I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Will we get our expected retracement? Let’s chart the course and update the plan for the S&P 500 right now: With price extending to a new all time high on this morning’s gap-up, we have a clear scenario. Traditional odds do favor a pullback/retracement “down away from” the upper Bollinger Band “back toward” the rising…
Almost but not quite! Chipotle (CMG) shares plunged to new lows today after failing to break resistance into a bullish breakout from support. What’s the level and what’s the play from here? After another lengthy sell-off in shares, price (buyers) found support at the $300 level recently. Positive divergences set the stage for a possible…
Surprisingly, the market can actually trade lower! Today saw a successful retracement swing – finally – toward the first target at the rising 20 day EMA. What’s the level and what’s the play from here? In an uptrend, price typically swings up to a new high (toward the upper Bollinger Band) and then swings down…
It’s right around the corner! It’s the big International Traders Expo in Las Vegas this year at the beginning of November. I’m excited to present two sessions – one workshop and a class – to the trading community. I’ll be discussing Trend Days (one of my best intraday trading strategies) with you on Friday and…
Netflix (NFLX) shares continue the uptrend in motion and we just saw a sharp pullback to a key support level. What’s the level and what’s the play from here? Shares continue the sequence of higher highs and higher lows in the context of rising moving averages, all of which define uptrends. The goal then is…
Did you know this market will NEVER go down again? Ok that’s not actually true but let’s take a moment to scan for the Top Ten Stocks trading the largest percentage above their rising 200 day moving average. Using this simple scan, you can identify strongly trending stocks and either trade bullish retracement strategies… or…
Which of our four equity markets is the strongest/weakest and what patterns are emerging? Let’s see them and plot the possible future course: In the top left we see the @ES Emini forming a narrowing pattern or possible “Bearish Rising Wedge.” However the strongest market – continually rising – is the @YM Dow followed by…
Will we ever get a pullback in this extended market? It sure feels like we won’t. In the event that we do, what does the Volume Profile Chart reveal about the levels to watch? I’m so glad you asked! With the market running strongly up away from the prior consolidation zone, there’s very little in…
Stocks continue to hold the highs at the 2,550 “Open Air” level on an extended upswing. Here’s the quick chart update and the plan for the next immediate price swing: As I share with members each night, we plan the next swing in price and then play that out – usually in terms of movement…
With the stellar rally in the market taking us to new all-time highs, what level appears as our Volume at Price pivot? Let’s update our chart – hint: it hasn’t changed – and take a look now. We’ve consistently seen the market print the 2,495 level as the “Volume Node” via our Volume Profile Chart….