I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Let’s take a quick look at the intraday structure developing currently on Friday’s morning trading for clues to a possible range expansion move yet to come. S&P 500 15-min chart: I’ve been saying something is ‘off’ or ‘unhinged’ this week and now perhaps I have a better picture to explain that. As of 10:30am EST…
I thought I’d give one of my intraday posts a catchy title. Let’s get some insights from the intraday action and develop our experience in price behavior as we look at the intraday DIA action for January 22, 2009. DIA 5-min chart: The market began the day with a large-scale (over $1.00) downside gap which…
Often it can be helpful to analyze relative strength charts of key stocks or sectors to get hidden insights into possible future price moves or current structure. Analysts often use the ratio of the Consumer Discretionary Sector (XLY) to the Consumer Staples (XLP). Let’s see what this might mean and where this ratio is currently….
Could anyone have predicted we would have a mirror image rise of yesterday’s decline? What a weird way to follow-up a large scale down day in the market – with a move of equal size in the opposite direction! Let’s zoom in to see this as it transpired and note key points in the price…
eBay.com is perhaps the #1 auction website out there and one would think people would turn to eBay during hard economic times to find good bargains on virtually anything, but their stock is telling us a different story. Let’s take a look at the daily and weekly chart of eBay and then see a video…
One might describe Tuesday’s action as a “Creeping” or “Oozing” Trend Day which never really gave a clean retracement swing to enter as price bled its way to the close. Let’s look at the DIA and take a special glance at the NASDAQ’s near perfect trend channel which pushed the Index down for almost a…
Financial stocks were hardest hit in Tuesday’s market decline and I wanted to highlight the XLF Financials ETF (which broke its November lows today, falling 16%), Wells Fargo (WFC) which fell 24% today, and CitiGroup C which declined 20% today. First, the broader XLF Financial ETF: I’ll take a quick view of each stock’s technical…
Earlier, I showed the structure of the CRB Commodity Index and noted we might be experiencing a positive reversal, but let’s look now specifically at the US Oil Fund (USO) and $WTIC Crude Oil (Index). USO United States Oil Fund: We see an almost identical structure in the CRB Commodity Index. Price is in a…
There is a multi-swing positive momentum divergence and perhaps a new set of higher highs and higher lows developing in the CRB (Commodity) Index – but might this lead to a reversal in price? Let’s look: $CRB Commodity Index Daily: We have a confirmed and persistent downtrend in price as evidenced by lower lows and…
Let’s take a moment to look at the intraday action on Friday in the XLF (Financial Sector ETF) and then see how that played out on the daily chart structure – hint… we had a non-confirmation with the US Equity Indexes which you might want to view. XLF 5-min Chart: We began the day with…