I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Analyzing gold may seem difficult for traders, but let’s look at a related market – silver – to see if we can gather any insights from the Monthly or Weekly charts in this precious metal – hint: the picture looks a little clearer. Silver ($SILVER) Monthly: I’ve annotated this chart with a possible preferred Elliott…
We expected a price movement out of the recent coil (consolidation) and we got it today in spades. The break was to the upside which surprised many bears, but let’s look inside the DIA’s 5-minute chart to gather where we might have entered some high probability trades and learn from the day’s structure. DIA 5-min…
Gold prices have been confusing traders lately, as most have expected gold to be surging in this environment while in reality, it is forming a downward-sloping consolidation. Let’s take a look at a daily chart of Gold Prices to see a critical area that could give us clues about the next swing in gold prices….
Pardon the sensational title, but I wanted to take you inside the 30-minute chart on the DIA and the S&P 500, which I will describe as “Trader Hell.” I’ll also show you the key levels to watch as we near the end of our consolidation and expect a breakout move very soon. DIA 30-minute chart:…
Some have called Estee Lauder (EL) the “Lipstick Indicator” for a variety of reasons. Let’s look at EL on a weekly basis and then view a recently released video explaining more about this ‘indicator’ from Adam Hewison of Market Club. Estee Lauder EL Weekly: From a technical standpoint, the first thing I wanted to highlight…
The Big Picture shares an article from James Bianco entitled “The Dow is Distorted” which addresses some recent anomalies in the components in the Dow Jones Index. Specifically, Bianco argues that the Dow Jones is violating its own ‘unwritten rules’ that any stock that trades less than $10 per share will be excluded from the…
Caterpillar (CAT) announced today that it was laying off 20,000 employees, which sent the stock down to test the November lows and officially confirmed a Bull Trap that was sprung in early January. Let’s see Caterpillar (CAT) on the Daily Chart: I’ll leave the fundamental news to other websites and will only focus on the…
I had mentioned earlier that we were seeing relative strength in education stocks such as the Apollo Group (APOL) and ITT Education Services (ESI), both of which made fresh 52-week highs last week. However, Monday morning saw these stocks get clobbered in early trading. Let’s look at them and see this development. Apollo Group (APOL):…
With a very volatile week behind us, let’s step back and take a look at the XLF Financial Sector from its 2007 peak to present. XLF Financial SPDR: The XLF actually topped in May 2007, five months ahead of the October 2007 stock market top which underscores the assumption that Financials lead the broader market. …
As I mentioned earlier this morning, the US Equity Indexes are experiencing a strange phenomenon – let’s call it ‘Extreme Triangulation.’ It’s not actually a triangle, but price is being almost entirely contained within the range of the previous day, drawing price to a finely balanced zone. Let’s view this action from multiple sources. S&P…