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SP500 Teaches the Importance of Rising 20 day EMA in Trend

Bycjrosen

As I mentioned in this weekend’s update (S&P 500 at Support… For Now), we should be watching the 1,190 level which was a trendline support (which broke), but as an alternate important price to watch, we should expect at least a partial bounce (if not larger) as price tests the rising 20 day EMA at 1,180.

So far, that’s exactly what happened.

Let’s take a quick moment to see this great example of how intraday traders (particularly of index futures) could have benefited from expecting a potential ‘bounce’ or support zone on the lower timeframes by keeping in mind the EMA structure on the higher timeframe (in this case, the daily).

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Strangely Enough, Market Internals DO Matter – an Update

Bycjrosen

Just when it seemed like this market would continue its journey to the moon, we had a major one-day (at least) snap-back in price that erased the gains of the last week, plunging us in one day to an intraday low price not seen since last Thursday, April 8th.

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Logarithmic Chart View of the Arc Patterns on the US Equity Indexes

Bycjrosen

The prior “Arc Update” posts have generated a lot of attention, and I wanted to continue that series with updated charts that answers a question that a few readers have asked:

“What would the arcs look like on Logarithmic Charts?” instead of the default arithmetic charts I’m showing.

Reference back to the prior updates for comparison, especially:

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Pivot Points for Fun and Profit Intraday SPY Apr 7

Bycjrosen

I’m not a huge fan of intraday pivot points personally, but even I have to admit they can be effective when combined with other methods of finding potential turning points or support and resistance during your intraday trading activities.

Today was a day where standard pivot points worked well at key turning points, allowing you to take off profitable positions (play for a target) or put on new positions (enter at a potential reversal).

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The Rounded Reversal Arc into Key Support on Goldman Sachs GS Apr 5

Bycjrosen

Thanks to a reader for pointing out this near-perfect rounded reversal pattern on Goldman Sach’s (GS) intraday chart, which takes price currently into a key “make or break” support level.

Let’s take a moment to see the Rounded Reversal example as well as the key support price that Goldman is challenging currently.

First, the Rounded Reversal as seen on the 60-min chart: