I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I mentioned earlier in my post “So This is What Resistance Looks Like” where I noted that 950 was becoming increasingly difficult for the bulls to clear – they still haven’t cleared that level. Let’s step inside the 30 min chart on the S&P 500 to see the recent price action and current structure.
Adam Hewison released another informative video today on the CRB – Commodity Index, this time focusing on multi-timeframe “Trade Triangles” and specifically why he prefers to use this particular basket of commodities as has favorite barometer of inflation. In the introduction to the video, Adam writes: “One of my favorite indicators for large cyclic trends…
For those who have been following Yahoo (YHOO) Stock, we’ve seen an acceleration in price that has taken the form of a “Rounded Arc” up. Let’s see it on the daily chart.
Are lower prices ahead for the US Dollar Index? Let’s look at a possible powerful sell-signal example as price has formed a classic retracement into resistance, formed a doji candle, and plunged lower off this signal.
Might a recent volume surge in UNG (Natural Gas ETF) hint that higher prices are yet to come? Let’s take a look at UNG’s long-term weekly structure and then step inside the ‘volume surge’ on the Daily Chart.
With the weakness in the US Dollar and strength in crude oil, the Canadian Dollar (and respective ETF “FXC”) have been rallying in a strong impulse up that may be setting up another low-risk opportunity into possible support. Let’s see it.
Potash (POT) recently completed a Price Projection Target move out of an ideal symmetrical triangle pattern that I wanted to show you as an example. Let’s see it on the daily chart.
Here at the Trader’s Expo, there has been a lot of talk about gold, particularly with the volatility of the last two days. GLD (Gold ETF) has pulled back into a possible confluence support level – let’s see it and also see the volatile Trend Day Down, Trend Day up, and Friday’s morning gap action on the intraday charts.
A reader asked me to take a longer look at the Nikkei Index, which stemmed from my prior post “NASDAQ and Nikkei – Is History Being Remade?” The following post is an added to show that longer term perspective which shows a massive rise followed by a massive decline – perhaps more shocking than many people expected with the index roaring at all time highs just over 20 years ago.
The following article is excerpted from Club Elliott Wave International’s post “Nikkei and NASDAQ: History in the Remaking” – only I have added charts for emphasis.
Let’s take a long-term monthly view of Japan’s Nikkei Index showing the crash of 2000 and 2008: