I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
You may not see Microsft (MSFT) as a great candidate for day trading, but swing traders certainly have been using it with good results. Let’s chart the recent impressive rally into the current reversal candle “hanging out” at the highs: Microsoft (MSFT) shares rallied 11 straight days higher including today from the $68.00 lower support…
The bulls charge forward, carving out a new all-time high this morning. This afternoon doesn’t look so bullish – but let’s update our chart and note what’s new. Here’s today’s updated Emini (@ES) trading levels for your trades: Bull bull bull! Breakout breakout breakout! A “Creeper Trend” emerged after July 12th’s trendline breakout. We call…
Goldman Sachs (GS) reported positive earnings that beat expectations yesterday… yet the stock fell. Shares now face a critical “Make or Break” support challenge at a key confluence level. What is it and what’s the short-term trade from here? Let’s plan it: As a long-term trader, it still frustrates me to no end to see…
After a textbook Rounded Arc formation completed in Chipotle (CMG) shares, we now see a return to the prior lows. Let’s update our charts, note the key price level, and study the pattern: A big negative momentum divergence – a “Three Push” Pattern – set in on the rally toward $500 per share. Sellers stepped…
What are market internals saying about the recent big bullish breakout to new all-time highs? Let’s take a look and listen to the message beneath the market: We listen to the message from price which is saying “I’m breaking out – I’m all new all-time highs. I’m very bullish.” Great, Mr. Market – that’s wonderful. …
If you’re only watching the US Indexes like the S&P 500, you may have missed Wednesday’s and Thursday’s bullish breakout in Emerging Markets (ETF symbol EEM). Let’s take a look and see what’s happening in this lesser-watched market: While the S&P 500 trades just beneath its all time high – and the US Dow Jones…
Apple (AAPL) shares broke Thursday above a key price level, and we’re carefully watching what happens next. Here’s the breakout and the Daily Chart levels: Buyers held support after a steep pullback (retracement) toward the $142.00 price level. Note the yellow highlight and the positive divergence – with declining sell/bear volume. That combination (in an…
We’re seeing many exciting Triangle Price Patterns develop on the pathway lower for the EURUSD FOREX pair. After two smaller triangles, a clear sideways rectangle developed with clear boundaries. Let’s study these triangles and pinpoint the key pivots for future trades: On the way down from 1.50000 to the 1.0000 level, the EURUSD formed three…
Autozone (AZO) shares experienced serious selling pressure in 2017, collapsing from the $800 level toward the current break beneath $500 per share. Let’s highlight the “Rounded Arc” Pattern – one of my favorites – and plot where we are now: A lengthy bullish uptrend sent shares trending steadily higher above $800 per share. However, negative…
We couldn’t be more excited! Let’s celebrate the New All-Time, Never-before-seen, Highs in the Dow Jones Industrial Average!!! Before we get too bullish and excited, let’s take a look at the prior three new all-time highs and update a new Fibonacci Retracement Grid: The Dow Jones carved out two prior “New All-Time Exciting Highs” before…