I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Gold prices are at a key support level, where just a slight push either way will lead to a breakout move. The daily moving averages and a key trendline hold the current price in the balance. Let’s look at Gold’s daily structure. A rising trend channel has developed off the October 2008 lows which carries…
The US Dollar Index is on the balance of a precipice, the resolution of which will determine its short-term structure. Right now, the Dollar Index has formed and now retraced back into the Cradle Crossover Zone. Let’s see all this on the Daily Chart: Until recently, the Dollar was in a strong uptrend, which was…
Last week, the S&P 500 rallied into a Fibonacci Confluence zone which was met with resistance. At present, this zone is proving to be a significant resistance zone which halted the recent strong rally. Let’s see this confluence resistance zone on the daily chart. The main take-away is the following: Drawing off the significant recent…
Can we count out a full five-wave structure on China’s Shanghai Index? Let’s take a close look at the index which has shown strength recently and may be on pace to etch out fresh 2009 highs. I’ve started the chart at the October peak (which corresponds with the US S&P 500) and noted a quick…
Goldman Sachs (GS) has been on many trader’s radars because it has shown relative strength over the Financial Sector (XLF) and the broader S&P 500 since its November lows. Let’s take a look at GS on the weekly chart (using two possible Elliott Wave Counts) and then at the Daily Chart, where we see a…
As a slight continuation of last night’s “Elliott Wave” update post, let’s look at the hourly (60m) chart of the S&P 500 from the beginning of 2009 until present (mid-day Friday, March 27) with a special look at divergences, moving average structure, and fractal Elliott Waves. (Click for larger image) The year began with a…
On my end-of-day summary of the ‘idealized’ intraday trades (a practice or journal I encourage all day traders to keep), I noticed something interesting – the intraday SPY (and DIA) high and low of March 25th formed on momentum and NYSE TICK Divergences. I thought I’d focus this post on those TICK divergences. SPY 5-min:…
A lot of newer traders are drawn to double (and triple) leveraged ETFs including the inverse side, but being on the wrong side of a trade can be financially devastating quicker than most traders imagine possible. Let’s take a quick comparison of the recent moves in XLF (Financial SPDR ETF) and its double-leveraged inverse counterpart…
A reader requested a look at the XLB Homebuilder SPDR ETF and I wanted to view that on the daily chart and also take a look at the Philadelphia Housing Index ($HGX) on the weekly frame. Strength here would be most likely resoundingly positive for the broader stock market. Let’s look. XHB Homebuilders ETF: We’ve…
A couple of readers have asked about the Elliott Wave count on Crude Oil and I wanted to give a lengthy, multi-year view of the $WTIC Index to show the clean Elliott Count and possibility for the near future. Monthly Crude Oil ($WTIC): (Click for Larger Image) A complete 5-wave Elliott pattern completed into mid-2008,…