I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I must say Adam Hewison of Market Club has been on a roll this week! Instead of creating a separate post for each new video (roughly one quality new video per day), I wanted to share the links for each video – CRB Index, S&P 500, and Gold – in this single post. 1. Let’s…
With Baidu.com’s (BIDU) stellar $55 (12%) loss overnight (which is partially being recouped in today’s trading), let’s take a quick look at the weekly chart to find that the ‘damage’ so far was contained to the rising 20 week EMA, and then take a look at a detailed recent Elliott Wave count on the recent move off the late 2008 lows.
As I’ve been mentioning, the S&P 500 continues for form a “Rounded Arc” formation which appears to be the dominant technical structure on the S&P 500. Let’s take a quick look at this development.
With the Natural Gas ETF UNG falling 5% before mid-day on Monday, October 26th, let’s take a quick look at the broader picture by seeing the structure and opportunities on the weekly and daily charts.
With Amazon leaping 27% Friday to an all-time high, it’s certainly a good idea to take a look at its current chart to see the progression that led to this move. Let’s take a quick look at Amazon’s (AMZN) weekly and daily chart.
Wynn Resorts (WYNN) has come into a “Make or Break” support zone at the $60 per share level. Let’s take a look at its daily chart and note Fibonacci, Moving Average, and Bollinger Band support coming together just beneath price right now.
Here’s a little advanced analysis, or at least an example of “chart art” using Gann Squares (Square of 9) to show the Gann Lines both from the 1,576 high (first chart) and upwards off the 667 lows (second chart).
Let’s take a look and I’ll give a quick explanation of each chart.
First, we’ll start the Gann Squares of 9 Lines from the 1,576 high, which would be used if you assume we are still in a Bear Market and will find overhead resistance.
I have to give Adam credit for a unique topic I haven’t thought of before. In his most recent NASDAQ Video Update entitled “Is the NASDAQ Now in Thin Air?,” Hewison overlays the dominant Fibonacci grid and introduces the concept of “Thin Air…” and it’s probably not what you’re thinking (or at least was not…
If you ever wanted to see an example of rampant bullish strength in terms of the Sector Rotation model, look no further than these charts, which show the powerful move up in the broad market since the July 7, 2009 lows to the recent October highs.
Well that was interesting. I’ve been thinking that when a pullback came (if it ever came) that it would be swift and sudden. This move down into the close is either the start of a tumult to the downside… or just one more in an ever-increasing series of failed sell signals (as mentioned in a prior post).
In any event, let’s take a look at the Daily and 60-min S&P 500 chart to see multiple divergences, overbought conditions, and a slicing through all lower frame moving averages.