I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
When you’re studying a price chart to assess trading opportunities, what is your eye drawn to first? Is it the indicators? Is it moving averages? How about candles? And when you are looking to put on a trade, are you taking a moment to address the context in which you’re placing the trade? Is it…
What do we see when we look “under the hood” at the market by viewing current Market Internals? Let’s take a look with the bigger picture and drill down from there: Click for larger image. The 30-min intraday chart above gives us the perspective from the recent “Symmetrical Triangle Breakdown” from last week. New TICK…
Gold gave us a breakdown sell signal last week in the form of broken daily support in the context of an intraday Rounded Reversal price pattern. Let’s take a look at these new developments and what levels are key to watch in the week ahead. First, the intraday “Rounded Reversal” pattern: First, be sure to…
If you’re following Fibonacci Retracements, these tools have worked well in finding price support during the recent sell-off. Let’s take a look at two short-term Fibonacci Retracement grids on the S&P 500 and note where these grids converge. First, the shorter term hourly intraday grid: Starting with the October 4th low, I’ve drawn a textbook…
Let’s take a quick snapshot update of today’s breakdown from the Symmetrical Triangle Pattern we’ve all been watching in the S&P 500 (and SPY). Today hit the initial downside target, but what’s the bigger picture saying? Let’s start with the Hourly Breakout: Take a look at our prior updates this week from the S&P 500…
So far, the Symmetrical Triangle Pattern has held firm, containing this week’s moves into the upper and lower compressing trendlines. Let’s update the original “SPY/S&P 500 Symmetrical Triangle” post from earlier in the week with a mid-week perspective: The dominant trendlines have compressed to the 1,260 and 1,240 area (plus or minus a few index…
Oil put in a stellar upside performance from October to present, and now faces yet another “Resistance Challenge” (it’s passed the others so far) into the $100 price resistance confluence. Let’s view three timeframes of Crude Oil to see what to look for and what might come of the “Battle for $100.” The main idea…
It makes sense that the broader market would pause to catch its breath after such a stellar October performance. That’s what’s happening at the moment as the S&P 500 consolidates/pauses in a sideways/symmetrical triangle price pattern. Let’s review the pattern and the current trendline reference areas and develop a game-plan of what to do with…
Gold fell sharply from the $1,800 resistance level, so let’s take a look at what led up to the fall and what the current structural levels to watch are for gold, including a Fibonacci Cluster near $1,730. First, the Hourly Structure: First, Gold’s Hourly (intraday) structure is in a confirmed UP-Trend as evidenced by the…
Stocks and Crude Oil performed well in October, breaking critical weekly (and of course daily) resistance levels to shift the dynamic to the buyers. Let’s start with the weekly chart of Crude Oil and focus on the key price levels to watch going forward: In the bigger picture, Oil – like stocks – benefited from…