I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Friday brings us the infamous “Quadruple Witching” event which might be a big deal in the market, and it might not. Let’s define the concept and then look back in the past at some recent Quadruple Witching Days. Options traders know that the third Friday of every month is “Options Expiration Days” which can lead…
A couple of readers have also asked me to post the Fibonacci Confluence Levels (grids) for the NASDAQ and the Dow Jones Index currently. Here is a quick, mid-day update on these levels (which, to me, are not as clear as the confluence on the S&P 500). NASDAQ Daily Fibonacci Confluence: The grid logic is…
I’ve been pointing out Fibonacci confluence at the 800 level on the S&P 500 for a little while now, but I wanted to show a third layer to the 800 level which perhaps is turning out to be rather significant resistance. There’s no guarantee 800 will hold, but it can be helpful to know of…
With all the spastic intraday moves that resulted from today’s Federal Reserve announcement (assessment of the economy – that it is contracting; that rates will be kept low; and that the Fed will buy treasuries) there were some major moves in the Stock Market, Bond Market, Gold (and Silver) Market, and US Dollar Index. Let’s…
Silver (and SLV) took a brutal hit today, and fell at one point 6% intraday. It provided an interesting structure and lesson in momentum lows and bear flags. Let’s see it as it’s developing. SLV (Silver ETF) 5-min chart: I’ve never seen so many bear flags in a single day (at least not that I…
The market was supposed to go down today, wasn’t it?! I sure felt that way but price – after all – is king. Let’s step inside March 17 ’09 to see the “Idealized” Intraday Trades of the day. I even included a money shamrock to spice up the chart today. The bias was – for…
The 10-Year Treasury Notes Price has been in a pullback retracement since 2009 began, but a clear triangle pattern has now formed and price is reaching the apex. Let’s look. Price made a new high over $130 in late December, though we’ve seen a distinct retracement off this level ever since. Although I haven’t shown…
Monday’s trading day gave us some interesting opportunities worth discussing, in terms of “Trend Day,” reversal, divergences, etc. Let’s step inside yesterday’s action to see key opportunities as they developed. SPY 5-min March 16, 2009: Looking at the 5-minute chart without the context of the higher timeframes reveals the day shaping up to be another…
A few readers have brought this to my attention so I wanted to share with you all the relative volume comparisons in FAS (3x Financials Bull), BGU (3x Large Cap Bull), and the – now seemingly puny – 1x DIA (you know, actual Dow Jones ETF). Let’s see these three on the daily chart. FAS…
In looking under the hood a bit at the last few months on the S&P 500, we see an interesting sign of life – that of a three-swing positive divergence in the Net New Highs – Net New Lows Breadth Indicator. Let’s see it. S&P 500 Daily: What the bottom indicator shows is the NYSE…