I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
For the second day in a row, we’ve had an afternoon reversal rally after prior divergences in internals – that’s unusual but it does happen and it can reveal the character of the market. It’s also a lesson in active trade management. Let’s look at the Reversal and the “Popped Stops” Play that followed: To…
The market has pushed into a key resistance level – the 1,100 area – and all three key market internals have deteriorated, which is a non-confirmation and potential bearish signal at the highs. Let’s take a look: Pay close attention to the new intraday – and short-term recovery – high of 1,105 that formed this…
Earlier, I posted on FinViz’s new “Bubble Chart” tool and asked readers to submit other examples of free, useful “heat map” resources. This post links to four of those resources as follows: 1. FinViz’s Heat Map Page This is my favorite tool, because you can visualize the stocks of the market in many ways, including…
That didn’t last long! The S&P 500 has returned, in a sharp end-of-day reversal, to the key 1,100 level that is the short-term upper resistance line that divides bull and bear. Let’s take a quick look: With the exception of the sell-tail of May 25th, the S&P 500 has remained within a 30 point range…
We’re in another intraday situation where the most recent price high was not confirmed either with a new TICK (internal) or momentum oscillator high, so that flashes a quick caution signal (potential consolidation or reversal ahead) for the time being. Let’s see it: The SPY (S&P 500 ETF) just rose to a new intraday high…
Here we go again – from the looks of it, price is forming another classic Rounded Reversal Pattern complete with negative divergences, which would forecast a retest of 1,040. Let’s see what levels to watch that would confirm or disconfirm that view from a chart perspective: (Click for full-size image) Quick commentary shows us the…
If you’re a futures trader, or just watch the overnight/pre-market futures for guidance on what to expect for the trading day, then you’ve likely been thrown for a few loops the last few days. The futures will be sharply lower then right as the market opens, we’ll have a sudden surge higher… or vice versa…
After a major incident involving the stock price of a particular company, it’s always interesting to take a look at competitor companies to see how the incident has affected the share prices of related companies. Did it have a similar affect across the whole sector… or was it contained to the price of one particular…
Last week, I showed a chart of Gold’s Arc entitled: “The Arc Pattern and Support Test in Gold.” Price has bounced off the arc and key support at the $1,170 level, as shown below in the updated chart: We had arc support (shown in the chart below) and the support off the rising 50 day…
From one expected price level to the next – that’s how short-term trading works. Right now, we face the next key level to watch – overhead resistance – at 1,100 and so we play another round of “will it break or will it hold.” Here’s a quick update: The 1,100 level is ’round number’ resistance…