I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Adam Hewison released an update on the Crude Oil market yesterday which roughly squares with my analysis, particularly in my recent post “Has a Top Formed in Crude Oil?”. I wanted to show you Adam’s video which uses a couple of extra tools and provides it in video format.
What a day! Today officially ended as a “Rounded Reversal” or Failed Trend Day Down, but I wanted to take a moment to highlight the numerous TICK and Momentum divergences and also show how overlaying basic Elliott Waves can help you in your intraday trading strategies. This is one chart from today’s “Idealzied Trades” Daily Summary/Trading Reports.
I wanted to do a quick update and highlight the 60-minute SP500 intraday chart from the March lows to the June highs and overlay four Fibonacci grids over this move to uncover the hidden confluence zones. Doing so allows us to see why the recent break beneath 880 could be significant.
Today’s price action held a lot of lessons for apt traders – let’s take a look at the SPY (US Market proxy) and the intraday chart to see what quick lessons we can learn from today’s price action – technically a Trend Day Down.
We’re seeing a very similar situation in IBM’s Weekly and Daily charts that I highlighted in a prior post on RIMM (RIMM: Bullish or Bearish? Depends on Your Timeframe).
If you look in isolation at IBM’s Daily chart, you might want to get aggressively short right here right now thanks to a breakdown of support; however, if you look only at IBM’s weekly chart, you might want to get aggressively bullish thanks to confluence support. What does a trader do? Let’s take a look.
In yet another example of how an intraday low in the SPY (and other major market ETFs) are formed either on distinct momentum or TICK divergences (or both!), the intraday price action of SPY gives us yet another crystal clear example of this trading opportunity. Let’s learn from it.
It’s being broadly circulated around the analysis circles, but there appears to be a distinct Head and Shoulders forming on the daily chart of the S&P 500. I’m picking up volume and momentum divergences as well, hinting that lower prices are yet to come but let’s take a look at these structures and what they might mean for traders.
June’s monthly candle closed with a ‘doji’ at Fibonacci resistance – that’s a bearish development as we start the new month of July. Let’s take a look at the S&P 500 monthly chart to see its current structure.
I was taking a look at Apple (AAPL) and Research in Motion (RIMM) and spotted something I wanted to highlight to you. Adam Hewison just released a video entitled “RIMM vs AAPL: An Update” which got me looking at both of these charts, which led me to an confusing conclusion.
I wanted to share with you something I’m paying particular attention to – the TICK, Breadth, 3-Push Momentum Divergence, and Volume Divergence we’re seeing at these intraday levels in the SPY (and other US Market ETFs). Let’s take a quick look to see what this might mean so that we can be prepared if prices start falling from these levels.