I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
There’s been a clear shift in money flow (as well as asset classes) that started in June which has cost some prominent hedge funds dearly who were behind the curve. Those who remained long commodities or energy and short financials (because it was the easy thing to do) were crushed in recent weeks. Let’s look…
Let’s take a look at the possible trading opportunities that presented themselves in the SPY (S&P 500 ETF) intraday chart today with the interesting price action. SPY 5-minute chart: You would have thought the bears would have mauled the stock market indexes when you woke up to read the headline “Inflation jumps the most in…
With the rapid strengthening of the US Dollar Index, that means that many other currences that comprise the index have been plunging in value. Let’s take a special look at the British Dollar and how spectacular that movement was. British Pound (Currency iShares) FXB: I chose to use the iShares chart rather than the British…
If you recently got disgusted and vowed never to look at a chart of Apple inc (AAPL) again, you missed a major move and locked yourself out of a valuable lesson. Let’s take a look at what’s happened since Apple’s ‘disgusting’ price action after their earnings report and where we stand now. Apple Daily (AAPL):…
What a difference two days makes! As of Monday, almost all eyes were focused on a potential breakout from an ascending triangle formation on the major US stock market indexes, and now that pattern is invalidated, and one of two new possibilities exist – one benign and one ominous. Let’s look. S&P 500 Daily Chart:…
On Monday, gold prices convincingly violated a key potential support zone, and now it appears that the path of least resistance is to the downside. Let’s look at the weekly chart: Price violated the rising 50 day moving average, which was an initial downside target that has now been achieved. Price has formed a lower…
While the Daily Dow Jones is short-term bullish, let’s step back and look at the larger structure for potential targets and zones of possible resistance. Dow Jones Weekly: We have a little leg-up in viewing Monday’s action on the chart, so the final candle is far from a complete weekly close, so keep that in…
Potash Corp (POT) is in the midst of a downside price plunge, which was in part forecast by the breaking of moving average support and a subsequent target of a downside test of the 200 day moving average. At current, Potash has tested and failed to hold the critical support line. What does this mean?…
It’s time to look at the broader picture of the Dow Jones Index, and then look at its 30 stocks to see which ones are overextended both above and below its 20 day simple moving average. Dow Jones Daily: The Dow (and S&P and NASDAQ) has gently broken above three forms of resistance: The upper…
If you missed this on Friday, make yourself aware of it now – the US Dollar Index surged significantly on Friday, breaking above key resistance, and possibly altering inter-market dynamics for some time to come. Let’s see the daily chart: After building a lengthy and evident positive momentum reading on the bottom-panel indicator, price finally…