I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
After an overnight bounce off daily support, sellers again dominated the market today, resulting in yet another impulsive Trend Day lower with support breaking. Here’s our Extended T3 Trend Day down for reference: Here’s a snippet from Tuesday evening’s Member Strategy Report that forecast today’s rally: Let’s state the facts – we’re back at new…
With price doing exactly what it should be doing given the weakness and numerous divergences into resistance, we’re simply trading bearishly as the market falls sharply from its upper target toward lower support levels. Take a moment to read the “S&P 500 Level Planning on the Bull Trap Breakout” update and let’s examine where we…
Crude Oil broke through a critical resistance cluster today triggering a breakout into “Open Air.” Let’s highlight this trend change and pinpoint key price levels to watch into the future. As highlighted to Weekly Strategy Planning Members, the critical focal-point for the week ahead was $60.00. After a slight stall into this resistance level Monday,…
Disney (DIS) – one of the strongest trending names in the Dow Jones Index – reported strong earnings and revenue this morning, gapping the stock to new all-time highs. However, as soon as the new high popped, sellers crushed the stock back under the breakout level. Let’s highlight the gap, weekly trend (it’s stellar), and…
Quick – let’s take a poll. When will this bull market end? Never? Good guess! Today’s session expanded on the bullish reversal that developed late Thursday as we had another short-squeezed breakout above the 2,110 key daily pivot. Take a moment to read the “S&P 500 Level Planning on the Bull Trap Breakout” update and…
“Will it break or will it hold?” That is the key question facing traders as Keurig Green Mountain (GMCR) sets up a major “make or break” support bounce or bearish short-sell liquidation play off a critical support reference level. Here’s the level clearly highlighted – along with a Descending Triangle – on the Daily Chart:…
If you’re finding the current low volatility environment boring or lackluster, wait a few more days or weeks! The Bollinger Band/Sigma Volatility Chart model is suggesting a near-term spike in Volatility. Let’s update the chart of the S&P 500 and note what’s happened and what’s likely to happen next: If you’ve been trading for any…
Crude Oil traded powerfully up to a known resistance target, and we’ll plan our next trade (or even series of trades) based on this key level and the new targets for the next price swing. Let’s build the case from the Monthly Chart down to the Daily Chart: While not to the same magnitude or…
Apple (AAPL), just like the broader S&P 500, snapped a Bull Trap on a failed breakout which collapsed price rapidly toward a key support target level. Let’s update our Apple chart and highlight the critical “Make or Break” support level after the trap. Apple’s trend remains up (bullish) yet price retraced powerfully down toward a…
If you’re trading Gold or the ETF GLD this week, you probably are suffering a case of whiplash from two traps that triggered this week. Let’s study these two events and then note the key Daily Chart planning levels to recuperate and get settled for the next move. Here’s the Hourly Chart which highlights the…