I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Apple (AAPL) shares shook traders today with a “Trap and Collapse” outcome that threw price back to a short-term target level. Let’s update our Apple charts and step inside the recent action. For a bit of background (and real-world education), take a look at my prior update entitled “Charting Apple Through the $100 High.” As…
After a holiday weekend, the market returned with a volatile Tuesday! Let’s chart the broader S&P 500, note key levels, and then highlight our trending stock scan of the day. I’ll add more detail to the chart for the Daily Membership but for now, we’ll focus on the small intraday rectangle (highlighted) developing near the…
While the 2,000 index level is critical to our trading decisions, buyers and sellers continue to battle for dominance at this obvious level. Let’s update our daily scan, breadth performance, and plan for the reminder of the “holiday” session: Sector Breadth is a bit mixed going into the holiday weekend: Utilities (traditionally a defensive sector)…
Our key focal level for the S&P 500 continues to be the simple 2,000 index level and we’re monitoring any further sign of retracement or down-movement against this level. Either way, we’ll focus all our attention on the 2,000 index level as mentioned in this morning’s earlier post. Reference the earlier chart along with the…
“Always be prepared.” Should the market continue trading down against the 2,000 level in the S&P 500 (and corresponding level in the Dow Jones), what simple Fibonacci Levels would be logical targets? Let’s take a quick glance at the current Fibonacci Levels to watch on a continued retracement lower: First, compare notes from yesterday’s update…
What does the chart suggest about the current rally into 2,000 and what can we see by “stepping inside” the market right now? Let’s take a quick look at the S&P 500 and focus on key levels: Let’s focus on the strong impulsively rally up from 1,900 to 2,000 (we’ll start simply). Price achieved the…
I’m a big fan of the concept of “Strong Getting Stronger,” and three such stocks stand out as strong candidates. All three names are overextended so these aren’t instant-buy candidates, but they do underscore the principle of trend following (as opposed to fighting a trend). Let’s take a look at three strong, overextended stocks as…
If you look closely at the current market rally, you may see something eerily familiar. Let’s chart the current intraday rally (as we’ve been highlighting) and compare that to a familiar friend on the chart and learn a quick lesson about technical analysis in the process. I’m using the @ES futures contract (S&P 500) to…
Altera (ALTR) showed up on two of my stock scans this morning and I wanted to share the chart both as an educational resource and a potential trading opportunity. Let’s see the chart and discover why this stock appeared on two separate scans: First, Altera (ALTR) appeared on my morning “Consecutive Closes” scan as the…
Well there we have it! It’s official – the S&P 500 achieved the 2,000 Magnet target. We now ask the question “Did buyers use up all their fuel to push the market into this level?” Let’s take a look at the charts, breadth, and highlight our trending stocks of the day. I’ve repeatedly stressed the…