I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
We’re seeing a familiar Hollywood script play out with price chugging to new highs as internals, volume, and momentum run the other way. While this isn’t a panic signal, let’s at least highlight the extended divergences and “fumes” that continue to accompany a market creeping its way higher. We’re seeing the S&P 500 Index stair-step…
Electronic Arts (EA) surprised to the upside yesterday on earnings but failed to impress traders with tepid future guidance and we’re seeing a sharp gap-down and sell-off from the recent highs. Let’s take a look at this strong trending stock, note two prior ‘pullback’ scenarios, and chart the probabilities of what to plan now. Here’s…
Once again we ask the question, “How high can this market go?” Today saw a new all-time intraday ‘breakout’ high for the S&P 500 and we focus our attention – and trading plans – on the breakout level and potential for additional upside continuation via a short-squeeze. Let’s update our S&P 500 chart from the…
How high can this market bounce? Let’s take a look at our new S&P 500 planning chart, highlight the message from Sector Breadth, and conclude with today’s Trending Stock candidates in this afternoon’s intraday update. Let’s start with our S&P 500 Planning Chart: Yesterday’s V-Spike Reversal session off the 1,970 midpoint (see yesterday’s update for…
With the morning sell-off and current bounce off a key Fibonacci Level, what price targets are important for our trading decisions for the rest of the day and which stocks are leading candidates for potential trend day continuation? Let’s start with our S&P 500 Level and Fibonacci Retracement Chart: Friday’s big rally up off the…
What does price reveal if we focus on “just” the recent rallies? A stealth bullish repeating pattern emerges that demands our attention. Let’s focus just on the spike-rally impulse phases in the S&P 500 recently: I’ve purposely eliminated the sell-swings from mid-June to present on the S&P 500 30 min chart. We can thus compare…
It’s as if yesterday never happened – buyers intervened and tripped the market higher as bears covered losses during the rally. Let’s put today’s price action in the context of the broader trading range (highlighted in yesterday morning’s update post on the S&P 500 and Dow Jones rising trendline levels to watch) and note which…
With the geopolitical news affecting markets, traders seem to be adopting a “Sell First, Ask Questions Later” mentality and that’s perfectly logical. Let’s update our intraday levels and highlight which stock names are potential trend day candidates. Start with this morning’s update post on the S&P 500 and Dow Jones rising trendline levels to watch…
What quick-reference levels should we be watching on the S&P 500 and the Dow Jones Industrial Average and why are the trendline patterns different? Let’s start with the S&P 500’s rising wedge pattern: There’s certainly more than one way to draw similar trendlines, but the pattern above shows a compressing or potential “Rising Wedge” pattern…
The bull trend continues higher today but what levels are important and which stocks are possible trend day candidates? Let’s start with our Intraday S&P 500 Chart and follow-up with our list of trending stocks: A simple S&P 500 price level planning chart shows that the 1,976.50 pivot is our key focus for intraday support….