Today, the S&P 500 (together with the Dow Jones, NASDAQ, and Russell 2000) made a new closing low not seen since roughly March 2003. Let’s take a quick look at this development on the monthly chart and look at a possible, simple Elliott Wave count interpretation. The S&P 500 Monthly Chart: Beyond getting deep in…
With technical analysis – the art of studying price and volume through visual charting and mathematical indicators – gaining momentum, I thought it would be prudent to take a moment to discuss the three underlying foundations of modern technical analysis and why they’re important. Let’s examine them: 1. Prices Move in Observable Trends Prices have…
With gold price movement confusing many traders, let’s pull the chart back to the monthly view to see if we can gain any insight from this higher time frame and note possible significant support under us. Gold Monthly Chart (normal scale): These charts are similar, so I’ll show them both and then discuss them. I…
What a week we just wound down. There was contraction in volatility and a possible triangle consolidation formation, but by Friday we had a lock-limit down move on the US Equity Index futures and the NASDAQ making fresh new 2008 closing lows. Let’s see these up close and personal. First, the S&P 500 Daily Chart…
For four hours this morning, the US Equity Index Futures markets went “lock limit down” after moving a predetermined move that automatically halts trading. Let’s see that overnight move on the charts and then compare what happened in the Crude Oil and Gold Futures Markets as well. S&P 500 “e-mini” Futures Contract: 15-minute overnight session:…
Ben at The Financial Ninja has kept a running monthly summary of various charts from the Federal Reserve that are absolutely worth viewing in full detail. His most recent post is entitled, “Really Scary Fed Charts [for] October – Now ‘Crazy’ Scary!“. Ben plots the Non-Borrowed Assets of Depository Institutions (hint – it’s very negative……
We tend to follow our own country’s stock market extremely closely and only give cursory attention to other foreign markets. Let’s take a moment to look at the Russian Trading System Index and view its stunning fall from 2,500 to 700 in five short months. RSTI Monthly Chart: The monthly chart would be particularly devastating…
We’re nearing the Apex of the Triangle formation that’s formed on the 30-minute and 60-minute chart of the S&P 500 (and other market indexes) so it’s worth going inside this formation and seeing what might lie ahead. S&P 500 60-minute chart: Right now – if you don’t follow Elliott Wave – we’re in a simple…
Who would have expected such a headline on Crude Oil just five or so months ago?! Today, it happened, with Crude oil trading just above $68 per barrel in the morning session on Wednesday. Let’s look at the weekly and daily charts to see how this happened and what might be in store. Crude Oil…
It’s worth looking at some of the long term charts on the monthly time frame of some of the key homebuilder stocks and how they peaked around 2005, and then compare that to various Financial Companies that peaked in late 2007 to see the leading characteristic that brought down the Equity Markets lately. For this…