I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
There’s an epic struggle (maybe not that intense) to hold the rising 20 day EMA on the S&P 500; the battle has already been lost on the NASDAQ. Let’s take a very quick look at this level and what it might mean.
Thursday’s intraday trading action gives us a perfect example of how to use Fibonacci grids to uncover ‘hidden’ confluence zones in the market action. Let’s see how to do it and how it played out in the SPY.
There were some interesting lessons to learn via the intraday action on May 13, 2009. Let’s see some of them – particularly three TICK divergences and a fractal Elliott Wave pattern on the trend day.
Let’s take a quick look at what the mysterious “Andrew’s Pitchfork” chart tool is telling us currently on the S&P 500.
Just a quick personal note to say that I will be in New Orleans, LA from Saturday May 16 to Tuesday the 19th. If there’s any readers or traders who want to try to meet up for a quick lunch or dinner while I’m there, email me to let me know and I’d be happy…
Here is a possible Elliott Wave count interpretation and simple structure forecast for Gold prices going forward
to highlight something interesting I’m seeing in the Market Internals for May 11th in the S&P 500 (SPY). So far on this rangebound day (following a gap-down), the Market Internals (particularly TICK and Breadth) have been biased to the upside.
Google has formed a very rare and interesting pattern, known as a “V-Arc Reversal.” Let’s look at this pattern and what the current daily structure of Google (GOOG) looks like.
Let’s take a look at the top 10 stocks in the S&P 500 that are most overextended above and below their 20 day simple moving average.
The SPY gapped up into what looked like an exhaustion gap pattern and began its descent lower all day, completly engulfing the ‘hanging man’ candle that formed yesterday. Let’s take a quick look at this action.