Silver prices are forming an interesting potential reversal (or downside continuation) pattern that’s worth a look, as we’re coming up into the key resistance level that will make or break the current short-term bear flag pattern that has formed within a larger term “rounded reversal.”
The market gave us another classic example of the importance of monitoring price along with something else, such as a market internal or key indicator.
In this case – February 22 – I wanted to show today’s lesson of how a “Rounded Reversal” pattern formed alongside positive and negative TICK divergences, and how this set-up some great opportunities… so that you’ll be better prepared the next time a similar set-up occurs.
I wanted to invite you to a special webinar event I will be conducting Wednesday, February 24, 2010 just after market close at 4:30 EST / 3:30 CST entitled “Trading Intraday Momentum and Market Internal Divergences,” sponsored by Trader Kingdom and Mirus Futures. While divergences can produce powerful signals of a likely market turn ahead,…
Updating a similar theme from the end of last week, a current ‘updated’ view of market internals of the S&P 500 show further deterioration, which underscores the heightened probability – but not certainty – of a market correction this week.
This week’s edition of the Disciplined Investor’s “Indicators We are Watching” focuses squarely on an issue I’ve been monitoring closely as well – that of the “strangeness” of the current market rally on declinging volume and market internals. This week’s post is entitled “The Low Volume Rally is Suspect,” and Andrew Horowitz shows a quick…
Starting now until March 2nd, Elliott Wave International is making available the current (data through January 28, 2010) Global Market Perspective for a wide array of markets. It offers a free glimpse into the method EWI uses in their membership publications, and allows you to view the current 100 page updated report which covers: World…
Maybe you’re asking the same question as I am: “How many times will the SPY repeat the same script/pattern?”
What pattern is that, you ask? Take a look at my prior post:
I wanted to share two recent, clear examples of how to project a final price target to play for from a symmetrical triangle pattern formation.
The S&P 500 cracked the key 1,100 resistance level, and it was met as expected with a surge of “popped stops” as bears threw in the towel – which serves as another example of “what happens when key resistance is broken?”
However, we’re not seeing the classic signs of strength that accompany strong price breakouts… but does that need to be the case in the current altered financial landscape?
Do old rules still apply? Let’s take a look.
With the US Dollar Index completing its daily Bull Flag, the Euro completed an opposite bear flag. Both currency indexes are at key inflection points, so let’s take a quick look at the key level to watch now in the Euro Index.