Rather than getting down in the nitty gritty and doing a detailed Elliott Wave Count on gold – or any market for that matter – I often find Elliott Wave concepts best suited for showing me whether a market is in a “Corrective” or “Impulsive” phase, and knowing that gives me insights into what the…
I thought today would be a good chance to take a quick look at the daily chart structure of the S&P 500 and highlight the recent negative dual divergences into overhead resistance and the anticipated ‘mini-crash’ (can we call it that today?) that followed from that set-up. Let’s see it: Let’s lead up to today’s…
Is it important to study today’s charts for insights and lessons to learn from the day’s structure and opportunities? Absolutely. Not only can you replay your performance and pinpoint where you could have traded better, but you’ll increase your pattern recognition and trade set-up skills by seeing these classic patterns repeat. Case in point, in…
Shares of Goldman Sachs stock (GS) remain trapped between two key price levels as traders await a breakout from this range. Let’s take a focused look at the daily chart of Goldman Sachs (GS) and pay specific attention to the two key levels to watch on the chart. Taking a quick look, we see price…
I wanted to share a quick link to a post written by Mike Bellafiore of SMB Capital entitled simply: “The Market Doesn’t Care about Your Opinion.” This is something we all as traders learn, but it is a helpful reminder, especially for new and eager traders, that the market is bigger than any of us…
I feel like I’m beating the same drum, but Treasury bond funds TLT (20+ year) and IEF (7-10 year) continue to breakout to fresh 2010 highs – and this morning gave us another sharp gap up to new highs. Let’s take a look first at the longer-term fund TLT: This post just shows the specific…
What are market internals saying about the recent downswing in the market? Let’s take a look – they’re strangely bullish so let’s see if we get a confirmation of this bullish whisper. (Click for full-size image) It’s helpful to interpret market internals across prior days rather than on a single day when trying to assess…
The US Dollar Index surged over 3% this week, which is actually a big move in the index. It gives us a good lesson in how multi-timeframe confluence support can unite to form a powerful move and turn-about in price – as we can see in the weekly and daily charts. Let’s start with the…
With a lot of action happening very quickly on the stock market index daily charts, I thought it would be a good time to post an update on the chart structure and levels to watch – including Fibonacci Retracements – on the weekly S&P 500 and NASDAQ charts. First, the S&P 500: At first glance,…
With the Federal Reserve announcing a policy to buy 2-year and 10-year Treasuries, naturally bond/note prices have been rising … some would say skyrocketing recently. It’s not just the Fed – it’s investors spooked about the future of the stock market who are selling stock positions for the safety of bonds. Let’s take a look…