I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I always like to point out simple trendline formations whenever possible, and it would appear we have one of those situations currently in the intraday S&P 500 and SPY charts.
Let’s take a quick look to see where price is likely to travel next if the trendline structure holds.
Apple (AAPL) investors rode a roller-coaster of news and stock price action last week, culminating in a massive sell-off in four days from the $215 area to the present $190 level. Let’s take a quick look at the Daily chart to highlight a key support level and then link to a video analysis by Adam Hewison who notes the “Bearish Engulfing Line” on the Monthly frame.
I always enjoy highlighting good educational examples that occurred during a particular trading day – if anything to archive it – and today gave us a great example of trading a Bear Flag structure intraday… actually the whole day!
Let’s take a look at the 5-min and 1-min intraday SPY chart (identical on the @ES futures) chart for a fun lesson on flags.
I wanted to show a critical inflection point currently in the GLD and Gold charts, namely a key support level which will mark the boundary between a swing back to the upside or a continuation of the bear flag in development. Let’s take a look.
Here’s another perspective on the comparison charts of the Dow Jones between the 1929 crash and recovery and the 2009 crash and recovery.
Let’s take a quick view of the line charts of the daily Dow Jones in 1929 structure and how it compares with today’s weekly Dow Jones structure.
With Exxon-Mobil breaking down through critical support level at the $67.50 level, let’s take an updated look at Exxon-Mobil and note a key target and potential bear flag development in this stock.
I recently highlighted the “Bull Flag Formation in the US Dollar Index” on January 18th (see prior post), and now that we have successfully broken higher confirming the bull flag, it’s time to take an updated view of the daily US Dollar Index chart to take a look at a “bump in the road” that must be overcome to complete the full target.
Headlines have featured on China and its pulling back of its economic stimulus, which has contributed in part not only to a pullback in FXI (iShares Xinhua China 25 ETF).
Let’s take a quick look at the FXI weekly chart to see a lesson in lengthy negative divergences and a likely developing “Rounded Reversal” pattern forming into a critical support level.
For the moment, things are looking brighter for the buyers/bulls, at least according to the intraday SPY 5-min chart when a bullish trendline break accompanies a strengthening in key market internals.
Let’s take a look at the recent potential bullish developments.
Admittedly, it’s not the most exciting blog post title, but I always enjoy highlighting quick tips whenever possible on intraday trading tactics, and Monday’s action gave me a great chance to share a quick example of a near-perfect intraday Fibonacci Confluence.