I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
As we wind down August 2010 and get ready to start a new month soon, let’s take a quick overview look at the daily charts of leading financial fund XLF and its popular double-short (double inverse leveraged) fund SKF. There’s some interesting things to note. First, the XLF Daily Chart: Starting with what jumps off…
If you incorporate any type of political forecasting into your investment or trading decisions, now might be the time to start thinking about the make-up of Congress when the United States votes in November – recent commentary and analysis reports show there could be big changes that you need to be factoring into your decision-making…
From a pure price standpoint, as I highlighted recently in the post “Pure Price Levels to Watch in the NASDAQ, Dow, and S&P 500,” the levels I highlighted came into play in a major way on Friday, with the market sell-off stopping in its tracks at the key test of the 1,040 level in the…
Sometimes it can be very helpful to pull off all the indicators on the chart and look at a pure price chart in order to gain a perspective of what price levels hold the most significance at the moment. That’s what this post is – a price purism look at the three major US Equity…
India’s Nifty 50 stock market index – symbol $CNXN in StockCharts.com – has been outperforming the S&P 500 not just in 2010, but off the March 2009 stock market lows. There’s a helpful indicator or tool that doesn’t seem to be discussed all that much anymore that reveals comparative strength between markets. It’s the Relative…
Ouch – Starbucks (SBUX) shares shattered confluence support this morning, both on the weekly and daily frames. Will the sell-off materialize that this support break suggests? Let’s take a look first at the Weekly frame: First things first – there was a persistent negative momentum and volume divergence (lower indicators) that undercut (failed to confirm)…
Perhaps there should be a disclaimer for traders in Potash (POT) stock: “This stock is for Risk-seekers only.” Why’s that? Over the course of the last three years, Potash shares skyrocketed from $40 per share to peak at $240 per share – a 600% increase – only to plunge 80% in less than half the…
It wasn’t long ago -August 6th to be exact – when I highlighted the exact same concept I’m about to show in this post – in regards to the ‘warning signals’ given prior to an afternoon intraday reversal. Be sure to read my prior lesson post: “The Four Early Warning Signals Given Before the Intraday…
Rather than getting down in the nitty gritty and doing a detailed Elliott Wave Count on gold – or any market for that matter – I often find Elliott Wave concepts best suited for showing me whether a market is in a “Corrective” or “Impulsive” phase, and knowing that gives me insights into what the…
I thought today would be a good chance to take a quick look at the daily chart structure of the S&P 500 and highlight the recent negative dual divergences into overhead resistance and the anticipated ‘mini-crash’ (can we call it that today?) that followed from that set-up. Let’s see it: Let’s lead up to today’s…