I describe the week’s actions and discuss where we are in the market for the upcoming week.
India’s “Nifty 50” stock market index is coming into potential key overhead resistance on the weekly chart after an impressive rally to levels not seen since October 2008. Let’s see the structure and note prior bear market rallies. Nifty Weekly Chart: First, let’s note the technical structure. Price has broken above a down-trend line (not…
With many Elliott wave practitioners puzzled at the current wave count, here is a possible mainstream interpretation of the latest Elliott Wave Count on the NASDAQ, which has had the most impressive run-up off the March 2009 lows. (click for larger image) As a caveat, keep in mind this is only one interpretation. This count…
With all eyes being focused on the Financial Sector, I thought it would be helpful to key-in on four key financial stocks and look at their daily chart: Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS). Let’s hit the high-points on each one. Bank of America (BAC): Bank of America…
With the S&P 500 closing just shy of 850, will this level hold as resistance? A test of the 20 week EMA and negative volume divergence hint that it may. Keep in mind that the market has recently ‘blown through’ key resistance levels so who’s to say this one is any more important? But it…
India’s Nifty Index (as well as the $BSE Bombay Sensex Index) showed great strength in its recent price swing from 2,500 to 3,100 over the last two weeks. Let’s look at the Nifty Daily Chart to see its current consolidation structure and note key points to watch. Click for full image. I’m sidestepping the Elliott…
Goldman Sachs (GS) has been on many trader’s radars because it has shown relative strength over the Financial Sector (XLF) and the broader S&P 500 since its November lows. Let’s take a look at GS on the weekly chart (using two possible Elliott Wave Counts) and then at the Daily Chart, where we see a…
Let’s take a quick look at Apple (AAPL)’s weekly chart (including an Elliott Wave count) and a closer look at the Daily Chart’s consolidation rectangle pattern. Apple (AAPL) Weekly: I would consider this Elliott Wave count a high-probability count, but it is not the only count available. It’s also possible that this rectangle is actually…
I posted yesterday about “Crude Oil and the S&P 500 Index” but let’s take a look now at Crude Oil and the US Dollar both on the weekly timeframe. Crude Oil (WTIC): Crude Oil seems to be completing a “Rounded Reversal” pattern that I’ve been highlighting for some time now, and we’re finally getting a…
I thought I’d do something a little different in my weekly take of India’s “Nifty” Stock Index ($CNXN) and describe a Fibonacci Confluence Resistance Zone and also run a Fibonacci Price Projection Point as well. “Nifty” Confluence Fibonacci Grid: Without giving away too many of my secrets, or the method behind the madness, we see…
Let’s take a quick look at which key sectors outperformed all others last week – during a rally week where we saw all major sectors advance. First, from StockCharts.com: I separated the AMEX Sectors into traditionally “Offensive” or sectors that reflect market confidence and “Defensive” or sectors that generally hold their own during market pessimism…