Let’s take a quick look inside the recent SPY (S&P 500 ETF) rally as seen on the 15-minute intraday frame – we’re seeing volume and momentum divergences juxtaposed with rising moving averages and trendlines, so what does that mean and is that unusual? Let’s see.
Per a reader’s comment, I wanted to show a quick reference grid of the NASDAQ Index stretching back to the 2000 peak above 5,000 and show three dominant Fibonacci Grids to watch as price moves into the future.
Let’s see the 10-year grid, starting with the 2000 high and stretching to the 2002 low.
With a major trend shift potentially occurring in both the US Dollar Index and the Euro Index – both inversely correlated – let’s take a look at both of these currency indexes and observe their multi-month positive momentum divergences along with a likely Elliott Wave count.
In following up on last night’s post on the “Gann Fan and Volume Update on the S&P 500,” I wanted to show a quick updated “Gann Fan” Grid of the S&P 500 – it’s also showing a critical level to watch at the 1,120 level which is – as we all know – a major inflection point in the market. Let’s take a look.
I wanted to announce my upcoming featured presentation entitled “Conceptual and Convergent Trading Tactics” which will take place next week on Tuesday, December 15th at 7:00pm CST in Dallas, TX at the monthly meeting of the Association for Technical Analysis (AFTA) monthly meeting.
With the Jobs Report more than surprising the market this morning, let’s take a quick look at the current trendlines that will either contain this bullish surge… or break through to create a larger move to the upside.
There’s an interesting convergence of two ‘advanced’ technical trading methods that show potential overhead resistance – or upcoming technical breakthrough – at the 10,500 on the Dow Jones Index – the upper trendline from an Andrew’s Pitchfork and the 100% Fibonacci Price Projection. Let’s see them both.
I wanted to point out a clean idiosyncrasy in the current S&P 500 chart of the last three months – almost with awe.
This cycle has held up so far, and it’s allowed me to call successful predictions recently upon recognizing it earlier.
If the cycle repeats, then you have a clear roadmap to the near future. Let’s see it and watch as to whether or not the cycle repeats into the end of November.
Great news! If you are unable to attend the Las Vegas Traders’ Expo, the staff at MoneyShow.com will be recording my presentation (along with many other free presentations from the Expo) and you will be able to view my presentation live … for free! No travel cost, no hotel cost, and no registration costs! On…
Looking inside the most recent short-term moves in the broader market, we see a stellar signal from reading volume alongside with price.
Using classic volume interpretation methods, we can only come to one conclusion – volume insights are sending a bearish non-confirmation signal as the market grasps at recent highs, and either volume is going to have to pick-up (increase) to keep this rally going… or else price is going to have to fall via the signals from the “Voices of Volume.”