I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
It’s on the chart permanently now – the S&P 500 officially closed February beneath the 2002 Bear Market lows – but let’s look beyond that. Did you know the S&P 500 is at a very critical potential long-term Fibonacci support level? Let’s see it on a Monthly chart that dates back to 1980. (You’ll definitely…
Let’s take a quick look at the developing potential Elliott Wave Structure of the S&P 500, starting with the Daily Chart and then dropping to the 60-minute timeframe (mid-day update). S&P 500 Daily Chart: Without going into too much detail, price appears to be in Wave 3 of terminal Wave (5), with perhaps a few…
I’ve honestly never seen so many valid Bear Flag trades in a single intraday session. Let’s see all these flags and view the intraday structure for February 26’s trading session in the DIA. The day began with an initial gap, and though the first play perhaps should have been a gap fade, your trade was…
Let’s take a moment to see some interesting developments on the weekly chart of Apple Inc (AAPL): I’ve added a little possible Elliott Count, assuming the 2007 was the price peak for the time being before beginning a corrective phase down. If this count is correct, then we’ve either reached the bottom for the time…
I tend to focus mainly on the Dow Jones and S&P 500 Indexes, but what’s perhaps going unnoticed is that the NASDAQ Index has outperformed them both, having held above its November lows and is showing relative strength. Let’s take a look at the Daily NASDAQ Chart: Keep in mind, the S&P 500 tested its…
Did price trigger an official sell signal in Silver this week? Let’s view the weekly and daily charts for any clues. Silver Weekly Chart: We’re seeing possible resistance at these levels, which corresponds with an early 2007 high but not much else since then. It’s close to a 50% Fibonacci retracement from the $21 peak…
Might the US Dollar be the lesser of many evils? Adam Hewison tackles this question in his latest public video “The US Dollar and Japanese Yen (USD/JPY): What Does the Chart Show?” Hewison shows multiple timeframe views of the currency cross and shows some of the latest trade signals and chart patterns that have set-up…
Today’s DIA action featured a lengthy positive momentum divergence heading into the morning’s open which wound up being a valid pattern that gave ample warning of its developing structure. Let’s view it both on the 15 and 5 minute intraday charts. DIA 15-min: A quick take at the structure shows a “Three Push” pattern completed…
What might be potential Fibonacci Confluence Cluster zones for gold? Let’s also take a quick look at the Weekly Chart Structure to see where we’ve come from and where we might be headed. Gold Weekly (Fibonacci): (You’ll need to click for large image) The Fibonacci grid is drawn off the $1,000 level which does not…
You’ve read the headlines – turn away if you like – but the Dow Jones closed today at a level not seen since 1997, as price broke and closed beneath the 2002 index value low of 7,197. Let’s see the carnage on the charts. Dow Jones Monthly Chart: Today’s closing low of 7,114 – and…