Friday’s action concluded with multi-swing positive momentum and internal (TICK) divergences, which forecast the likelihood of a retracement that was expected early in the week… but it looks like we’ve already had the expected – smaller than usual – and now the prevailing downtrend continues.
If you’ve been focusing your attention last week on the volatility in the stock market, you may have missed the sharp sell-off in crude oil.
With half the month behind us, Crude Oil prices are down $12.50 (14.50%) for the month of May.
It’s that time of year again! The Los Angeles Trader’s Expo is now two months away so it’s time to make plans now to attend! The mid-year Expo will take place from Wednesday – Saturday, June 9 – 12. The Traders Expos are great places to meet fellow traders, network with other traders and enthusiasts,…
Today’s mid-day update brings us up to speed on the chart/analysis I showed yesterday which stated,
“If the Market is Going to Turn, it will do so Here.”
And that’s exactly what happened.
Here again we face a critical test of overhead resistance on declining momentum and market internals. That doesn’t guarantee a reversal, but it sure suggests one is likely… and if it’s going to happen, it will happen right here.
Depending on how you define it, China’s Shanghai Stock Exchange Composite Index has entered an officially defined “Bear Market” – according to the charts – using three objective measures.
Traders who want to know the direction of inflation often check the chart of the CRB Index, which is a basket of 19 commodities based on 4 main groups. Let’s take a look at the recent chart of the Index and then note important charting levels for reference going forward. So far, the CRB Index…
Ahh the finger trade. One of most traders’ least favorite outcomes and set-ups in the trading environment.
What’s the finger? Read on and let’s see how the market “gave traders the finger” this afternoon.Ahh the finger trade. One of most traders’ least favorite outcomes and set-ups in the trading environment.
What’s the finger? Read on and let’s see how the market “gave traders the finger” this afternoon.
On a stellar recovery after last week’s sharp crash, all three main US Equity indexes are testing their (now) declining 20 and 50 day EMAs. Let’s take a quick index fly-by of these daily chart reference prices to watch on the Dow Jones, NASDAQ, and S&P 500. Dow Jones: 20 day EMA: 10,900 50 day…
Last Friday, I posted a comparison to the 1987 Crash to Today’s “Crash/Recovery“. The chart below is the 5-min intraday look at the 1987 October 19 crash: This Monday, as a result of the European Bail-out Plan, we see the pattern complete the “Recovery” portion of the crash. Let’s take a look at the current…