I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I can’t remember seeing this particular fractal pattern forming a “Dual” Three Push reversal pattern, so let’s take a look at the SPY (S&P 500 ETF) to see what the daily and 30min charts are showing a Dual (Fractal) “Three Push” reversal pattern… and what to expect.
I wanted to give an updated look at the recent post entitled “If History Repeats, Will it Mean New High for S&P 500?” As we see today, the answer is overwhelmingly “yes” as I suspected would be the case when I wrote that post on October 6th.
Let’s take an updated look now that ‘history has indeed repeated’ and also step inside the three most recent “short squeezes” on the SPY and S&P 500.
Starting with an updated look at the SPY Daily chart:
Like October 7th, Friday’s intraday trading action in the SPY or @ES futures gave us a range day, where the best trades came from ‘fading extremes,’ or particularly, in watching for tests of Bollinger Band extremes on TICK and/or momentum divergences. I described these tactics in a previous post “Bollinger Bands, Divergences, and Candles on Range Days.”
Let’s take a quick look at the daily chart of Gold to note a recent “Bull Flag” pattern, and also revisit the “Triangle” breakout pattern that triggered as a potential set-up in early September. We’ll note two potential upside targets if these are the dominant technical price patterns in gold.
With Gold breaking to new highs, Adam Hewison, who has been bullish on gold for quite some time now, released a new, quick 2-minute video entitled “An Alternative to Trading Gold” that shows his take on the current “Inverse Head and Shoulders” in gold and demonstrates the pattern and trading possibilities also in GLD, which…
Let’s take an interesting walk down recent memory lane – specifically, the last few months since late May 2009. Why might that be useful? Because four times over the last four months, price looked like it was going to begin a deep retracement… and then suddenly and sharply began rising, taking all short-sellers’ stop losses with them. Is history about to repeat itself again?
Let’s take a quick noon EST look at the SPY, market internals, and a quick look at gold prices, which is the top story of the day. SPY 5-min: The S&P 500 gapped up this morning and has been rallying ever since in what could be yet another “Trend Day” up, but as always we…
I was doing some work on the Silver ETF (SLV) and wanted to show a simplified version of a potential ‘confluence projection’ zone at the $18 level which I found interesting and worth a look.I was doing some work on the Silver ETF (SLV) and wanted to show a simplified version of a potential ‘confluence projection’ zone at the $18 level which I found interesting and worth a look.
Let’s take a look at the XLK Technology Sector ETF, as it’s caught between two key boundaries and is showing an interesting pattern. Let’s see it:
With a new week before us, and a strong rally since the March lows in the S&P 500, let’s take a quick look at the “Relative Strength” lines of both the “offensive” Consumer Discretionary/Retail Sector and the “defensive” Consumer Staples sectors in relation to the S&P 500.