With a lot of action happening very quickly on the stock market index daily charts, I thought it would be a good time to post an update on the chart structure and levels to watch – including Fibonacci Retracements – on the weekly S&P 500 and NASDAQ charts. First, the S&P 500: At first glance,…
With the Federal Reserve announcing a policy to buy 2-year and 10-year Treasuries, naturally bond/note prices have been rising … some would say skyrocketing recently. It’s not just the Fed – it’s investors spooked about the future of the stock market who are selling stock positions for the safety of bonds. Let’s take a look…
I wanted to share another education resource document from Club EWI entitled: “The Commodity Traders Classroom: A Collection of Commodity Trading Lessons” The 32-page eBook by Jeffrey Kennedy is currently free to download for new and existing Club EWI members, as shown in the image below which also links to the “more information” page: From…
I wanted to show a quick chart of the 60-min intraday structure of the US Dollar ETF – UUP – and highlight the multiple positive momentum divergences and the recent powerful breakout to the upside – which could signal a change in the short/intermediate term down-move in the Dollar Index. Let’s take a look: This…
It had to happen – a price breakout down or a price breakout to the upside. Let’s take a quick look at the intermediate-term price triangle that formed in the S&P 500 – as I highlighted in last night’s report – and key in to levels to watch on the downside. Traders have been calling…
What are market internals saying about the strength or weakness of the market ahead of Tuesday afternoon’s Fed Decision? Let’s take a look: It’s important to compare price swings and extreme highs and lows – or short term trends – with those of the corresponding market internal. Vertical lines or highlighted regions help. On the…
After the sudden resignation of Hewlett-Packard (HPQ) CEO Mark Hurd last Friday, shares plunged 8% overnight and through Monday’s trading session. Strangely enough, shares stopped falling at a critical chart support level – so let’s take a look at what the charts are saying for the reference price levels investors should be watching. First, HPQ…
Have you noticed a pattern to the absolute high and low so far in 2010 in the S&P 500? Let’s take a closer look to see that both are within a few points of the dominant large-scale Fiboncci grid of the entire bear market – which I find endlessly fascinating. This is the dominant Fibonacci…
Were there chart signals the market gave ahead of the afternoon reversal and breakout into the close after the morning Jobs Report drop? Absolutely – it turns out there were at least four early signs that odds had shifted away from the bears and towards the bulls which was confirmed with the afternoon breakout. I…
Taking a close look at the intraday price action of the S&P 500, I think something very interesting is happening. Let’s take a close look at the recent price action and see if we can glean any insights from the Elliott Wave principle – not so much in pure wave counts but in the broader…