I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I’ve been listing it as a potential target for some time and today the S&P 500 Index tested the 50% Fibonacci Retracement from the 2002 low to the October 2007 high major price swing – it’s also a 50% Retracement of the recent Bull Market – breaking beneath this level would be extraordinarily significant. Let’s…
There were so many stories and cross-currents from Monday’s index declines, but let’s break it down by sector and see what the respective percentage decline was per AMEX Sector. AMEX Sector SPDR Performance: The Financial sector declined almost 10% in one day, with Energy prices – spurred by the 5% decline in crude oil prices…
Indeed today will be remembered for quite some time, but as history tells us, a 4.7% down move in the S&P 500 is not the end of the world by any means. In this post, I list the previous 4.00% down moves in the S&P index and then run a study on what historically has…
With today’s activity being so volatile, let’s take a quick look at the percentage change rank of the Dow Jones Industrial Average 30 stocks. The Dow 30 ranked by percentage (as of 1:15 EST): Bank of America (BAC) and Citigroup (C) are posting double-digit percentage losses, while Coca-Cola (KO), McDonalds (MCD), Home Depot (HD) and…
It sure would be nice to have a continuation move one way or the other, instead of this constant big up, big down choppy environment we’re experiencing – these conditions can’t last forever so hold tight while we’re in them. Let’s look at the daily Dow Jones and today’s intraday chart (complete with gap fade)…
Financial company Lehman Brothers (LEH) has been under intense media scrutiny due to the recent price plunge and charges of potential financial instability. Let’s look at the chart structure from 2006 to today and see what clues may have been evident, or how you could have managed risk in this stock. LEH Weekly: The larger…
I noticed a really interesting version of the “rounded reversal” pattern on the intraday charts of Goldman Sachs (GS) today. Although I missed this trading opportunity, I wanted to share this as an example of a variation of the pattern and how it might have been traded successfully for a low-risk, high probability profit. Let’s…
Not too long ago, a reader asked me to take a look and discuss the Steel Index for any insights. Presented below is the current daily and weekly structure of the Dow Jones Steel Index. One could look at X (US Steel) for a stock that is very similar to this broader index. DJUSST Weekly:…
Those following gold may take note today of a fresh new low formed for 2008 in Gold and the GLD ETF. Such a development may have been unimaginable earlier in March or July but such a move has occurred. Let’s take a quick look: GLD (Gold Trust tracking ETF): I’ve drawn this chart starting in…
What we may have missed recently is the weakness in technology related companies over the last week which was particularly punishing for most tech companies that started roughly at the same time DELL missed earnings and gapped lower. Let’s look at the XLK Technology SPDR and Google for some insights. XLK Technology Sector SPDR Daily:…