I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
With the breakdown under the key “Arc Trendline” Structure pattern in the Dow and S&P 500 (with something surprising happening in the NASDAQ today), let’s take a look at the new intraday chart and update our intraday (short-term) Fibonacci Retracement Reference Levels. We’ll start with the S&P 500: Using a custom indicator in TradeStation, we…
It’s good when logic trumps irrationality, and price retraces in a stable uptrend instead of charging higher every single day. Let’s take a look at the set-up, the current retracement swing in motion, and then plot levels to target as the market falls from the highs. We’ll start with the S&P 500: I first want…
If you’re not paying close attention, you may be missing the stealthily increasing positive correlation between stocks and bonds. Let’s cut through the charts and focus on the “Positive Correlation Creep” that’s taking place as seen in SPY (S&P 500 ETF) and TLT (a popular longer-term Treasury bond fund ETF). SPY (Green) and TLT (Red):…
Is it possible that US Steel (X) is finally catching a bid from a breakout (and reversal pattern) from a long-term resistance level? Could this be the start of a new long-term uptrend in price? Let’s take a look at the Weekly and Monthly Chart to give us some clues for a longer-term play. First,…
Price provides a choppy Range Day environment for traders ahead of tomorrow’s “Fed Day” announcement. Let’s chart key levels, note breadth, and highlight the stocks in play for today’s session. We’ll start with the intraday update of the S&P 500: Today’s session developed a Range Day or consolidation session between the 1,985 high (the opening…
Former high-flyer Plug Power (PLUG) could be setting up another bullish breakout and run for the prior highs. Then again, it could be luring buyers into the stock like a seductive siren’s call. Let’s take a look at the chart and decide which levels are key for trading a potential bullish breakout and avoiding a…
If you haven’t charted or traded Intel (INTC) in a while, you’re missing an amazing “arc trendline” or exponential rally pattern. Let’s take a look at the pattern, compare similar examples, and plot a potential future for this newly high-flying stock. I wanted to start with a pure-price trendline view of the exponential growth (rise)…
It’s time to take a look at what’s happened this morning, what Breadth is saying, and which stocks are potential Trend Day candidates as we start this final week of July 2014. We’ll start with the intraday update of the S&P 500: We had a quick and volatile turn-around (reversal) up off the 1,970 index…
What fascinating pattern is developing into a key support level for Harley Davidson (HOG) shares? Let’s study the “interesting arc” trendline pattern and note the pivot point that will either serve as a floor of support (a buy signal) or a breakdown reversal signal (should support fail). Here’s the Broader Picture Daily Chart (note Support):…
I’m actually a little surprised that the market is falling like it “should” be doing, or at least as was highly logical given the negative divergences at the highs. Start by refreshing your perspective from yesterday’s “S&P 500 Gasping at New Highs with Clear Negative Divergences” update which sets the stage for today’s expected sell-day….