I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Though we’ve been in a bear market for over a year now, there are a few pockets of relative strength. Let’s look at the Top Ten S&P 500 stocks that are either making or are closest to their 52-week highs. Apollo Group is the only stock in the S&P 500 currently making a 52-week high. …
Today provided a plethora of material to discuss in terms of the “idealized intraday trading” set-ups, so without further delay, let’s look at these on the DIA 5-min intraday chart: The day started off normally (no gap), given that Apple’s announcement that Steve Jobs was taking a medical leave of absence brought expectations of a…
We need to pay attention to what the Financial Sector is doing on its charts because it has a tendency to lead the broader market, and many eyes are focused on news from this sector. Let’s take a quick look at the Daily and Weekly charts of the XLF. XLF Weekly: A quick overview tells…
I thought I’d do something a little unique tonight and describe Apple’s trend day down today and then show the daily chart structure. With everyone now discussing Apple CEO Steve Job’s departure announcement today, I thought it might be nice to see the technical structure and explain how news events like this can instantly destroy…
From a technical analysis standpoint, we’re officially on course today to test or break beneath the November 2008 lows in the US Equity Indexes – it’s now the highest probability play. Let’s see that development on the Weekly and Daily charts: Weekly S&P 500: First, is it a certainty? No, but I’ll make the case…
It’s not quite mid-week but the S&P 500 (and other US Equity Market Indexes) have broken significant moving average support and are hoving near a critical floor that – if broken – would set-up an immediate test of the November lows. Let’s look. S&P 500 Daily Chart: Before getting into ‘prediction,’ let’s see how we…
The Japanese Yen Index ($XJY) has been rallying quite sharply in the last few sessions, which might be of interest to you from a cross-market relationship point of view. Let’s look at the daily and 15-min chart of the Yen Index. Japanese Yen Index ($XJY) Daily: If you look at a longer timeframe, the Yen…
Per reader request, I wanted to share a possible Elliott Wave interpretation for the British Pound/US Dollar FOREX currency pair. Even if you don’t trade FOREX, you can use this as an example of a near ideal Elliott Wave pattern unfolding. Below is an internally valid wave count that ends with an interpretation: GBPUSD FOREX:…
I know – who trades Feeder Cattle? While browsing various commodities, I came across what appeared to be a rather ideal example of the Elliott Wave principle playing out in @FC Feeder Cattle futures contracts and I wanted to show you the pattern – if you want, you can pretend it’s a stock or index…
I wanted to show you quickly the structure of the SDS (Ultra-Short S&P 500 ETF) to point out an interesting structure and also see how the price compares to that of the S&P 500. SDS Daily Chart: For newer traders, the SDS is a fund that essentially is “Double Short” the S&P 500 and is…