Gold prices have reached an important technical confluence node – rising above this key level would be tremendously bullish, but there’s a good deal of bearish confluence resistance overhead… but gold might just make it above with just a little push. Let’s look at the daily and weekly charts to see these developments. Gold Prices…
From the looks of it, the US Dollar Index is breaking down while Crude Oil and other commodities appear to be building bases. Let’s take a quick comparison of the US Dollar Index and Crude Oil prices to see these developments in price structure. US Dollar Index: The Dollar formed a wedge pattern in mid-November…
Let’s step inside today’s trading action to see what points represented ‘idealized trades’ and gather as much information we can from the price structure that developed on this reversal day. DIA 5-min: The day started with an overnight gap to the downsie of roughly $1.00 (or 100 Dow Points) which is just in the gray…
Wouldn’t it be nice if stocks followed a clean, swinging pattern from one point to another? Usually we can trace that pathway with little interference but recently in Exxon-Mobil (XOM), we’re seeing a high noise to signal ratio that’s worth a closer look. Exxon-Mobil (XOM): Coming into October, XOM behaved like it ‘should,’ meaning that…
There was a strange, large scale overnight gap in the UUP Bullish US Dollar ETF which wasn’t confirmed as strongly in its bearish counterpart, the UDN. Let’s take a look at these two ETFs on their daily chart to see if we can get a better picture. Bullish Dollar ETF – UUP: Price gapped from…
Don’t let this development pass your analysis by! Today, the US Oil Fund ETF experienced a volume surge of 37 million shares on a potential doji reversal candle at possible support. Let’s see this development both on the daily and the 30-minute chart. USO – US Oil Fund Daily The day closed on a doji…
Adam Hewison of Market Club made available a video entitled “The Pullback Rule” or the “Rule of 50” that serves as an introductory lesson on trading concepts and Fibonacci retracements that you might find interesting. He takes a chart from Gold at the beginning of 2008 and discusses how to apply basic Fibonacci principles to…
I haven’t discussed the technical picture on Google (GOOG) in a while, so let’s take a moment to look at the weekly and daily price structures for Google and what might be in store for the near future. Google (GOOG) Weekly: The dominant structure I’m seeing is a (potentially) completed “ABC” large scale corrective phase…
Let’s take a look beneath the market to see what ‘idealized trades’ set-up within the intraday price structure of the DIA for Tuesday’s trading – then let’s view the day through the lens of a 5-minute Elliott Wave count that could have helped guide our trading day. DIA 5-min chart: First, the day began with…
One of the beneficiaries of lower crude oil prices has been airlines companies, as evidenced by the $XAL Airline Index. Let’s take a look at these developments and what’s happening to the Airline Index right now. $XAL Airline Index Weekly: The index is currently testing against overhead resistance via the flattening 50 week EMA, but…