I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Let’s take a quick look at a very interesting pattern that occurred during Thursday’s intraday index trading session and also at some of the opportunities from price structure that set-up during the day. DIA – Dow Jones ETF (5-minute): First, the morning began with a large overnight gap of roughly 100 points, putting us in…
There could be a curious inflection in the current price movement of the Commodity Index ($CRB) and the US Dollar Index ($USD), which could make or break the current trends in place. Let’s see what I mean. The US Dollar Index: The US Dollar Index has experienced a lengthy downtrend, has paused, consolidated, formed higher…
The broader Biotechnology iShares Index (IBB) has been showing supreme relative strength to the broader stock market, but that doesn’t mean you can buy a random biotech stock and make money – quite the opposite. Even though the index has held up, here are two companies whose stock prices have absolutely plunged overnight, bringing immense…
In good news for the broader economy and US Stock Market, crude oil prices failed a critical test of the crossovers of its key 20 and 50 period moving averages, and now could be headed lower for a support test of its rising 200 day moving average. Let’s see this recent development on the charts:…
High-flying stock Potash (POT) appears to be in a larger-scale distribution pattern on the daily chart and just potentially broke a descending triangle today. Let’s look at this chart for potential price targets should these patterns be valid. Potash Daily: Based on quick analysis, we have lengthy and persistent negative momentum divergences since April, and…
The Dow Jones average appears to be currently in the process of forming a symmetrical triangle at the moment. What does that mean and what might it mean for the future? Dow Jones Daily Chart: We can expect price consolidation following a large volatility move, as we have just witnessed (Dow moving from 13,000 to…
The Russell 2000 (Small-Cap) Index is currently trapped beneath is key average, hinting that a potential break may be in store. Also, the index is showing strong relative strength to the Dow, S&P, and NASDAQ, which could be a good sign for the larger cap markets. Let’s look. Russell 2000 Index Daily: The Russell (here-on…
Gold prices have taken a downward move which may have surprised many traders. A ‘make or break’ moment (or zone) is in the works, the resolution of which could give us a significant clue about gold’s next move. Let’s see it. Gold Daily Chart: Price has formed a three-month triangle consolidation pattern, which resolved with…
If you’ve been keeping an eye on the major news or trends in the major markets, you may have noticed a not-so subtle shift that’s clearly taken place. Let’s see what that shift is and what it might mean for the future. First, let’s look at the following markets and their performance since the start…
Surprisingly (at least to me), the market gave us yet another trend day, though – again – it was not your classic trend day. Let’s continue to study each trend day occurrence for clues about how to trade them for maximum profit. DIA 5-minute chart: Typically, trend days follow range-bound, consolidation days – this was…