In yet another example of how an intraday low in the SPY (and other major market ETFs) are formed either on distinct momentum or TICK divergences (or both!), the intraday price action of SPY gives us yet another crystal clear example of this trading opportunity. Let’s learn from it.
I was taking a look at Apple (AAPL) and Research in Motion (RIMM) and spotted something I wanted to highlight to you. Adam Hewison just released a video entitled “RIMM vs AAPL: An Update” which got me looking at both of these charts, which led me to an confusing conclusion.
I wanted to share with you something I’m paying particular attention to – the TICK, Breadth, 3-Push Momentum Divergence, and Volume Divergence we’re seeing at these intraday levels in the SPY (and other US Market ETFs). Let’s take a quick look to see what this might mean so that we can be prepared if prices start falling from these levels.
What a day! We got an unexpected “Trend Day” up which just so happened to form a text-book complete Elliott Wave pattern. Let’s take a look and learn from some of today’s lessons, including a “Three Push” pattern and Bull Flag.
This morning’s price action gave us an ideal, if not perfect, example of how to trade a “Bull Flag” price pattern. Let’s take a look at the 5-min SPY and learn how to trade this powerful set-up.
Each day I write a ‘daily summary’ I call my “Idealized Trades” reports (which will be available for subscription by next week) and I wanted to highlight a few lessons from today’s (June 22, 2009) intraday Type III “Trend Day Down” in the SPY 5-min chart.
A reader asked me to take a look at Amgen (AMGN) due to an interesting pattern he noticed. Let’s look at the recent “Rounded Reversal” as well as the failure at the confluence overhead resistance of the 200 day SMA and the 61.8% Fibonacci line.
I thought it might be interesting to post the current Andrews Pitchfork chart of the daily S&P 500 to see what that tool might be indicating.
I thought I’d try an experiment with the 10-Year Treasury Yields Long-Term Chart and apply a little Gann analysis in terms of squaring price and time to see what the result might be.
Here’s the “chart art” from my experiment which probably should be filed under “Interesting” as opposed to “Actionable.”
Potash (POT) fell 11% on June 17th, slicing through daily support and inflecting down off the 38.2% weekly Fibonacci retracement. Let’s see all this up-close and learn a few lessons from this price movement.