Midday Check on Market Internals Apr 12
With mid-day just behind us now, let’s take an updated glance at the recent state of market internals as the S&P 500 and other indexes continue their rally to new highs.
Daily Commentary | Market Education | Strategies | Trade Set-Ups | Uncategorized | Weekly Commentary
Logarithmic Chart View of the Arc Patterns on the US Equity Indexes
The prior “Arc Update” posts have generated a lot of attention, and I wanted to continue that series with updated charts that answers a question that a few readers have asked:
“What would the arcs look like on Logarithmic Charts?” instead of the default arithmetic charts I’m showing.
Reference back to the prior updates for comparison, especially:
The Main Sector SPDR ETFs Distance from Recovery Highs
In following up from this afternoon’s post, I wanted to show a grid of the main nine AMEX Sector SPDR ETFs distance from the 2007 (or 2008) high, as a gauge of the recovery (and distance to new highs as of April 6, 2010).
XLP Consumer Staples Nearing All Time High
File this under “In case you missed it,” the XLP Consumer Staples ETF is knocking on resistance that – if broken – would result in an all-time price high (not just new bear market recovery high).
Surprised? So was I (especially if you don’t watch this fund actively).
A Look at the Busted Pattern and Rally in Crude Oil Apr 3
The big news last week – that you might have missed if you weren’t watching – was in the non-stop rally in Crude Oil after bouncing off support and breaking two potential price patterns with bearish overtones.
Let’s see the rally and the two broken patterns:
Strange Similarities Between 2007 Peak and Current Rally High
In another “Hmm, That’s Interesting” post regarding prior market historical pattern, there is an eerie similarity in the rally that ended with the market peak in 2007 and the current rally into 2010. Thanks to a blog reader for pointing out this comparison to me. Let’s take a look at the S&P 500 and Dow…
SPY Trendline Angular Momentum and Bull Bear Psychology
While the title might not sound that interesting, it can be important to watch “Angular Momentum,” or in simple terms – the change in the angles of rising trendlines – of the current SPY and S&P 500 intraday charts, which highlights an important point about the recent rallies.
Let’s take a look at the recent “Angular Momentum” chart and see what I mean:
Pure Price Update on the Range in Crude Oil Daily
I often advocate taking a pure price look at a market in order to get information on the recent “character” and “behavior” that you might miss if you have too many indicators on your chart – something we all have done at one time.
Here is the ‘price purism’ chart of the @CL crude oil futures contract:
Daily Commentary | Market Education | Strategies | Trade Set-Ups | Uncategorized | Weekly Commentary
The Positive Relationship Between Short Term Rates and the Dollar Index
I wanted to highlight a few quick recent charts of how the US Dollar Index positively correlates (moves in the same direction) with the 3-month Treasury Bill Discount Rate.
It’s not the most fascinating topic, but it’s definitely important to know of this relationship, so let’s take a look at a couple of recent charts.
Get Ready for Range Expansion Play from SPY Intraday Triangle
If you’ve been lulled to sleep by the recent intraday market action, don’t fret.
According to the long-standing price principle of “Range Expansion and Contraction,” the next move in the market is likely to be a range expansion breakout swing move, that will offer opportunities for those aggressive enough to take them.
Let’s take a quick ‘pure price’ look at the S&P 500 ETF SPY and note the symmetrical triangle compression and the boundaries to watch for a potential breakout.