A reader asked me to update the March 30 post “A Rounded Arc Forming on the NASDAQ Index” and I thought that was a good idea, given that the arc is continuing to form on the intraday charts – spanning two months now.
Let’s take a look at the updated “NASDAQ Arc” charts:
In following up from this afternoon’s post, I wanted to show a grid of the main nine AMEX Sector SPDR ETFs distance from the 2007 (or 2008) high, as a gauge of the recovery (and distance to new highs as of April 6, 2010).
With over half the trading day behind us, let’s take a quick check on the pulse of the three key Market Internals for mid-day April 6, 2010.
File this under “In case you missed it,” the XLP Consumer Staples ETF is knocking on resistance that – if broken – would result in an all-time price high (not just new bear market recovery high).
Surprised? So was I (especially if you don’t watch this fund actively).
Today was the successful resolution of a short-term pattern that formed in the SPY intraday timeframe, giving us a great example of a symmetrical price triangle breakout, move back to test the apex (breakout zone), and the profitable move that resulted.
Thanks to a reader for pointing out this near-perfect rounded reversal pattern on Goldman Sach’s (GS) intraday chart, which takes price currently into a key “make or break” support level.
Let’s take a moment to see the Rounded Reversal example as well as the key support price that Goldman is challenging currently.
First, the Rounded Reversal as seen on the 60-min chart:
I’m pleased to announce that I will be participating in a Webinar Event with Tom Busby of DTI.com, and wanted to invite you to the free event, which will take place next Monday, April 5th at 2:00pm CST / 3:00pm EST just prior to market close. My portion of the webinar will focus specifically on…
The big news last week – that you might have missed if you weren’t watching – was in the non-stop rally in Crude Oil after bouncing off support and breaking two potential price patterns with bearish overtones.
Let’s see the rally and the two broken patterns:
As a follow-up from my prior “Best of 2009 Part 1” post, I’m pleased to present Afraid to Trade’s best posts of 2009 Part 2, spanning from February to March 2009: Educational Set-ups/Patterns: 5 and 15 Minutes of Downside Doom in the DIA Extreme Divergence and Rounded Reversal in USO US Oil Rounded Reversal in…
A symmetrical triangle consolidation had been forming on the intraday frame on the S&P 500 (and other markets), but this morning, we got a nice breakout of the triangle and test of the prior high.
Now, we have a “Go or No Go” on the breakout (meaning – “Is it a bull trap or for real”) which will be confirmed with a break to new highs… but let’s see the current structure and levels to watch.