It’s often helpful to step ‘inside’ the price action, particularly if you are a swing trader and especially if you are an intraday trader to see the structure and formation of price and how it compares to momentum.
Let’s take a look at the 10min SPY chart and note the current levels to watch going foward.
I wanted to highlight a critical overhead resistance level – what I call the “Cradle Crossover” – that is occurring now in the S&P 500 Index. A resolution of this structure would certainly give us clues as to what to expect going forward.
I wanted to share an educational chart on how the Three Key Market Internals formed a predictable pattern that helped forecast the odds of a sharp rally ahead, which we’re seeing materialize today.
Let’s take a look not just at that, but the current chart of Market Internals and some key Fibonacci overhead resistance targets to watch.
For those of us who follow overseas markets, I wanted to share a quick reference to the overhead resistance levels and structure as seen on the Monthly Japanese/Tokyo Nikkei Index.
Today’s article for the Technician’s Edge column at the Green Faucet Financial Website is entitled “Gold Successfully Defends Critical Support,” where I define why $1,075 is the critical level to watch and how today’s bounce – and potential rally from this point – was anticipated from this support level and a lower timeframe positive divergence….
I always like to point out simple trendline formations whenever possible, and it would appear we have one of those situations currently in the intraday S&P 500 and SPY charts.
Let’s take a quick look to see where price is likely to travel next if the trendline structure holds.
It’s time for another update from Andrew Horowitz of the Disciplined Investor website for a check on “Indicators We are Watching for February 1st, 2010. The current update is ominously entitled “Bears in Charge” which highlights some key points that warrant attention. The following image links to the post, which shows some of the chart…
Apple (AAPL) investors rode a roller-coaster of news and stock price action last week, culminating in a massive sell-off in four days from the $215 area to the present $190 level. Let’s take a quick look at the Daily chart to highlight a key support level and then link to a video analysis by Adam Hewison who notes the “Bearish Engulfing Line” on the Monthly frame.
I always enjoy highlighting good educational examples that occurred during a particular trading day – if anything to archive it – and today gave us a great example of trading a Bear Flag structure intraday… actually the whole day!
Let’s take a look at the 5-min and 1-min intraday SPY chart (identical on the @ES futures) chart for a fun lesson on flags.
I wanted to show a critical inflection point currently in the GLD and Gold charts, namely a key support level which will mark the boundary between a swing back to the upside or a continuation of the bear flag in development. Let’s take a look.