I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Interestingly enough, the S&P 500 Index formed two doji candlesticks over the last two sessions, revealing a market experiencing indecision, which should give way to a larger trend move today or soon, so be expecting some sort of range expansion day. Beyond the two doji ‘indecision’ candles, we have a negative momentum divergence, and a…
What are the odds that the average cost of a gallon of gas at the pump will cost $5.00? While that’s hard to discern now, a solid 86% of Americans in a CNN poll released today said that possibility was at least somewhat likely. Here are some key quotes from the Washington Post article “Fuel…
Apple Inc (AAPL) announced today that it will begin selling improved iPhones at reduced prices, which would seem like wonderful news for the stock, but the prices were wildly volatile, erratic, and closed 2% lower for the day. Why? Let’s take a look. According to the AP Article “Apple Unveils faster iPhone – Chops Price”…
Today’s 3% market plunge wrecked havoc on the otherwise bullish conditions of the broader US Indexes. Oil rose drastically, and other commodities benefited as the Dollar Index fell as well. The Russell 2000 and the NASDAQ are still above or testing their rising daily key moving averages, but the Dow is well beneath these key…
With two hours of trading left, the US Stock Market indexes have shed over 2% of their value from yesterday’s close. Let’s learn a lesson from the intraday price movement so far and see where the charts may wind up for the day. First, the @YM Dow Mini June Futures Contract 5-minute chart: Be sure…
With the backdrop of potential recession, record oil prices, credit crisis, and other negative news, retail giant Wal-Mart (WMT) not only has broken to new highs for 2008, but is pennies shy of a fresh 6-year high, ascending 26% for 2008 alone! Let’s look at the charts to see what so many people have been…
Who expected such a large recovery would occur today? Let’s take a peek at some of the daily chart action in the broader indexes for clues as to why this intraday rally was so remarkable. First, the Small Cap Russell 2,000 daily chart: As mentioned previously in Small Caps Strongly Outperforming, the Russell 2,000 Index…
The Yield on the 10-Year Treasury Note continued its ascent after an orderly pullback occurred this week following a break to new highs of 2008. It appears it is set to continue to higher yields. The 10-Year T-Note Yield Chart (currently stands just above 4.0%) Price is in a confirmed short-term uptrend, and stands above…
For those of us who mainly follow the “Big Three” US Stock Market Indexes, you might be surprised to find that the Russell 2000 – Small Cap Index – has outperformed the S&P and Dow Jones, and is closer in recent performance to the NASDAQ. Let’s see the Russell’s recent dominance: I’m showing the actual…
I am excited to announce that I received word today that I had successfully passed the Chartered Market Technician Level 2 examination, offered through the Market Technician’s Association. The test was rather difficult, and required various textbook style assignments (reading full books) and taking notes across broad topics. Mostly, the test material centered on the…