I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Since all eyes seem to be on the Financial Stocks, let’s take a brief look at the XLF Financial Sector SPDR to see if we can gather any clues from its technical structure. XLF Financial SPDR: (Click to Zoom-in on a larger than normal chart) One of the first things we notice is the power…
Seems like this week I spent a good deal of time discussing Gold and Crude Oil this week, so let’s look at a related market that normally trades inverse these commodities – The US Dollar Index. It might give us clues as for what to expect in these markets. US Dollar Index Daily: I wish…
What a day Thursday’s trading was! It seemed all hope was lost for the bulls until the last hour. Let’s dig a little deeper to see some patterns you might have overlooked, including a rare fractal (double) Bear Flag and a “Three Push” Pattern. DIA 5-min chart: Again, what a day. Thanks to the end-of-day…
Seems that a lot of stocks are making possible rounded reversal patterns – Apple (AAPL) is no exception. We’ll soon know if these patterns are acutal reversals… or massive bull traps. Let’s look at Apple’s daily chart – if it is to mount a reversal to the upside, it will do so off current levels. …
A few readers have asked me to take a look at Gold prices and I will do so, starting with a possible Elliott Count on the Weekly chart and then dropping down to see resistance and an interesting structure on the Daily Chart. Gold Prices ($GOLD) Weekly: Ok, let’s take this slowly. I’m not saying…
I wanted to highlight the possibility for a trend reversal or at least low-risk opportunity in the US Oil Fund (USO), or at a minimum, show a large-scale structure potentially playing itself out. USO Daily: Before reading, keep in mind that there’s no guarantee this pattern will produce the expected result, but it’s worth a…
Let’s look inside the price action of the 5 and 15 minute chart of the DIA to see the clues preceding the reversal down and also an example of an extremely powerful trend day. Let’s start with the 15-min structure that I almost highlighted to you last night: I almost pointed out the “Rounded Reversal”…
I wanted to show a quick post on the recent price activity in UBS, specifically showing two overnight gaps that were unlikely to fill that actually did fill which was then followed by a nasty bull trap. Let these serve as interesting lessons. UBS 15-min chart: Don’t so much worry about the technical structure as…
We may see a major resolution of the tight range in the S&P 500 this week. Let’s define that range and see what the current S&P 500 Structure is telling us. S&P 500 Daily Chart: I could have drawn numerous trendlines and channels to show the price consolidation but decided to let the price speak…
Friday gave us a solid, upward performance in the US Equity Indexes. Let’s zoom in to the 5-minute chart and learn a valuable lesson regarding Trend Days and Stop-Loss Strategy or Trade Management. DIA 5-min February 6th 2009: Friday’s action wasn’t an “Ideal” Trend Day, but a Trend Day it was. Most trend days open…