Gold recently broke from its larger Symmetrical Triangle daily chart pattern, but the S&P 500 (Stock Market) hasn’t followed suit yet. Let’s update the current “Bigger Picture” Triangle Price Pattern, note key boundaries, and what to expect next. First, the S&P 500 standard Daily Chart: A Symmetrical Triangle Price Pattern – or any major consolidation/compression…
It’s understandable if you’ve forgotten about the bond market with all the activity centered on the stock market along with the recent multi-month sideways “rectangle” pattern in Bond Prices, but if you haven’t checked a recent leading Bond ETF chart, now might be a good time to do so. Let’s start with the popular 7-10…
Gold prices ejected downward from their Symmetrical Triangle bigger price pattern this week, resulting in a continuation breakdown move towards expected lower targets. Let’s take a look at the original “Symmetrical Triangle” prior update (ahead of the break) and now update what’s happened and where we are now, starting with the “Pure Price” pattern itself:…
How have market internals given us clues about the last two short-term stock market reversals, and what are they saying currently? Let’s check out the 30-min intraday S&P 500 Chart of Breadth-based Market Internals: What we’re seeing above (click for full image) is the S&P 500 with the NYSE Breadth and NYSE Volume Difference of…
Not to be outdone by the recent S&P 500 triangle pattern, Gold is forming a broader Symmetrical Triangle Consolidation Pattern that we’re following closely for any sign of a breakout from the converging trendlines. Let’s look at this situation from two perspectives, starting with the “pure price” intraday level: When discussing a Symmetrical Triangle, it’s…
When you’re studying a price chart to assess trading opportunities, what is your eye drawn to first? Is it the indicators? Is it moving averages? How about candles? And when you are looking to put on a trade, are you taking a moment to address the context in which you’re placing the trade? Is it…
For those of you who use the NYSE TICK in your intraday trading, it’s very important to understand that the reference TICK extremes – highs and lows – changes as a factor of market volatility. What that means is that you can’t just call a +1,000 or -1,000 TICK reading “extreme” – the value of…
What do we see when we look “under the hood” at the market by viewing current Market Internals? Let’s take a look with the bigger picture and drill down from there: Click for larger image. The 30-min intraday chart above gives us the perspective from the recent “Symmetrical Triangle Breakdown” from last week. New TICK…
Gold gave us a breakdown sell signal last week in the form of broken daily support in the context of an intraday Rounded Reversal price pattern. Let’s take a look at these new developments and what levels are key to watch in the week ahead. First, the intraday “Rounded Reversal” pattern: First, be sure to…
If you’re following Fibonacci Retracements, these tools have worked well in finding price support during the recent sell-off. Let’s take a look at two short-term Fibonacci Retracement grids on the S&P 500 and note where these grids converge. First, the shorter term hourly intraday grid: Starting with the October 4th low, I’ve drawn a textbook…