I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
A cynic would ask “When does this rally end?” A trader… couldn’t care less. Buyers saved the market from another sell-off, short-squeezing the market to a fresh new tradable high. Let’s dive inside action and note key levels and the trending stocks of the bullish day: Continue to reference the “S&P 500 Range Planning” post…
2014 saw a huge trend persist in the currency markets, specifically with the US Dollar and the Euro. Let’s update our charts, note that trend, and tackle the current triangle forming (and what to expect). We’ll start with the “Color Charts” of the persistent trends: In July 2014, the Euro (seen here with the @EC…
How do you identify and avoid a Failed Breakout or getting caught in a Bull Trap? Akamai Technologies (AKAM) – a strongly trending stock – offers a key lesson in this important topic. Be sure to study Part 1 of the “Lessons We Can Learn from the Breakouts in AKAM.” Failed breakouts or traps scare…
Not only is Akamai Technologies (AKAM) triggering another successful breakout trade right now, but we can step inside the history of repeated breakouts and learn a real-world trading lesson from this stock from prior outcomes. Let’s start with the Weekly Chart, highlight the breakout, and focus on what this stock can teach us now: I…
As we’ll see on the intraday chart, today’s session was a continuation of the sideways range that developed after Monday morning’s big upside gap. Despite early morning bullish action in the futures, price retraced and has traded lower/sideways all day. Let’s dive inside action and note key levels and the trending stocks of the bullish…
Traders are carefully watching a critical level in Old Dominion Freight (ODFL) which is setting up a possible breakout buy opportunity. Let’s highlight this level, note the entries and targets, and possible play setting up right here right now. Here’s the Weekly Chart for the Structure and Trend: The main idea here is that the…
And we’re back! Back to the highs of Friday’s activity that is – and should we be surprised? Price traded down to a key support level, formed positive divergences and power-rallied back higher this morning, almost as if nothing at all happened Friday. This is a pattern of the current undeniable bull market that has…
Given that the S&P 500 remains in a broader trading range pattern, today’s sharp downside action is precisely what was expecting from a charting standpoint under the “Range Continuation” scenario. Let’s update our levels – which are exactly the same – and put the price action in context as we plan the next target. Start…
Netflix (NFLX) broke powerfully higher overnight on earnings, continuing a multi-year uptrend and confirming the concept of “what is strong tends to get stronger.” Let’s view the Monthly, Weekly, and now Daily Chart to highlight where price has come and where it might be going now. As a bonus, we’ll step inside today’s intraday action…
This week has been “Divergence Week” where intraday reversals occurred on clear divergences. It was logical to expect another reversal down against 2,110 – from divergences – and we did see the 10 point move down into support, from which today’s reversal occurred. Let’s dive inside action and note key levels and the trending stocks…