Midday Check on Market Internals Apr 6
With over half the trading day behind us, let’s take a quick check on the pulse of the three key Market Internals for mid-day April 6, 2010.
XLP Consumer Staples Nearing All Time High
File this under “In case you missed it,” the XLP Consumer Staples ETF is knocking on resistance that – if broken – would result in an all-time price high (not just new bear market recovery high).
Surprised? So was I (especially if you don’t watch this fund actively).
SPY Triangle Apex Test and Breakout Example Apr 5
Today was the successful resolution of a short-term pattern that formed in the SPY intraday timeframe, giving us a great example of a symmetrical price triangle breakout, move back to test the apex (breakout zone), and the profitable move that resulted.
The Rounded Reversal Arc into Key Support on Goldman Sachs GS Apr 5
Thanks to a reader for pointing out this near-perfect rounded reversal pattern on Goldman Sach’s (GS) intraday chart, which takes price currently into a key “make or break” support level.
Let’s take a moment to see the Rounded Reversal example as well as the key support price that Goldman is challenging currently.
First, the Rounded Reversal as seen on the 60-min chart:
A Look at the Busted Pattern and Rally in Crude Oil Apr 3
The big news last week – that you might have missed if you weren’t watching – was in the non-stop rally in Crude Oil after bouncing off support and breaking two potential price patterns with bearish overtones.
Let’s see the rally and the two broken patterns:
SPY Intraday Triangle Breakout Go or No Go April 1
A symmetrical triangle consolidation had been forming on the intraday frame on the S&P 500 (and other markets), but this morning, we got a nice breakout of the triangle and test of the prior high.
Now, we have a “Go or No Go” on the breakout (meaning – “Is it a bull trap or for real”) which will be confirmed with a break to new highs… but let’s see the current structure and levels to watch.
Rounded Arc Forming on NASDAQ Index
Those who know me know that one of my favorite price patterns is the “Rounded Reversal” or “Rounded Arc” pattern, one of which is forming clearly now on the NASDAQ Index. Let’s take a look.
Tight Range Change in Google GOOG Mar 29
I’ve heard a few traders complaining about the range compression intraday in Google and thought I would give that a look – indeed, we’ve had a strange and lengthy (in day trader’s terms) consolidation in price, which sets the stage for a range breakout play ahead.
Update and Breakout in India Nifty 50 Index
Thank you to all the readers who have requested that I do occasional update posts regarding India’s “Nifty 50” stock market index.
There’s actually a new ETF now that allows investment/trading in the Index, and it trades under the symbol INDY, which I will be showing in a chart to highlight a potential major breakout that is occurring this morning.
Without further delay, let’s take a look at the weekly and daily structure of India’s “Nifty 50” and then the INDY for a potential major breakout… if it holds.
Indicators the Disciplined Investor is Watching March 29
It’s Monday morning, and that means it’s time for another “Indicators the Disciplined Investor is Watching” post to start our week from Andrew Horowitz – with this week’s update being titled: “Banking Index Flashes Gravestone Doji” Andrew starts the update by discussing “junk” high-yield bonds and then moves to discuss the Baltic Dry Index. In…