I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
The Financial sector has fared mighy well since the interum bottom on March 6th. Let’s see the unique 5-Swing (Quintuple!) Positive Momentum Divergence and the famous Cradle Trade that formed recently under price. Let’s start with the Positive Divergence. Generally, you identify a divergence by comparing one swing to another – such that price makes…
Is a Bearish Rising Wedge forming in the S&P 500? Let’s turn to a pure price look at the S&P 500 index to see this structure potentially developing. When trying to be bearish in any degree off the March 6th lows, it’s as if the bulls are saying “Rumors of my death have been completely…
I love drawing Fibonacci Confluence grids using a specific methodology on charts to get a better feel for possible support and resistance, particuarly after a big move. I wanted to share this Fibonacci Confluence Grid chart of Apple (AAPL) with you to note a rare triple-level of Fibonacci Confluence at the $127.50 level which should…
Passing on a quick 1-min chart of the SPY (S&P 500 ETF) to show that we’ve already had three major TICK Divergences and a 5-wave Elliott Pattern. Let’s see those quickly: We had a quick “Three Push” Pattern down off the morning’s opening gap (the “Three Push” is a popular reversal pattern) and then we…
Earlier, I mentioned the AMEX Major Sector Returns (performance) from the start of 2009, but now let’s focus specifically on sector returns (rotation) off the March 6th lows to get a more recent picture. We see a very similar picture as the 2009 returns to date, with strength coming from the “offensive” or “risk-seeking” sectors…
With all eyes being focused on the Financial Sector, I thought it would be helpful to key-in on four key financial stocks and look at their daily chart: Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS). Let’s hit the high-points on each one. Bank of America (BAC): Bank of America…
Believe it or not, the NASDAQ Index made a fresh 2009 high on Thursday, making it the only major US Equity Index to do so. Let’s take a moment to view the NASDAQ’s daily chart and also how the major sectors have performed year-to-date. NASDAQ Daily Chart: I showed in last night’s post the “Cradle…
The moment Bulls have been anticipating has arrived: The S&P 500 Index officially formed a “Cradle Buy” signal with today’s bullish action (also known as a “Golden Cross”). Let’s see this up close and discover what it might mean. Before we get to the cradle, let’s look at the “Three Push” pattern, or Triple-Swing Positive…
A reader asked me to take a look at Las Vegas Sands (LVS) and I found some fascinating patterns, including a complete Elliott Wave Count, Cradle Trade, and Bear Flag. Let’s see these in action! Las Vegas Sands (LVS) Weekly: Las Vegas Sands is a Gambling/Recreational Company famous for their casinos. Price made an all-time…
On each intraday post, I try to highlight a key trade set-up or structural point that occurred during the day. Today, I wanted to highlight the Two Flags – one bull and one bear – as well as the Two Cradle Trades that set-up during the day. Let’s see them in action! The day began…