I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Gold prices are testing a critical support price at the $1,170 level, which would be a key make-or-break level between bulls and bears. So far, we’re supporting off that level, so let’s see that “Line in the Sand” on the daily chart of gold futures: Above, we see the Daily Chart of gold with a…
It’s time for a mid-Monday afternoon check on the key Market Internals in the S&P 500, which are showing intraday strength as price forms a short-term symmetrical triangle. Let’s see the internals and price levels to watch: (Click for full-size image) Price fell sharply on Friday, and formed a new short-term swing low of 1,061…
Bank of America (BAC) shares fell sharply recently after releasing earnings on Friday. On Monday, shares crossed under the major Support “Line in the Sand” from the daily and weekly timeframe, so let’s take a quick look at that level and what to watch as investors grapple with the reality of a potential major breakdown…
Let’s take a quick look at something very interesting in the daily Andrews Pitchfork auto-trendline tool in the S&P 500. SPX Daily: Click for full-size image. This is the same Andrews Pitchfork trendline tool I’ve been showing in various updates on the blog and for members. Main idea? Starting the grid with the November 2008…
I’ve been pointing out to members of the Weekly Intermarket report that just prior to major market downturns, we have seen either a breakout in the TLT (20+ Year Bond Fund) or a strengthening in the fund while the SPY held up, just before a sharp fall. This is the third such instance in the…
I wanted to share a timely link from Rob Hanna at Quantifiable Edges entitled: “What a Very Weak TICK has led to in the Past.” I incorporate the TICK in almost every single intraday trade, but it’s nice to have quantified research to support your trading decisions. The post is actually from February 2010, as…
Though Intel INTC recently released much better than expected earnings, the stock fell from the initial enthusiastic price burst. The stock broke a very important trendline in a breakout formation, but is it a true breakout that will lead to higher prices… or a vicious bull trap? Let’s see the chart and the price levels…
While I usually post updates on the S&P 500 market internals, I thought it would be helpful to branch over to show the structure of NASDAQ-specific market internals on the tech index. Here is the current status of Market Internals on the NASDAQ Index: For background on why Market Internals are important and how to…
Like the levels to watch in the S&P 500, the Dow Jones has its own levels short-term traders must be watching. Let’s take a quick mid-day look at the overhead reference levels to watch on the Dow Jones index: The main idea is that price currently sits at a chart resistance cluster at the 10,400…
Apple Inc (AAPL) frequently receives a great deal of media attention on their recent iPhone and iPad gadgets. However, their stock has been stagnating in a trading range between$240 and $270 since May. There is a critical support area – particularly from the weekly chart – that traders should be keenly aware of, so let’s…