I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I wanted to highlight a strange conundrum that sometimes happens with classic technical analysis price patterns. Let’s take a look at a predicted “Bear Flag” pattern described on Friday that hit its target immediately upon this morning’s market open.
I wanted to start the week by looking at the Dow Jones Industrial Average ($INDU) and noting a “doji sell signal” that has formed after a week-long rally that has formed negative volume, breadth, and momentum divergences.
Let’s take a quick mid-afternoon look at the current market using the SPY (S&P 500) as our proxy – noting the chart structure and internals as captured at 1:30 EST on September 11th.
A reader asked me to take a look at Apple (AAPL), and I had to highlight the weekly timeframe volume divergence that has been developing off the price lows all through the current strong rally. Let’s take a quick look at Apple’s (AAPL) weekly and daily stock charts.
India’s “Nifty 50” Stock Market Index (symbol $CNXN in StockCharts.com) broke to a new 2009 high today, but before we get too bullish, let’s take a look at what bulls need to overcome to keep the rally going – hint… Fibonacci and a Rising Wedge.
A reader asked me to take a look at Google, so let’s chart Google’s (GOOG) daily course through 2009 and note key levels of support to watch going forward.
With all the attention on Gold’s recent breakout, I haven’t seen as much attention focused on the index breakout to fresh 2009 highs in silver! Let’s take a quick look at something interesting in Silver’s (index) weekly chart, as well as the daily structure.
There’s been a flurry of activity in regards to the recent internal triangle breakout of gold from its lengthy triangle consolidation pattern. Let’s take a quick look at this pattern and what might be in store.
I wanted to highlight an interesting potential “Key Reversal” bar in the NASDAQ ETF QQQQ. Let’s take a look:
Though the major trend is down for the US Dollar Index, the $78 index level reflects a possible turning point, or major inflection level if it is strong enough to stop the onslaught of sellers. Let’s take a look at the Weekly and Daily US Dollar Index structure to see this level up close.