I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I must admit I’ve been shocked by the massive, unrelenting sell-off in crude oil. Let’s look at the current daily chart structure to see what clues we can glean from price information. Daily Crude Oil: Price peaked above $145 in July prior to the global recession realization (or anticipation thereof) and has slid to fresh…
Now that the United States has a new President Elect – Barack Obama – let’s take a current look at the Dow Jones average and take note of the current counter-trend retracement rally up into potential resistance areas ahead… and view an interesting triangle pattern that occurred early last night in the futures market. First,…
The volatility of October in the stock market provided a remarkable number of gap openings which provided risk and opportunity for nimble gap fade traders. With the new month upon us, let’s see how the traditional DIA opening fade gap statistics fared during October. For the first study, let’s look at DIA prices (downloaded from…
Gold prices completed their counter-trend rally on Thursday and found confluence resistance at the 38.2% Fibonacci retracement along with the 20 day EMA. Let’s see this event and see if we can make out a weekly Elliott Wave count structure as well. Gold Daily Prices: If there ever was an ‘anatomy of a sell signal,’…
Nokia (NOK) Weekly: Nokia investors have experienced a very wild ride in a short period since the start of 2006. From a low near $16, Nokia rose to $40 per share in two years (though not exceeding is 2000 split-adjusted $55 high) and then has spent the better part of 2008 in virtually total free-fall….
Financial giant Goldman Sachs (GS) held its own relative to other large financial institutions who suffered worse or collapsed entirely. Although Goldman recently broke beneath $100 per share recently, it might be worth looking at this stock’s recent journey to see if we can glean any insights. Goldman Sachs (GS) Daily Chart: The daily chart…
Today, the S&P 500 (together with the Dow Jones, NASDAQ, and Russell 2000) made a new closing low not seen since roughly March 2003. Let’s take a quick look at this development on the monthly chart and look at a possible, simple Elliott Wave count interpretation. The S&P 500 Monthly Chart: Beyond getting deep in…
With gold price movement confusing many traders, let’s pull the chart back to the monthly view to see if we can gain any insight from this higher time frame and note possible significant support under us. Gold Monthly Chart (normal scale): These charts are similar, so I’ll show them both and then discuss them. I…
What a week we just wound down. There was contraction in volatility and a possible triangle consolidation formation, but by Friday we had a lock-limit down move on the US Equity Index futures and the NASDAQ making fresh new 2008 closing lows. Let’s see these up close and personal. First, the S&P 500 Daily Chart…
For four hours this morning, the US Equity Index Futures markets went “lock limit down” after moving a predetermined move that automatically halts trading. Let’s see that overnight move on the charts and then compare what happened in the Crude Oil and Gold Futures Markets as well. S&P 500 “e-mini” Futures Contract: 15-minute overnight session:…