Though it’s been mentioned frequently on the news, the recent crude oil price breakthrough has been impressive on the charts as well. Let’s take a look at the current structure of Crude Oil and pay special attention to the breakout from consolidation/resistance, as well as the current “Open Air” pocket to watch. Here’s the Daily…
Let’s take a moment to view the Daily Chart of Gold, paying close attention to this week’s successful test/rally off confluence support which now ‘threatens’ a breakout above the initial resistance target. Here’s the Daily Structure of Gold: Officially, Gold is in a short-term SIDEWAYS trend with range boundaries between $1,600 (or even $1,550) as…
Technical traders across the world are monitoring current US Equity Indexes as they interact with the “Zone of Resistance” from their prior 2011 price highs. Let’s take a quick check-up on where the “Big Three” markets stand at the moment in relation to “The Zone.” First, the S&P 500 which hasn’t quite cleared the Resistance…
I wanted to highlight one of my favorite intraday trading “combo” set-ups that occurred twice on February 13th. It’s the “Retracement plus Dual Divergence” set-up that develops on all timeframes. Let’s take a quick moment to study this set-up as it appeared on the intraday frame and how we can apply it to other situations….
One of the main activities that trip up traders, especially new traders, is the concept of continual price movement in one direction without meaningful pullbacks – also known as “powerful trends,” “creeper trends,” or “positive feedback loops.” Let’s take a look at the current situation and put it in the context of prior S&P 500…
When you’re studying a price chart to assess trading opportunities, what is your eye drawn to first? Is it the indicators? Is it moving averages? How about candles? And when you are looking to put on a trade, are you taking a moment to address the context in which you’re placing the trade? Is it…
For those of you who use the NYSE TICK in your intraday trading, it’s very important to understand that the reference TICK extremes – highs and lows – changes as a factor of market volatility. What that means is that you can’t just call a +1,000 or -1,000 TICK reading “extreme” – the value of…
Let’s take a quick snapshot update of today’s breakdown from the Symmetrical Triangle Pattern we’ve all been watching in the S&P 500 (and SPY). Today hit the initial downside target, but what’s the bigger picture saying? Let’s start with the Hourly Breakout: Take a look at our prior updates this week from the S&P 500…
It makes sense that the broader market would pause to catch its breath after such a stellar October performance. That’s what’s happening at the moment as the S&P 500 consolidates/pauses in a sideways/symmetrical triangle price pattern. Let’s review the pattern and the current trendline reference areas and develop a game-plan of what to do with…
Gold fell sharply from the $1,800 resistance level, so let’s take a look at what led up to the fall and what the current structural levels to watch are for gold, including a Fibonacci Cluster near $1,730. First, the Hourly Structure: First, Gold’s Hourly (intraday) structure is in a confirmed UP-Trend as evidenced by the…