I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
With NetFlix announcing better than expected earnings after the bell Wednesday, I thought it was a good time to take a quick look at the recent history and current structure (reference levels) as seen on the daily chart for clues about what to expect next. Here’s Netflix (NFLX) daily chart (not including post-market gap to…
Exxon-Mobile (XOM) has been one of the strongest performers in the Dow Jones index lately, and the rise correlates in part to the QE2 stimulus effects, giving us a great lesson in both charting breakouts and “stock-specific” narratives, or even broader market narratives. Let’s start with the monthly chart and then drill down to the…
During major market moves, and at potential market turning points, it’s often helpful to look at the ratio between the “offensive” Consumer Discretionary/Retail and the “defensive” Consumer Staples sectors. Let’s take a look at the current ratio in relation to the S&P 500’s big recent run, and then look individually at the daily charts of…
I’m a huge fan of comparing the S&P 500 with the NYSE TICK (and Breadth, VOLD internals along with volume and momentum) for confirmations and non-confirmations (divergences) as tools to get a better sense of trend strength and possible opportunities to play within that developing structure. Just like the S&P 500, the TICK has an…
For the quick-reflexed traders among us, here is a current intraday update of the state of the SP500 5-min chart when compared with declining breadth/internals and the competing rising price trendlines to use as a reference for potential future trade set-ups. Let’s see it: Keep in mind the Higher Timeframe structural reference level at 1,300…
The US Equity Markets now face a critical test of weekly chart price levels that stretch back to mid-2008… or a surprising level on the NASDAQ weekly index. You might be very surprised at the level the NASDAQ has reached if you focus most of your attention on the Dow or S&P 500. Let’s take…
I wanted to give a quick chart-based update to my prior post this week “Key Daily and Weekly Price Level to Watch in Gold GLD” which goes into a bit more detail than this quick update. It’s rare to have such a major commodity ‘hanging out’ at such a critical key level from the technical…
I always like doing “Step-Inside” analysis with trades and price structure, especially when combined with a known reference level on the higher timeframes. Let me walk you through a very good recent example of setting up and trading two specific high-probability, low-risk opportunities in the UUP – US Dollar Index EFT (lesson would be the…
I wanted to make a quick observation and chart of the temporary “December Decoupling” of the US S&P 500 Index and the Euro Index, which has in the past enjoyed a strong positive correlation. Let’s take a look and see what may be important factors to watch: With the exception of the period just before…
Gold – and it’s popular proxy ETF GLD – has come into a very interesting technical (chart) level right here on both the daily and weekly charts as we begin 2011. For investors and traders in gold/GLD, it’s a good idea to be aware of these levels and the IF/THEN chart contingencies these create if…