SPY Intraday Sept 25 Shows Triangle and Mega Divergence
I wanted to highlight two features or trades from today’s intraday market action – a Descending Triangle Support Break and a “Mega-Divergence” reversal opportunity.
A Monthly and Weekly Look at RIMM after Earnings Miss
With Research in Motion (RIMM) falling over 15% intraday after Thursday’s “earnings miss,” I thought it would be a good idea to step back the timeframe and take a look at the larger picture – mainly the Monthly and Weekly chart structure.
Viewing the Recent Breakdown in Oil and Rally in the Dollar
Let’s take a quick look at the daily charts of Crude Oil and the US Dollar Index as of September 24th, particularly with regard to oil’s breakdown from the ascending triangle as described in a prior post.
Midday Check of Market Internals Sept 24
Let’s take a quick mid-day check on the market and market internals on what’s shaping up to be a trend day down. Today so far has shaped up to be a trend day. To keep that bias going, we’re going to have to see new TICK lows on any new price swing to new intraday…
A Quick Look at What Else Happened on Today’s Fed Day
While most people will likely be focusing on the wild intraday volatility in the S&P 500 (or other stock market indexes), let’s take a quick look at how Crude Oil, Gold, and the Dollar Index (continuous futures contracts) fared with today’s Fed announcement.
Lessons From Failed Sell Signals and Popped Stops
I mentioned this concept in more detail in an earlier post entitled “What Happens when Resistance is Broken,” and a follow-up post entitled “Opportunities from Popped Stops Intraday,” in which I described the concept of “Popped Stops” leading to quick scalp trades long from the ‘pocket’ of tight stops that often exist just above key resistance levels.
Let’s take a look at the recent 60-min chart of the SPY and note three distinct and classic short-sell signals – all of which failed and led to a “stop-pop” rally… including what could be another one developing right now.
EWI Releases the Ultimate Technical Analysis Handbook
I’m pleased to announce that Elliott Wave International is offering a 50-page free eBook entitled “The Ultimate Techncial Analysis Handbook”
Reich: Why Dow is Hitting 10,000 when Consumers Can’t Buy
Former Secretary of Labor, current professor at UC Berkeley, and author of Supercapitalism Robert Reich penned a thought-provoking article recently entitled “Why the Dow is Hitting 10,000 when Consumers Can’t Buy and Businesses Cry Socialism.”
AIG Breakout Gives Good Example of Trading Triangles
For those of you who missed it, AIG had a large breakout from a short-term symmetrical triangle which led to a sudden achieving of the ‘measuring objective’ or price projection target. Let’s take a look at this triangle, as it serves as a great example of the “price consolidation and expansion” principle, as well as a near perfect ascending triangle trade set-up.
Video: Two Technical Levels Collide Overhead in the SP500
Adam Hewison released a thought-provoking video yesterday entitled “Two Major Technical Levels are About to Collide in the S&P 500 Index.” It’s an interesting and ‘larger picture’ style take on the S&P 500, noting an overhead descending trendline (which I missed drawing! I miss some of the things that are so simple – Adam is…