What are chart traders watching as we start the week of September 19th? Let’s take a quick look at the key overhead resistance level on the Daily S&P 500 chart and step inside the market with a view of intraday Market Internals: Focusing on the most important point: Price has rallied into the overhead resistance…
We’ve been hearing a lot of attention – as usual – on the Financial sector (particularly in Europe), so let’s take a brief moment to see the key chart/trading levels we’re watching on the popular XLF Financial Sector ETF and then peek at the wild 3x leveraged financial funds FAS (3x Bullish) and FAZ (3x…
What are Market Internals revealing about the current position of the S&P 500? Let’s take a look at the current structure and make note of prior reversals via Market Internal Divergences: Let’s take the somewhat busy chart step-by-step for clarification. What we’re seeing is the 15-min S&P 500 Index with two different Market Internal gauges:…
What levels are we watching for set-ups/game-plans in the triple US Equity indexes – Dow, S&P 500, and NASDAQ? Let’s get a quick check-up on these levels and current market structure as we start the week: I’ll focus the majority of the description of structure on the S&P 500 as the picture is almost identical…
News of Greece’s debt and European contagion again dominated the headlines on Friday. The Euro broke major confluence chart support and is currently in free-fall… but what is the current structure saying and what are the current levels to watch as a reference? Let’s take a look, starting with the Weekly Frame: What we’re seeing…
With the European financial situation dominating headlines, traders continue to monitor the strength of Germany’s economy as the strongest economy in the region. There’s an interesting chart pattern situation developing on Germany’s DAX index (stock market), so let’s focus on the triple-timeframe picture which includes a critical support level on the higher frames and a…
In general, crude oil prices are closely following stock prices, including the recent rally into confluence resistance. Let’s chart that key resistance level to watch on the daily chart in Crude Oil: Let’s start with the current structure and then take a moment to learn a few charting lessons from similar set-ups in the last…
Well that was interesting – absolutely no jobs were created in August, so says the Non-Farm Payrolls report released September 2nd. Understandably – both from a news and chart perspective – the market fell sharply Friday morning. However, what does this mean in the bigger chart picture, and what are the critical support and resistance…
What’s going on with the popular Emerging Markets ETF (EEM) and what are the key higher timeframe reference levels? Let’s take a look, starting with the higher weekly structure which identifies the two main levels: Cutting right the main point, major confluence support (Fibonacci and 200d SMA) resides at the $38.00 per share level –…
With the recent sharp downturn in the stock market, we have a new list of most “over-extended” and “under-extended” stocks from their 200 day Simple Moving Average. Let’s take a look at the current scan results of most extended S&P 500 stocks, starting with most over-extended: To recap briefly, the purpose of this scan is…