Daily Commentary

Last week I posted about “Open Air” and magnet levels in Apple – let’s update the chart now to focus our attention on the $100 per share level (now achieved) which has served as a floor of support. Here’s the Daily Chart with the progression to the new highs: First, start with a little background…

As we continue yet another trend day to the upside, let’s highlight the price action, sector strength, and identify the strongest trending stocks so far at mid-day in the bullish session. We’ll start with the S&P 500: I’ll let the chart speak for itself but will again reference the series of posts I wrote leading…

Sometimes it’s helpful to look at one indicator at a time, and we can do that with our special “Color Keltner Channel” Chart – as seen on the S&P 500 and NASDAQ indexes. Let’s take a look at where price trades relative to the Keltner Channel sand what message this activity sends to the market….

FOREX traders – or those who simply monitor currencies as part of an intermarket picture – should be aware of the breakout trigger and potential expansion developing in the USD-JPY (US Dollar/Japanese Yen) pair. Let’s take a look at the current “triangle” breakout and then compare it to prior breakouts: First, I highlighted the current…

Sometimes the simplest scans can provide stock candidates to trade that we otherwise may never have spotted. Here’s the results of today’s “Most Closes in the Same Direction (up)” scan from TradeStation: Lesser-known stock Illinous Tool Works (ITW) has closed 11 days higher – that’s worth a closer look: We can see shares trading back…

With stocks breaking out, it may be a surprise that the US Dollar Index is also breaking through resistance. Let’s take a look at the Dollar Breakout and highlight target levels and points to watch: The Dollar formed a “Rounded Reversal” pattern with divergences into the $79.500 level (as seen on the @DX Continuous Contract)….

I’ve been posting frequently about the potential “Repeat Pattern” in the S&P 500 that charts a price pathway straight up toward new highs. With price mere points shy of that target, let’s step inside the price action (per reader request) and peek behind the scenes as to what happened during the prior two “Repeat Patterns.”…

On better than expected earnings, retail stock Home Depot (HD) gapped higher, breaking to all-time highs through a ceiling of resistance. Let’s take a look at the breakout and note how far Home Depot has traveled in a short amount of time. Here’s the Daily Chart with the Breakout: Shares actually broke free of a…

Our mid-day update takes place on yet another bullish trend day higher as price breaks through resistance toward the prior highs, as I’ve been highlighting recently. For our S&P 500 update, see this morning’s post “On and Up to New Highs for the S&P 500” along with the recent “Breakout from a Repeat Pattern” post….

Crude Oil may be forming an intraday reversal pattern – with divergences – off an important short-term support level. Even if you don’t trade Crude Oil, let’s study the Color Structure chart and learn a lesson on intraday trends, divergences, and reversals. We see a Color Structure chart on the 5-min (very short-term) intraday scale…