I describe the week’s actions and discuss where we are in the market for the upcoming week.
A reader asked me a very interesting question this evening that I wanted to discuss with you all (with permission).
The question was in regards to a perceived sell signal in Whirlpool Corp (WHP) due to a doji candle after a large run-up. The question was “Why did the doji fail?” Let’s take a look:
India’s “Nifty 50” stock index gave us all an example of how to identify confluence support and what happens when price pulls back – especially from a bear flag – into this level. Let’s learn a few lessons and look at what might be ahead. For those of you who don’t follow India’s markets, this chart contains valuable lessons for you as well.
The current S&P 500 60-minute structure (and SPY) give us valuable lessons in two ascending triangle breaks and multi-swing divergences. Let’s see what we can learn from this chart.
This Wednesday July 15th at 4:30 EST, 3:30 CST, I will be presenting a Webinar entitled “Best Trades Using Structure, TICK, and Momentum Insights” which is sponsored by FuturePath Trading (www.futurepathtrading.com) and Linda Bradford Raschke (www.lbrgroup.com). I will begin with explaining the principle “Momentum Precedes Price” and describe how the *concept* of momentum impulses can…
Crude Oil has fallen sharply from its recent peak near $75 per barrel. Let’s take a quick look at the daily chart to see a possible Elliott Wave count as well as note a key Fibonacci area to watch.
This is something I haven’t heard anywhere else yet – with everyone focused on the S&P 500 Head and Shoulders, people have let this fact slip them by: The NASDAQ Index is coming into confluence resistance via the 200 month SMA and the 38.2% Fibonacci Retracement. Let’s take a look:
Today’s price action held a lot of lessons for apt traders – let’s take a look at the SPY (US Market proxy) and the intraday chart to see what quick lessons we can learn from today’s price action – technically a Trend Day Down.
We’re seeing a very similar situation in IBM’s Weekly and Daily charts that I highlighted in a prior post on RIMM (RIMM: Bullish or Bearish? Depends on Your Timeframe).
If you look in isolation at IBM’s Daily chart, you might want to get aggressively short right here right now thanks to a breakdown of support; however, if you look only at IBM’s weekly chart, you might want to get aggressively bullish thanks to confluence support. What does a trader do? Let’s take a look.
The following charts are taken from my new weekly “Intermarket Technical Report,” which goes into greater detail in discussing the current and potential future price structure for crude oil. For now, let’s take a look at the Monthly and Weekly timeframe charts to see EMA and Fibonacci confluence resistance overhead.
Per multiple reader request (thank you to all my followers in India!), I am updating my analysis on India’s “Nifty 50” Index, beginning this week with the long-term 10-year Monthly Structure.
Let’s take a quick look at a possible large-scale Elliott Wave count and also a Fibonacci Confluence (three price levels) chart on the monthly timeframe – a key turning point may be ahead soon.