Back in the Digital Studios at Market Club, Adam Hewison released a new video this morning entitled “The S&P 500 Conundrum” which details the current structure of the market and insights into a couple of indicator readings with trade triangles.
Here at the Trader’s Expo, there has been a lot of talk about gold, particularly with the volatility of the last two days. GLD (Gold ETF) has pulled back into a possible confluence support level – let’s see it and also see the volatile Trend Day Down, Trend Day up, and Friday’s morning gap action on the intraday charts.
Here are this week’s “Editor’s Picks” from the NewsFlashr Business Blog page: Dr. Steenbarger of Trader Feed asks a simple question with a detailed response: “What Should I Focus Upon?” John Forman shares an email from a reader and a response/discussion on the topic “Two Years of Trading and Nothing but Losses” This week’s Podcast…
A reader asked me to take a longer look at the Nikkei Index, which stemmed from my prior post “NASDAQ and Nikkei – Is History Being Remade?” The following post is an added to show that longer term perspective which shows a massive rise followed by a massive decline – perhaps more shocking than many people expected with the index roaring at all time highs just over 20 years ago.
The following article is excerpted from Club Elliott Wave International’s post “Nikkei and NASDAQ: History in the Remaking” – only I have added charts for emphasis.
Let’s take a long-term monthly view of Japan’s Nikkei Index showing the crash of 2000 and 2008:
If you ever wondered what it looked like inside a critical resistance level in the S&P 500, look no further than this post and the action of the past two trading days.
In the video, Adam Hewison takes multi-timeframe views of the US Dollar Index (moving from the monthly chart down while highlighting key “Trade Triangle” Trading Signals that have occurred). He reveals that a new “Monthly Trade Triangle” Sell Signal has occurred and what that might mean for the index.
The intermarket relationships are reasserting themselves as expected, as we’re seeing weakness in the US Dollar Index and strength in Commodities – we recorded fresh 2009 lows for the US Dollar Index and fresh highs for Crude Oil, the S&P 500, and mere points away for 10-Year Treasury Yields and Gold.
I wanted to draw your attention to a special free upcoming webinar with Toni Hansen entitled “Universal Trading Systems” that will take place on Tuesday June 16th at 8:00pm EST. Toni is a popular speaker and is the author of many educational DVDs – she hosts her website at www.tonihansen.com, where you can learn basic…
I take it the morning’s upward move is a shock to many traders – let’s take a quick look at the daily chart and a particular look at the 945 price level and why the market needs to exceed this level to confirm a breakout.