45pm CST (6:45pm EST) and will be broadcast from the Expo: In the session,…