I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
The Energy ETF (XLE) has lagged the broader market, and now it has gapped down through all major support on its daily chart, which could be a bearish omen of things to come. Let’s take a closer look. Notice that the XLE failed to break above its February high like some other ETFs did (like…
I wanted to highlight the near perfect Elliott Wave structure that formed intraday on SDS (S&P 500 UltraShort), including a focus on trading opportunities and set-ups within the developing wave structure. (Click for larger image) First and second waves are notoriously difficult to predict or trade, but once you know what you’re looking for and…
Here’s the question on everyone’s mind – did the S&P 500 officially break out of its rising wedge pattern this morning? Let’s look. (Click for larger image) A quick look says “Yes,” but always keep a close eye on the risk, and the possibility that this break could be an insidious ‘bear trap.’ The trendlines…
India’s “Nifty 50” stock market index is coming into potential key overhead resistance on the weekly chart after an impressive rally to levels not seen since October 2008. Let’s see the structure and note prior bear market rallies. Nifty Weekly Chart: First, let’s note the technical structure. Price has broken above a down-trend line (not…
With many Elliott wave practitioners puzzled at the current wave count, here is a possible mainstream interpretation of the latest Elliott Wave Count on the NASDAQ, which has had the most impressive run-up off the March 2009 lows. (click for larger image) As a caveat, keep in mind this is only one interpretation. This count…
Sometimes I like to look at the top 10 stocks that are extended most beyond their 20 day simple moving average as a guage of strength/weakness, and because it is a unique type of price scan. Let’s see the Top 10 and Bottom 10 most extended stocks in the S&P 500 above or below their…
Talk about stopping a market dead in its tracks – Copper prices have reached a target area of confluence resistance that offers a favorable risk/reward ratio if the resistance holds. Let’s these forms of resistance and what they might mean. Copper Prices Daily: There’s more to see on the Daily chart at the moment. We…
So, what pattern is the S&P 500 forming right now? There’s three main possibilities using classic technical analysis at the moment – let’s take a quick look at these three possible patterns and what they might mean. First, it could be a standard “Rounded Reversal”: (Click on any of these charts for a full-size image)…
Many analysts follow the Baltic Dry Index ($BDI) as a gauge on the possible future pathway of commodity prices. The Index is a survey of what it would cost to ship certain raw materials by sea, which can sometimes be a leading indicator of commodity prices (supply and demand) themselves. Let’s look at the Index…
I renamed today “TICK Divergence Tuesday” in honor of the numerous TICK Divergences that gave valid trading signals on April 14th’s intraday trading (in the SPY). Let’s look at these TICK Divergences, two bear-flags, and a 5-wave Elliott Pattern that guided the structure of the day. (Click for full-size chart) The main purpose of this…