Here’s another very quick look at the intraday charts, showing three vicious bear traps on the most recent pushes to new 2009 highs. Stay on guard – the market is very volatile and both bulls and bears are struggling to find direction… both failing… and succeeding.
With the Jobs Report more than surprising the market this morning, let’s take a quick look at the current trendlines that will either contain this bullish surge… or break through to create a larger move to the upside.
I wanted to call attention to an article written today by the Fibozachi website entitled “It’s 3:27… Sell!” which was also republished at Zero-Hedge.
I’ll let the full post explain the charts, but the main idea is that market internals, including the Advance-Decline Line, UpVol – Down-Vol, and TICK started to make new lows on the session prior to the afternoon sell-off – attributed to the ISM Manufacturing data missing expectations… or a sell-off ahead of Friday’s “Jobs Report.”
Included are this week’s “Editor’s Picks” from the NewsFlashr Business Blog aggregator site. 1. From Mish’s Global Economic Analysis, a graph on the S&P 500 and Sentiment entitled “Bears in Hibernation.” “Bearish sentiment is the lowest in two years and I am also told at lows seen only 3 times in the last 25 years.”…
A reader pointed out to me that there has been three days of strength in some of the major US Airline stocks including Delta Airlines (DAL) and Continental (CAL) and to a lesser degree in other airlines. I wanted to take a look at these stocks to highlight this strength and the overhead resistance levels that – if cleared – would be quite bullish indeed for airlines in general as we are in the midst of a holiday travel season.
If you take a look at the 30 min chart of the SPY, you find a market filled with landmines and gaps along with a clearly defined trading range in which the market trades currently.
Let’s take a look at that range, the upper and lower boundaries, and the many gaps that formed through November into present.
With 2009 coming soon to a close, I thought it would be a good idea to put major markets into perspective by looking back to 1999 to 2009 on the monthly charts of the S&P 500, NASDAQ, US Dollar Index, Gold, and Crude Oil.
Google stock (GOOG) is completing a full “Mirror-Image Foldback” (a fancy term for a symmetrical decline and recovery) into a possible resistance level at $600. Let’s take a look at Google’s weekly chart to see these developments and pay close attention to what happens as price retests the $600 level soon.
Adam Hewison just released a quick update video on the S&P 500 this morning entitled “Trend Change Analysis on the S&P 500,” in which he labels two specific price zones to watch going forward. (Image links to video page) Adam notes the recent three swing lows as being key for price to hold and maintain…
In the aftermath of last week’s Dubai World market decline, let’s take a look at the EEM – the Emerging Markets ETF to see the recovery and current important level to watch going forward.