We’ve already heard comparisons in terms of the fear, panic, confusion, and volatility of May 6, 2010 to October 19, 1987, so let’s look at the pure price charts to see if the comparison extends beyond that.
First, a look at the daily S&P 500 chart of the run-up then crash of 1987:
Today will be one of those days we reference for a long time to come.
On such days, it’s helpful to take a breath and assess the cross-market movements as seen on the five key inter-market ETFs as shown below.
Let’s look at the daily chart and take a quick overview of the S&P 500, Gold, Oil, The Dollar Index, and Bond/Note Prices.
So far, buyers have failed to defend the critical 1,150 level, and Market Internals have taken a dramatic turn to new lows, confirming the sell-off and hinting that lower prices are still yet to come. Let’s take a look at the signals that Market Internals are sending us: We follow Breadth, TICK, and VOLD (Volume…
Sellers took the S&P 500 down to the key 1,150 important support level, which was the target if the 50day EMA was broken. Now that we’re here, let’s pay very close attention to whether buyers step up to support the market here, locking in this key support level… or whether they fail. Refer back to…
We’ve had a volatile start to the first week in May!
Let’s take a quick moment to assess the damage on the three main US Equity Index charts for reference levels to watch going forward.
After Tuesday’s sharp sell-off took price to the rising 20 day EMA, the morning session on May 5th greeted traders with a swift breakdown of the 1,170 level… but it did so on slightly stronger relative market internals. Let’s see an updated chart and what levels to watch for reference for today’s trading session. We…
Traders paid a lot of attention today to the S&P 500 testing its rising 20 day EMA, but what you may have missed today is that Crude Oil did the exact same thing and now rests on its rising 20 EMA critical support line.
Let’s take a look at the chart and then see how oil made the rounded-reversal sell-off that took us to where we are now.
In a follow-up from this morning’s post “Competing Patterns and Levels to Watch in the S&P 500,” let’s pull the perspective higher than the intraday chart and look at daily levels to watch, and use the “Color Bar” chart as a guide. S&P 500 Daily: Color Bar Chart A quick glance shows us two key…
This is a special ‘breakdown edition’ of my intraday update posts, which takes a focus on three competing price patterns at the recent highs and then adds quick levels to watch for confirmation.
Let’s see the current SP500 30-min chart an hour after the open on May 4:
I’ve written previously about the long-term triangle in Exxon-Mobil and had a reader request to update that analysis, and this time I’ll add a monthly arithmetic and logarithmic trendline to the mix.