I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Let’s take a quick look at the daily charts of Crude Oil and the US Dollar Index as of September 24th, particularly with regard to oil’s breakdown from the ascending triangle as described in a prior post.
Let’s take a quick mid-day check on the market and market internals on what’s shaping up to be a trend day down. Today so far has shaped up to be a trend day. To keep that bias going, we’re going to have to see new TICK lows on any new price swing to new intraday…
While most people will likely be focusing on the wild intraday volatility in the S&P 500 (or other stock market indexes), let’s take a quick look at how Crude Oil, Gold, and the Dollar Index (continuous futures contracts) fared with today’s Fed announcement.
For those of you who missed it, AIG had a large breakout from a short-term symmetrical triangle which led to a sudden achieving of the ‘measuring objective’ or price projection target. Let’s take a look at this triangle, as it serves as a great example of the “price consolidation and expansion” principle, as well as a near perfect ascending triangle trade set-up.
I mentioned earlier this morning that an “Ascending Triangle” was forming in Crude Oil prices (daily), but there’s been an even larger triangle forming on the price charts of Exxon-Mobil (XOM). Let’s take a look at the weekly and daily structure.
For those following Copper, particularly as a barometer of economic activity, Copper Prices (index) have retraced into a Fibonacci overhead level. Let’s take a look at this and see if buyers can push prices through the $300 level.
Robert Prechter’s financial forecasting and educational site just began “Free Week,” which allows you to gain immediate subscriber level access to some of their daily and weekly market forecasting services to see what membership is like for subscribers. These are always popular events that allow non-subscribers to receive full, free reports/access for a week’s period…
Let’s take a quick look at the weekly chart of GLD (Gold ETF) to note a clean path to new highs assuming we solidly break the $100.00 resistance level at which price rests currently.
Earlier this afternoon, I posted a standard “Mid-Day Check of Market Internals” which suggested that market internals were giving an edge to the upside (for higher prices yet to come). Let’s take a look at the end of day internals to see how the Breadth and Volume Internals – along with the TICK – tracked price all day in the SPY.
Let’s take a quick look at the current (12:00 EST) market structure and market internals, using the SPY as our proxy.