I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
At the halfway point today, we’re balancing the odds of another bullish reversal off support against the possibility of a continuation of the persistent selling pressure we’ve seen lately. We’ll start with our chart of the S&P 500 for clues: For additional commentary, see this morning’s update on “Planning Another Possible Intraday Reversal from Positive…
Let’s take a moment to view a “Big Three” Market Internal Chart of the S&P 500 to note yet another positive divergence and possible “intraday reversal” outcome. Here’s the current picture and price pathway: First, take a look at my intraday update post (just like this one) from October 8th which showed a near-identical pattern….
Price continues to trade within an intraday downtrend as the sell-phase continues. There’s a clear pathway developing, but no guarantee price will follow it. Let’s chart the pathway and highlight the top trending stocks of the session: Today we saw a (near) test of the 200 day SMA as I highlighted in this morning’s update….
Both the S&P 500 and Dow Jones Indexes are challenging major support levels that demand our attention. Let’s quickly assess the situation, highlight the inflection points, and adapt our strategies accordingly. The chart above shows the S&P 500 retracing strongly – similar to January 2014 – toward the rising 200 day SMA target (1,900/1,905 confluence)….
One thing’s for sure – the market always keeps us on our toes! The intervention rally yesterday was short-lived as bears once again took a swipe at the market to create today’s intraday reversal (bearish) session. Let’s see what happened, where we’re going, and which stocks may be the best candidates: The same divergences that…
A quick look at our “Big Three Market Internal” Chart of the S&P 500 on the intraday basis suggests another reversal up off support. We’re seeing that at the moment, but the question is “how far will the reversal take price?” Let’s study the situation and plan accordingly: We’re seeing the S&P 500 Chart above…
Price continues its range between key boundary levels, making for relatively low volatility session into support. Let’s start with our S&P 500 Chart then highlight the top trending stocks of the day: Sellers ruled the immediate open this morning but buyers rushed to support the market and prevent a further sell-off by holding price up…
Might Bitcoin be setting up a spike-reversal from an arc trendline pattern into support? There’s no guarantee but let’s study the pattern and note the key levels to watch for a possible breakout here. The chart above shows the Bitcoin/US Dollar pair and notes the stratospheric, emotional rise from the 100 level to the late…
Today’s session has been a reversal range session between clear boundaries. Let’s start with our S&P 500 Chart and highlight the top trending stocks of the day: Price rallied up into the key inflection (target) near 1,980 and turned sharply lower after the opening gap. However, price found support as buyers rushed to support the…
Will a consistent pattern repeat for the fourth time in 2014 (propelling the market to new highs) or will stocks fail into their current resistance level? Let’s take a quick look at the current S&P 500 and plot these price pathways as our guide. Let’s focus first on the “Repeating Pattern” of 2014. I’ve been…