We all were watching the 1,040 level on the S&P 500, and when it broke, traders reacted as expected: Bears pounced and Bulls ran for the exits. If you’re asking yourself why we bounced so hard this morning, then you didn’t see the ‘hidden’ defense price via a large-scale Fibonacci Confluence. There’s never a guarantee…
There’s something I’ve been observing on gold’s daily chart which is worth sharing – namely it’s the strange technical (chart) position of the “top-heavy” feel of the price, a terminal short-term Elliott Wave Count, and a lengthy negative divergence at the recent highs. It’s not as complicated as it sounds. Let’s see them all: By…
The Euro/Swiss Franc (EUR/CHF) FOREX pair has collapsed over the last few months, and this is something many traders are not seeing. Let’s take a look first at the long-term strong positive correlation with this FOREX Pair and the S&P 500 – stretching back to 2000 – and then look at the recent collapse –…
Is it too early to write the obituary for the stock market? Today the S&P 500 closed under 1,040 – the major line in the sand between bulls and bears. Let’s take a quick look at this development and why this level is so important to monitor – we’re all watching it. The Break: ….
We shouldn’t be surprised at all that buyers stepped in to support the market here at the critical line in the sand at 1,040 in the S&P 500. Now, with a bounce underway, let’s take a look at the market internals and the “finger” spike as they exist mid-morning on the day after the crash….
After a major event in the market, I like to take the evening and assess what happened and what little bits of information stick out that other people might be missing. Let’s take a look at some of those bits of information and market facts as the dust settles from Tuesday June 29th’s mini-crash. First,…
I’m pleased – and surprised – that EWI is offering a 50-page guide to advanced trading tactics – Fibonacci, Elliott Wave, Divergences, Trendlines – for traders. The link below connects you to the download page. Club EWI is the educational arm of Elliott Wave International. Entitled “The Ultimate Technical Analysis Handbook,” the document provides the…
Over the last year, I’ve been updating charts comparing today’s market to the Crash/Recovery phase from the 1929/1930 period. In the most recent update, I showed a “Haunting Look at the 1930 Crash/Recovery Phase” and this post is an update of that “haunting” chart, but this time with a larger chart and a direct side-by-side…
In last night’s report, I highlighted the symmetrical triangle formation on the intraday charts for the S&P 500. Interestingly enough, this morning’s sell-off in the futures resulted in the triangle price projection target being hit before the market opened, in another example of the market hitting a price target overnight. Those are always interesting and…
For those of you who closely watch bond and note prices, or perhaps trade them through respective ETFs, you’ve probably noticed that two major bond/note funds are nearing or already have broken out of a clean resistance level. Let’s take a look at the iShares 7-10 Year Note fund and the iShares 20+ Year Treasury…