I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
It’s mid-day, and so far the S&P 500 has formed a clean – nasty – bearish engulfing candle on the daily chart – that’s a very powerful signal. Let’s take a quick look at the formation of the bar and then look what happened the last time – June – when we saw this exact…
I highlighted a dual trendline cross this weekend in Crude Oil, and so far we are seeing the downside action suggested by this big bump into overhead resistance. Let’s look at the daily and then intraday charts of Crude Oil to see the combining of two trendlines, and a new – important – price level…
It’s mid-week and time for an update on key market internals as half the week is behind us. Are market internals confirming the recent push higher? Let’s take a look. First, the S&P 500: The quick answer is “No, not really,” as seen above in the Breadth, TICK Extremes, and VOLD. All three have been…
I’ve been commenting both on the open blog and to members of the Weekly Intermarket Report of the “heavy” chart appearance in gold, as evidenced by the negative divergences and ’rounded reversal’ structure, and now we are seeing the aftermath of these bearish chart developments. Let’s take a look at the current daily and weekly…
If you haven’t been watching it closely, you may have missed the recent strong breakout in the share price of Ford Motor Company (F). Not only does the daily chart reveal a strong breakout, but the weekly chart shows a steady structure of higher prices in a comfortable uptrend that’s worth a glance. Let’s take…
Are market internals confirming the recent breakout above 1,100 in the S&P 500? Let’s take a look: This morning’s update (July 26) shows the three key market internals – Breadth, TICK, and VOLD (Volume Difference of Breadth). What’s the message? We’re seeing a slow creep higher in price beyond the 1,100 “round number” resistance level…
In general, copper prices travel in the same direction as stock prices, as copper is an industrial metal that is sensitive to good or bad changes in the economy. As such, we can watch copper prices to see potential turns in the stock market. The S&P 500 is stuck under resistance at 1,100, just as…
I mentioned yesterday that the broad market equity indexes all face specific resistance overhead – which is still true as of noon on Friday. Check yesterday’s update for the specific levels to watch on the three US Equity indexes. However, I wanted to zoom-in not just on the overhead resistance level in the S&P 500,…
No matter what index a trader monitors activity, all three key US Equity Indexes are bumping up against critical resistance levels, where a break solidly above these levels would be a major game-changer to the short-term structure in place. Let’s take a moment to learn these levels on the three charts, and be prepared for…
Earnings from Yahoo (YHOO) disappointed investors this morning, sending shares down to the critical “Line in the Sand” support at the $14.00 per share level. Let’s pull back the perspective on YHOO’s stock to note the large-scale “Rounded Reversal” or arc pattern along with the key level to watch on the Weekly chart: First things…