I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I wanted to take a quick look at the current strong rally and objectively compare the degree the market is overextended now and how that compares with the past (particularly the 1999 rally). Let’s take a look at two S&P 500 Charts and plot the ‘overbought’ distance from trending moving averages. We’ll start with the…
Today’s session gave us something a little different than the usual “straight up” price action of the last week. The session has developed a Range Day at a clear support reference boundary. Let’s note the intraday action, sector breadth, and of course our trending stock candidates for the day: In yesterday’s update I highlighted the…
While the breakout “short-squeeze” impulse market initially continued this morning through new highs, we saw a mid-day V-Spike reversal down and we’re in collapse mode as I freeze the chart for the Monday mid-day update. Let’s note the intraday action, sector breadth, and of course our trending stock candidates for the day: While the morning…
The breakout and impulsive bullish price action – continuing the large short-squeeze – extended into today’s session as bears become buyers and buyers add to existing positions or else plunge into the market since a clean retracement never occurred. Just like yesterday, there’s not a key index level to watch or target when a market…
Recent swings and reversals in commodity markets give us an example to study lengthy divergences and reversal trading tactics. Let’s take a look at these larger reversals, note the supply/demand shift, and the dual divergence chart signals that preceded these reversals (for lessons of identification and trading similar situations in the future). We’ll start with…
Intraday traders often get caught off-guard by surprise movement that defies the logic of their chosen timeframe. However, it only takes a moment to step up the perspective to the higher frame to get a sense of the bigger picture of what’s going on and what’s more important than an intraday chart pattern (or indicator…
Sellers can’t seem to stop this freight train of a bullish market in breakout mode. With the ECB announcement behind us, buyers took the opportunity to thrust the market into another breakout which then immediately triggered more stop-losses from the short-sellers which continued the powerful short-squeeze already in motion. There’s not really a key index…
Under Armor topped our stock scanning list this morning, and I wanted to expand on the analysis with a discussion – and trade planning – from the Weekly and Daily perspective. We’ll start with the weekly chart structure and trend: The trend remains bullish to the upside as evidenced by higher price lows and higher…
Buyers did it again with a clean, impulsive, short-squeeze fueled breakout to all-time highs in the S&P 500. Let’s update our intraday charts (and key levels) then turn our attention to trend day stock candidates. I’ve been highlighting the sharp bullish reversals from capital injections into the market at the lows (V-Spike intraday reversals) and…
Wow – price actually can trade lower! For a while that is. Let’s take a look at today’s intraday levels in the S&P 500 (structure), note the message from Sector Breadth, and then finish with today’s trending stock candidates. We had a gap down, near-fill of the gap, and then downtrend continuation back to the…