I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
After the collapse Thursday in the price of gold toward and then under the $1,300 support target level, let’s update our Fibonacci grid and note why this level is so important both as a target and yet another “make or break” key level on the chart. Here’s the Monthly Fibonacci Retracement Grid: I just wanted…
There have been three recent “Bull Traps” or initial breakouts that resulted in a sudden failure (reversal) of price and it’s always helpful to study the lessons from these recurring patterns. Let’s take a look at three intermarket examples (Treasuries, the US Dollar Index, and the US Stock Market) and find the insights these examples…
With all the literature out there, it’s easy to find trade set-ups and entry strategies, but the real money is often made with proper exit logic/strategies. What did classical thinker Richard Wyckoff say about closing a trading position? In his book Studies in Tape Reading, Wyckoff identifies four specific reasons to close a trade: “A…
After a stellar reversal lower from a long trending phase, Real Estate (shown using the popular ETF symbol IYR) faces a key challenge of “make or break” overhead resistance at a key level that provides our current short-term game planning strategies. Let’s take a look at the chart, the level, a Fibonacci Grid, and note…
Even if you’re not a follower of India’s stock market (charted here as the “Nifty 50” Index), the market is forming a very interesting weekly chart structural pattern and challenging a Daily Fibonacci Retracement level. Let’s take a look at the larger picture and focus on the immediate levels to watch in the index: It’s…
The US Equity Indexes have formed a clear support range or rectangle price area between key short-term Fibonacci levels. While that sounds more complicated than it actually is, let’s look at the key intraday and short-term critical support and resistance levels for trade and game-planning the next few swings in price. We’ll start with the…
Apple (AAPL) stock on a charting basis rests near a major inflection point that is worth our attention. Depending on what happens at the current price levels, we will be looking for a movement up to a dual-indicator projection target or else lower for a retest of the prior low. Let’s update our Apple analysis…
As a follow-up to Wednesday’s similar “Daily Chart Support Target” post, let’s update the four US Equity Indexes on the Daily Chart to highlight the immediate inflection or key support zone along with broader Fibonacci Retracement levels to watch. We’ll start with the SP500 which reversed in stunning fashion sharply at the ‘obvious’ 1,600 support…
As traders, we’re often planning “IF/THEN” outcomes depending on whether price successfully supports and rallies up off a support area, or else fails by breaking support which opens a tradable move to the next level of potential support (target). Let’s take a quick look at the current simple support reference levels in the Dow Jones,…
The stellar intraday reversal in the US Equity Indexes mid-day June 3rd gives us a great educational reference lesson in visual chart patterns that tend to precede divergences and how we can adapt in real time. Let’s take a look at the downtrending intraday action, multi-swing (and multi-indicator divergences), and the trendline breakout that triggered…