What are market internals saying about the recent downswing in the market? Let’s take a look – they’re strangely bullish so let’s see if we get a confirmation of this bullish whisper. (Click for full-size image) It’s helpful to interpret market internals across prior days rather than on a single day when trying to assess…
The US Dollar Index surged over 3% this week, which is actually a big move in the index. It gives us a good lesson in how multi-timeframe confluence support can unite to form a powerful move and turn-about in price – as we can see in the weekly and daily charts. Let’s start with the…
Were there chart signals the market gave ahead of the afternoon reversal and breakout into the close after the morning Jobs Report drop? Absolutely – it turns out there were at least four early signs that odds had shifted away from the bears and towards the bulls which was confirmed with the afternoon breakout. I…
Taking a close look at the intraday price action of the S&P 500, I think something very interesting is happening. Let’s take a close look at the recent price action and see if we can glean any insights from the Elliott Wave principle – not so much in pure wave counts but in the broader…
For those of you watching or trading Goldman Sachs (GS) shares, there’s a key overhead resistance level right here that you need to watch for a clue to whether GS will continue this upward rally, or falter at the dual resistance price here. Let’s take a look and see what levels to watch on the…
It’s very rare to see such a powerful move as the recent rally phase in Cognizant Technology Solutions (CTSH) as we see off the late 2008 lows, but it’s more than that. CTSH rallied from a $5.00 per share low in mid-2003 to peak just shy of $50 per share – a 10-bagger stock- in…
Are you confused as to why the S&P 500 has been trapped in a tight range the last few weeks? Perhaps a look at key long and short-term Fibonacci retracements can help – in fact, looking at the recent Fibonacci grid can give you one of those “A-Ha!” moments. Let’s take a look at the…
Well that was interesting – the S&P 500 so far has played ping-pong between the 200 day SMA at 1,115 and the 50 day EMA at 1,094. Let’s look closely at these two levels which have become almost exactly today’s high and low price. Today underscores the importance of watching key daily moving averages in…
If you haven’t been watching it closely, you may have missed the recent strong breakout in the share price of Ford Motor Company (F). Not only does the daily chart reveal a strong breakout, but the weekly chart shows a steady structure of higher prices in a comfortable uptrend that’s worth a glance. Let’s take…
Let’s take a quick look at something very interesting in the daily Andrews Pitchfork auto-trendline tool in the S&P 500. SPX Daily: Click for full-size image. This is the same Andrews Pitchfork trendline tool I’ve been showing in various updates on the blog and for members. Main idea? Starting the grid with the November 2008…