I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
After the sudden resignation of Hewlett-Packard (HPQ) CEO Mark Hurd last Friday, shares plunged 8% overnight and through Monday’s trading session. Strangely enough, shares stopped falling at a critical chart support level – so let’s take a look at what the charts are saying for the reference price levels investors should be watching. First, HPQ…
Have you noticed a pattern to the absolute high and low so far in 2010 in the S&P 500? Let’s take a closer look to see that both are within a few points of the dominant large-scale Fiboncci grid of the entire bear market – which I find endlessly fascinating. This is the dominant Fibonacci…
Taking a close look at the intraday price action of the S&P 500, I think something very interesting is happening. Let’s take a close look at the recent price action and see if we can glean any insights from the Elliott Wave principle – not so much in pure wave counts but in the broader…
For those of you watching or trading Goldman Sachs (GS) shares, there’s a key overhead resistance level right here that you need to watch for a clue to whether GS will continue this upward rally, or falter at the dual resistance price here. Let’s take a look and see what levels to watch on the…
It’s very rare to see such a powerful move as the recent rally phase in Cognizant Technology Solutions (CTSH) as we see off the late 2008 lows, but it’s more than that. CTSH rallied from a $5.00 per share low in mid-2003 to peak just shy of $50 per share – a 10-bagger stock- in…
I’ve received a few requests to update the chart of Apple (AAPL) which remains trapped within a multi-month sideways trading range. Let’s take a look at the current daily chart and note the levels to watch for a breakout, along with trading strategies while price remains trapped in the range. I last updated Apple (AAPL)’s…
Are you confused as to why the S&P 500 has been trapped in a tight range the last few weeks? Perhaps a look at key long and short-term Fibonacci retracements can help – in fact, looking at the recent Fibonacci grid can give you one of those “A-Ha!” moments. Let’s take a look at the…
What can the Consumer Discretionary (XLY) and Consumer Staples (XLP) ETFs tell us about the current state of the market? For one, it can clue us in to whether investors are seeking risk – by a strong move in the XLY Consumer Discretionary (Retail) fund – or seeking to avoid risk and be defensive –…
If you’re feeling as though the market is bouncing aimlessly up and down, you might be right – but in these times, it’s often helpful to draw classic Fibonacci retracement grids to help you determine what levels the market might “ping-pong” off of. Here – let’s take a look at the dominant short-term Fibonacci retracement…
Well that was interesting – the S&P 500 so far has played ping-pong between the 200 day SMA at 1,115 and the 50 day EMA at 1,094. Let’s look closely at these two levels which have become almost exactly today’s high and low price. Today underscores the importance of watching key daily moving averages in…