I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
2008 is finally behind us and the year ended on a positive note – a nice, solid trend day to the upside. Let’s look at the DIA intraday structure to reflect on this pleasant picture. DIA 5-min chart Dec 31, 2008: This is what a trend day should be – except for the close, that…
To follow up on a reader’s request to analyze the Euro Index, I present the monthly and weekly ‘fly-by analysis’ of the Euro Index to see where we’ve come and where we might be headed. Euro Index Monthly: The general relationship of the Euro Index to that of the US Dollar Index is inverse –…
Tuesday’s action provided yet another fascinating example of classic trade set-ups and low-risk, high probability opportunities in the intraday DIA chart. Let’s see this “Trend day that almost wasn’t” and also look at a bull flag, Bollinger Band Squeeze-Play, and a successfully filled morning gap (I should have titled this post, “The Day that Had…
I just received word of my successful passing/completion of the Chartered Market Technician program’s Level III final (written essay) examination and wanted to announce that to readers and summarize the CMT. The CMT is a designation awared by the Market Technicians Association (www.mta.org) which is a program that takes you through a wide variety of…
I’ve rarely seen volume flows shift so dramatically as I’ve seen in some of the crude oil related ETFs. Volume has surged to almost 50 million shares transacting per day in two particular funds: The US Oil Fund (USO) and the Double-Long Crude Oil (DXO) Fund. Let’s look at these for what this might mean….
The market appears to be coming back into ‘payout’ mode, as classic patterns and set-ups are working like clockwork. It’s noon EST and we just witnessed a successful filled gap, support bounce as expected, and a complete bull flag. Let’s see these all. DIA 5-min Chart: Normally I wait until the end of the day…
I could write a lengthy synopsis of the trading activity in today’s (Monday, Dec 29, 2008) market because there were so many fascinating examples of price action concepts (and patterns), but let’s focus on the key points and delve into the intraday structure in today’s DIA action. DIA (Dow Jones) 5-min chart: The day began…
Per reader request, I was encouraged to provide a “Long Term Structure” post on the British Pound Index, which is presented in this post. Let’s compare the monthly chart from 1986 to present, and then zoom in on the weekly chart from 2000 to present for possible insights, both from an analytical standpoint and FOREX…
There’s much discussion occurring regarding the triangle formation occurring in the major US Equity Indexes. Let’s focus for a moment on the DIA (Dow Jones ETF) and see this triangle in action. DIA Daily chart: The structure is still the same – price is in a confirmed downtrend with price making lower lows and lower…
Gold prices have been rising as the US Dollar Index has detiorated towards the end of the year. Let’s take a look at the weekly and daily price structure to see what’s happened and what might be in store. Gold Prices Weekly: On the weekly chart, price is still in a confirmed downtrend, which is…