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 moment as we begin this Tuesday to view the Daily Structure of the Dow Jones Industrial Average for possible clues of the action ahead. Dow Jones Daily: Looking backwards first, we note the pronounced, multi-swing negative momentum divergence – as well as price testing resistance via the 200 day SMA –…
The market gave us yet another trend-style day down today, washing away most if not all bullish hopes for an extended counter-rally recovery. Let’s view the intraday charts to see what opportunities were in store for nimble and aware traders, who were able to take advantage of the trend structure today. DIA 5-minute chart: Most…
Anheuser Busch (BUD) has been in the news prominently as the takeover candidate of ImBev (buy-out), and the stock has responded positively in a unique ‘stair-step’ pattern which is worth examination. Let’s see what we mean. BUD Daily Chart: After rumors were announced earlier this year, the stock began to respond positively to the potential…
The Dow Jones Industrial Index completed a large-scale “measured move” pattern last week, which culminated with a large momentum bounce (confirmed counter-trend rally) which led us to this week’s action, which found resistance and is retracing part of the counterswing move. If all that sounds confusing, let’s look at the charts. Dow Jones Weekly Chart:…
Today’s action gave us yet another “Trend Day,” but it wasn’t your typical trend day for the broader market. Let’s look at the charts and see what we can learn from the price action. DIA 5-min chart: Why was today’s action atypical of a trend day in the indexes? We lacked a large (or significant)…
Gold prices corrected sharply this week, breaking an upward swing and ‘breakout trade’ pathway, falling just shy of its estimated $1,000 target from the recent triangle breakout pattern. Gold prices (per ounce) daily: There are certainly a couple of ways to draw this triangle (is it ascending? does the trendline start at the March $1,000…
There’s so much to be said about Apple’s (AAPL) intraday performance today. From the 10% gap down to a rally to close the day off just over 2%, Apple traders were in for an amazing ride. Let’s look at the intraday and daily chart to see where this leaves us. AAPL 5-min: The bulls truly…
Google Inc (GOOG) missed earnings this week and plunged almost 10% by week’s end. Let’s look at the daily and weekly chart briefly to see if we can find any clues for potential price action in the future. Google Daily: With the failed earnings expectations, Google stock – proving once again why it is known…
How might we have identified and taken advantage of today’s developing trend structure? Let’s take a couple of perspectives. First, we, along with many other traders, have been expecting some sort of ‘oversold technical bounce,’ meaning odds were increasing for some sort of ‘snap-back’ rally, similar to the visual concept of a rubber band being…
What has Apple Inc (AAPL) been up to in terms of price action lately? Are we coming up on a fresh buy signal? Let’s look closer. Apple Weekly: Price has formed a lower swing high, but has pulled back and held up (especially given a drastic June and July in the broader indexes) in terms…