I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
If you’ve been trading based on major headline news this week, you’ve been whipsawed so many times. Even if you’ve been basing your daily bias off the opening gap, you’ve been whipsawed. The last few days have seen a massive contradiction in where the overnight session traded and how the actual daily trading session resolved….
One of my favorite things about technical analysis/charting is uncovering past patterns that resemble what’s happening right now in the market. Doing so allows for comparison to see if history is repeating, and if history repeats – or the pattern repeats – then we have a literal roadmap to the future.
This is also known as studying the structure or character of a market – in regard to repetition in behavior and supply/demand.
It’s days like this that the broader investing public learn the benefit of even simplistic technical analysis and levels to watch.
You don’t have to be a chart wizard to know key levels to watch that are likely turning points in a market.
Today is the day – the market officially tested the February 2010 lows in the Dow Jones and S&P 500, a very likely downside target that has been fulfilled.
The question is – will the market hold these levels or continue on through them? Whatever happens at these levels will set targets for the near future, so watch closely.
Copper, being used primarily as an industrial metal, can be a good gauge for broad economic activity, and thus helpful in making comparisons with the S&P 500. Let’s take a quick look at copper prices – daily chart – over the last few months as well as the popular Copper ETN under symbol JJC. First,…
Gold prices always keep investors on a bumpy ride, though the ride has at some points been straight up.
Let’s take a quick look at the interesting arc pattern – curved trendlines basically – that gold prices are forming and where we stand within that pattern.
Financial companies caught a strong bid this morning, rallying sharply despite news that Congress (the US Senate) cleared a hurdle to approving the Financial Regulation Bill.
Chart-wise, leading stocks like Goldman Sachs (GS) and JP Morgan-Chase (JPM) were at absolute “make or break” support levels… and so far, they’ve held. Let’s see them.
Despite all the volatility in the stock market, crude oil has been falling almost in a straight line, and a lot of people are unaware of this major sell-off in such a major commodity.
Let’s take two perspectives, focusing on divergences, of the entire rally phase and the current range breakout to the downside.
Very interesting developments occurred on the major US Equity Indexes this morning – let’s take a quick fly-by overview of the Dow, NASDAQ, and SP500 to see what happened and what levels to watch next. First, the Dow Jones Daily: This morning, the Dow Jones Index, which is watched by many retail investors and TV…
It’s unusual when a major market ETF will form such a lengthy (intraday, that is) parallel trend channel that lasts a full day or more, but that’s what’s happening now in the SPY. Let’s take a look and if you’re an intraday trader (of futures, options, leveraged ETFs, etc), it might be helpful to draw…