I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
What a day. Let’s take the DIA (Dow Jones ETF) trading structure on the 5-minute and 30-minute charts to see what insights we might can learn from any pattern recognition examples that might emerge on such a historic day. DIA 5-min chart: The first pattern that jumps off the chart at you is what I…
Now that today’s close is firmly in place, we have a potential game-changer in terms of the technical structure. The monthly chart also shows a major bearish development Let’s look at the current S&P 500 chart closely to see what this means. S&P 500 Daily: Not a whole lot has changed on the daily structure,…
As we near the halfway point in Wednesday’s trading, let’s look at the current Dow Jones Index structure on the daily chart to assess the current technical picture. Dow Jones Daily: The 8,100 level has held key support five times since October with only two instances of price ‘nipping’ beneath that level. Mid-October brought us…
Sears Holdings (SHLD) is a large retail stock I tend to follow from time to time, but today I noticed just how far the stock has fallen this year and since 2007. Let’s take a look at the devastation long-term SHLD investors have endured recently. SHLD Weekly Chart: Price reached an all-time high at $190…
As we head into the ‘lunch’ period, I wanted to show a fascinating price structure occurrence that led to a couple of high-probability, low risk trading opportunies this morning. It includes a Daily R1 Pivot Point, a negative momentum Divergence, and a possible complete Elliott Wave minor count. Let’s see them in action. DIA 5-min…
CNN News just reported that current Yahoo! CEO Jerry Yang will be stepping down and his replacement will be named soon. Let’s review this news and look at the current and past charts of Yahoo stock. From the CNN article, Yang stated, “”I will continue to focus on global strategy and to do everything I…
It’s quite rare to get a reading in the ADX (Average Directional Index) of less than 10, but the DIA 5-minute chart is currently showing compression such that the ADX value is 8.77. Let’s look at this and see what it might mean. DIA 5-min chart: In StockCharts, the ADX actually displays the + and…
Not too long ago, I evaluated the S&P 500 in terms of a possible Elliott Wave Interpretation which is still playing out as anticipated according to basic Elliott Wave Principles. Let’s update that count and see if we can glean any information from the current structure. S&P 500 Possible Elliott Wave Count – Monthly Structure:…
Today’s US equity index markets completed a classic “Rounded Reversal Day” pattern worth examining. Let’s see this pattern and also view the “optimal entry point” that confirmed that this structure was likely forming. DIA 5-min intraday (incomplete) chart (courtesy TradeStation): The day opened with a downside gap that quickly filled (or actually came just shy…
Gold prices are testing major resistance, but have a positive momentum divergence building beneath the action – let’s see these developments – using the Gold Trust ETF (GLD) as a proxy. GLD (Gold Trust ETF) Daily: Before viewing the chart, keep in mind that StockCharts represents the gold price index ($GOLD) with end-of-day data only,…