I couldn’t resist taking a look at the lengthy and often discussed negative volume divergences in the S&P 500 (and other indexes), so I addressed that issue in today’s column at the Green Faucet’s Technician’s Edge Column with a post entitled: “What’s Up (or down!) with Volume Lately? Something’s Gotta Give!” I show different perspectives…
With mid-day just behind us now, let’s take an updated glance at the recent state of market internals as the S&P 500 and other indexes continue their rally to new highs.
Sometimes it’s helpful to pull all the indicators off the charts and take a ‘pure price’ look at a market or stock, which can not only give you additional perspective, but can clue you in to dominant trendlines that you might be missing if you have all sorts of indicators over your charts.
Let’s take a moment to look at the ‘pure price’ recent rallies – as seen on the 30-min charts – of Gold and Crude Oil futures prices and the trendlines that have developed.
Monday morning brings us another week-starting post from Andrew Horowitz as he shares his “Indicators the Disciplined Investor is Watching.” This morning’s posts focuses on charts and earnings, and the update is titled: “Earnings Season Trends and Directions.” Andrew writes: “Gold looks prime to rip higher as inflation concerns emerge and oil bulls are having…
The prior “Arc Update” posts have generated a lot of attention, and I wanted to continue that series with updated charts that answers a question that a few readers have asked:
“What would the arcs look like on Logarithmic Charts?” instead of the default arithmetic charts I’m showing.
Reference back to the prior updates for comparison, especially:
In one of those strange occurrences that feels like you’re in the Twilight Zone, all four major US Equity Indexes are bumping into “Round Number” levels all at the same time. That’s generally an unusual occurrence.
So, it pays to take a quick look at all four indexes as they challenge these overhead levels – for better or worse!
In keeping with the last two update posts on the “Rounded Arc on the NASDAQ April 9” Index (short-term) and Rounded Arc on NASDAQ from March 30, I’ve received a few comments asking about the larger pattern of a rounded arc not just on the NASDAQ, but other equity indexes.
And you’re right – there are large-scale arcs on all US Equity Indexes (Dow Jones, Russell 2000, NASDAQ, and S&P 500) starting with the March 2009 low and moving one-year later to the present.
Tim Bourquin at TraderInterviews.com posted a new featured interview with a full-time swing trader who shares his strategies for stock selection, holding period/strategy, and exit plans. Interestingly enough, he referred to himself as a “Cocktail Napkin Technician” which means that he keeps his methods as simple as possible – so much so, that it wouldn’t…
I’m not a huge fan of intraday pivot points personally, but even I have to admit they can be effective when combined with other methods of finding potential turning points or support and resistance during your intraday trading activities.
Today was a day where standard pivot points worked well at key turning points, allowing you to take off profitable positions (play for a target) or put on new positions (enter at a potential reversal).
Wednesday’s morning action brought expected selling as forecast by the recent declines in market internals (mentioned in yesterday’s update), but is that all the selling the market can muster?