I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
We tend to follow our own country’s stock market extremely closely and only give cursory attention to other foreign markets. Let’s take a moment to look at the Russian Trading System Index and view its stunning fall from 2,500 to 700 in five short months. RSTI Monthly Chart: The monthly chart would be particularly devastating…
We’re nearing the Apex of the Triangle formation that’s formed on the 30-minute and 60-minute chart of the S&P 500 (and other market indexes) so it’s worth going inside this formation and seeing what might lie ahead. S&P 500 60-minute chart: Right now – if you don’t follow Elliott Wave – we’re in a simple…
It’s worth looking at some of the long term charts on the monthly time frame of some of the key homebuilder stocks and how they peaked around 2005, and then compare that to various Financial Companies that peaked in late 2007 to see the leading characteristic that brought down the Equity Markets lately. For this…
Gold has been stunning traders both on the longside and short-side. Adam Hewison released a great video to describe different time frame action, as well as reveal insight into possible future direction thanks to their “Trade Triangle” Technology. Let’s compare charts and see what he means about gold. First, let me display my quick interpretation…
Despite the volatility of last week, a relatively orderly symmetrical triangle is forming on the S&P 500 Index which could be resolved early next week. Let’s examine the S&P 500 daily structure and then the 30min chart for clearer insights on this consolidation pattern. S&P 500 Daily: The daily chart looks horrendous for long-term investors…
In the previous post, I mentioned the possible Elliott Wave Count for the intraday DIA 5-minute chart. Let’s look at that in more detail and see if the Elliott Wave count plays out through the rest of Friday: Wave 1 rose from $82 to $87 for a $5 wave before Wave 2 retraced to the…
Thursday’s action in the US Equity Markets was quite … interesting. The day began with a large volatility move down 300 points, reversed, then the Dow closed 400 points higher. I wanted to deconstruct some of the action and highlight a particularly interesting set-up. October 16, 2008 DIA 5-Minute Chart: The day initially retraced into…
The recent stock market downturn has taken down many otherwise strong stocks, destroying yearly uptrends and shattering large-scale support levels. Let’s take a quick look at the current S&P 500 Index as well as large “Blue Chip” companies Exxon-Mobil (XOM) and Johnson & Johnson (JNJ): S&P 500: I cannot underscore how much damage has been…
I wanted to offer my interpretation of the Elliott Wave Count structure on the NASDAQ chart, which is very similar to that of the S&P 500 and Dow Jones. For “Basic Elliott Rules,” see my prior post. Let’s get started with the current possible (preferred) Elliott Count on the NASDAQ: Elliotticians know that – if…
Of the major US Equity Indexes, the NASDAQ has suffered the most on Tuesday and now on Wednesday, and was only able to retrace to the 38.2% Fibonacci retracement of the August highs to the October lows. Let’s see this index on the daily and weekly charts: NASDAQ Daily Chart: Price clearly made news lows…