Goldman Sachs (GS) and British Petroleum (BP) no doubt have been widely covered in the media, both with negative coverage in the wake of two unrelated events – a lawsuit for GS and the Gulf oil spill for BP. Despite their differences, their chart patterns remain similar, and this update shows the positive divergences forming…
I frequently post updates on NYSE Market Internals positions when looking at the S&P 500 because knowing what’s “Under the market’s hood” is extremely important just just for day traders, but also for swing traders. This post takes a look at the three market turns in June 2010 and specifically highlights the market internal divergences…
Today’s rally took us up to the expected overhead resistance target at the 1,070 index level, but what prices to we watch for resistance levels if buyers push the index above 1,070? Let’s look at the daily chart for those price levels to target. Today’s chart is taken from the “Forecasting Tomorrow” section of today’s…
While market internals recently turned positive to suggest a rally higher, now that the rally higher has materialized, these same market internals are turning lower in a negative divergence, suggesting a different story. Let’s take a look at the current chart of the S&P 500 and market internals: The chart shows the S&P 500 index…
Silver is forming a multi-timeframe arc pattern that’s worth watching, as well as key support levels also across the two major timeframes. Let’s start with Silver’s weekly structure chart, note levels to watch, and then move to the daily chart of SLV for similar arcs and levels to know. Silver Futures Contracts – continuous –…
Let’s take a look at the S&P 500 daily chart to see what levels to watch and what to expect going forward in terms of opportunities in the price structure. S&P 500 Daily: We see the market in a highly probable bounce off the 1,010 level as I wrote last week in the post “Hidden…
If you went to sleep last night and checked the stock market futures, you probably thought that today would be yet another down-day. However, as you slept, the market staged an impressive turn-around to bring us to where we are right now mid-day Tuesday. It’s a fascinating reversal, and shows us the importance of watching…
Traders who monitor volatility, particularly in regard to option trading strategies, closely monitor the VIX – Volatility Index. Others watch the VIX to get a gauge on fear of market participants. Either way, if you look closely at the recent move in the VIX – you’ll find something quite interesting: A clean divergence between the…
Here is the most recent update of the Gann Prices and Andrews Pitchfork Tool post series on the S&P 500. You’ll probably find something interesting about yesterday’s bounce price. (Click for full-size image) The horizontal green trendlines are Gann Squares prices originating off the March 6 2009 low. Price peaked in April just above the…
At least, hopefully temporarily. In a quick update, I wanted to show the fall-out of the mini-crashes that rocked the world of inter-market analysis on July 1, 2010. What a way to start the official second half of the year. (Click for full-size image) Earlier this morning, I reported on the Negative Divergences and Top…