I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
There’s been some chatter on the recent down-turn in the Baltic Dry Index, which has been a rough leader of the S&P 500 at key turning points. Let’s take a look at the recent relationship between the two indexes and what the current BDI Index is showing.
A reader asked me to take a look at Dell Computers Inc (DELL) and I thought it had an interesting pattern certainly worth showing. Let’s take a look at the Weekly and Daily technical structure of DELL.
I’ve been mentioning over the week that the S&P 500 (and other US Stock Market Indexes) were forming dojis at their upper Bollinger Band lines on the daily charts.
All three major US Stock Market Indexes – along with their respective ETFs – have formed two dojis in a row above their upper Bollinger Bands. While this certainly doesn’t guarantee a reversal, it’s at least a warning sign that would benefit us to take a closer look.
Let’s see the price moves of the DIA, QQQQ, and SPY off their March lows and take a look at the current doji candles along with other instances where at least two dojis in a row formed… and see what happened next.
Today served as a great lesson of the “Elliott’s Fractals” trade concepts I frequently mention here on the blog.
The main idea is to recognize a new momentum and price high (impulse) for a potential 3rd wave, and then wait for a pullback into support. Buy into the support and play for a possible 5th wave that should end in a momentum divergence. Today served as a great lesson of the “Elliott’s Fractals” trade concepts I frequently mention here on the blog.
The main idea is to recognize a new momentum and price high (impulse) for a potential 3rd wave, and then wait for a pullback into support. Buy into the support and play for a possible 5th wave that should end in a momentum divergence.
I wanted to show you a quick “Weekly Fly-by” chart comparison of the 10-Year Notes, S&P 500, Crude Oil, and US Dollar Index to note key inflection points across all markets – with key markets at such important inflection levels, a push either way will clue us in to what’s ahead for the next few months.
I’ve been reading some interesting commentaries on gold prices and expectations recently, but let’s step back to the basics and take a look at the lengthy triangle consolidation formation and note key levels to watch on a potential break.
Just a reminder that Dr. Brett Steenbarger will be presenting a free webinar today entitled “Best Practices for Active Traders” today after Wednesday’s close at 4:30 EST (3:30 CST) and it looks like a great webinar! In a one-hour webinar, Dr. Brett will be discussing: * Reading Intermarket Themes * Reading Intraday Market Volume *…
Today’s Rounded Reversal is still the dominant pattern, but what’s more interesting is that price retraced up into a confluence Fibonacci area. Let’s take a quick look at this and what might be in store.
I wanted to give a quick mid-day update on the current SPY structure (that of a possible rounded reversal that has formed a lengthy momentum and internal divergence). Let’s take a look: