I describe the week’s actions and discuss where we are in the market for the upcoming week.
We all try to make charting complex, but sometimes it’s the simplest facts and realities that give us clues to the most important turns or inflections in a major market. We’re at one of those points right now in the S&P 500 – as seen on the Weekly chart below in simplest terms: I’m only…
It’s time for a quick mid-week major US Equity Index update. Let’s do a quick chartbook fly-by of the Dow, NASDAQ, and S&P 500 with a focus on the main levels to watch and current structure. First, the Dow Jones (so close to new recovery highs): Believe it or not, the Dow Jones Industrial Average…
File this under “In case you missed it,” the US Dollar hit a new fifteen-year low this morning and has held under that zone for the remainder of the trading session so far. Let’s take a look at the monthly USD-JPY (US Dollar / Japanese Yen) Monthly Chart, see the break to new low, and…
I was playing around with a new indicator in TradeStation that shows a similar style of Market Profile (Time, Price, Opportunity) charts and wanted to show the recent progression of the big move up recently in the S&P 500 (SPY). Let’s take a look at the chart and see what the “profile” reveals: (Click for…
With Silver screaming to new price highs, it’s time to pull out the Fibonacci Price Projection tool to see where upper indicator price confluences exist. Fibonacci Projection tools are a type of advanced analysis, but follow with me and we’ll walk through it together. First, the chart: (Click for full-size chart) For detailed information on…
To active traders, the key price levels to watch on the S&P 500 are abundantly clear – but did you know there are two simple indicators that are revealing these levels clearly on the monthly frame? Let’s take a look – first the standard Monthly SPX Chart: I was working on the monthly timeframe for…
It’s often helpful to pull the timeframe back to see what the weekly and sometimes monthly chart are showing about popular or volatile stocks. That’s especially the case right now in Google (GOOG). Have you seen its monthly chart lately? Let’s take a quick look: A quick glance shows us a double chart confluence at…
India’s Nifty 50 stock market index – symbol $CNXN in StockCharts.com – has been outperforming the S&P 500 not just in 2010, but off the March 2009 stock market lows. There’s a helpful indicator or tool that doesn’t seem to be discussed all that much anymore that reveals comparative strength between markets. It’s the Relative…
With a lot of action happening very quickly on the stock market index daily charts, I thought it would be a good time to post an update on the chart structure and levels to watch – including Fibonacci Retracements – on the weekly S&P 500 and NASDAQ charts. First, the S&P 500: At first glance,…
Have you noticed a pattern to the absolute high and low so far in 2010 in the S&P 500? Let’s take a closer look to see that both are within a few points of the dominant large-scale Fiboncci grid of the entire bear market – which I find endlessly fascinating. This is the dominant Fibonacci…