With a wildly volatile week behind us, let’s step up the perspective and see if we can glean any information from the S&P 500’s weekly chart. S&P 500 Weekly Chart: Don’t we wish we could turn back the time to October 2007? Alas, we have to take what we’re given in the market and do…
I actually missed this development until a reader pointed it out to me, but Friday’s action seems to ‘make more sense’ when viewed through the 30-minute chart. As a bonus, this timeframe allows us to see the broad picture of the whole interesting action of last week. Let’s look. DIA 30-min chart: The blue vertical…
Today’s US equity index markets completed a classic “Rounded Reversal Day” pattern worth examining. Let’s see this pattern and also view the “optimal entry point” that confirmed that this structure was likely forming. DIA 5-min intraday (incomplete) chart (courtesy TradeStation): The day opened with a downside gap that quickly filled (or actually came just shy…
Gold prices are testing major resistance, but have a positive momentum divergence building beneath the action – let’s see these developments – using the Gold Trust ETF (GLD) as a proxy. GLD (Gold Trust ETF) Daily: Before viewing the chart, keep in mind that StockCharts represents the gold price index ($GOLD) with end-of-day data only,…
I feel like every day this week has provided a wonderland of strange opportunities to discuss on the intraday charts – today was no exception. We experienced a 900 point swing in the Dow Jones from intraday low to high. Let’s view this action and see what sense we might have made from it. First,…
That’s a headline I never anticipated writing: “Google closed beneath $300 yesterday for the first time since August 2005.” The 2008 bear market has seized another casualty in high-flying Google stock, pulling it off 60% from its $750 price high in late 2007. Let’s take a look: Google (GOOG) Daily Chart: Price is on a…
It’s rather ambitious to tackle all three topics in one blog post, but Adam Hewison released a brief video and commentray this morning that I wanted to share with you. Hewison addresses the Dollar trend, makes a projection using the NASDAQ market, then reviews the current trend and projection for Crude Oil. Entitled “Dollar, Stocks,…
While Tuesday’s action ultimately resulted in frustrating losses for ‘trend day traders,’ Wednesday’s action offered a picture-perfect example of a trend day for review. Let’s view it. DIA 5-min chart: I’m reminded of the Willy Wonka song, “Pure Imagination” that states, “If you want to view paradise, simply look around and view it.” If you…
The past few days have presented two complicated situations known as “Bull Traps” which have potentially resulted in large losses for those who took these trading signals. Let’s review these two situations and see if there were any clues to avoid them… or if they were just ‘part of the game.’ DIA 15-min Chart: Keep…
Whether or not you did well trading intraday today (Tuesday), you have to admit that it was a rather intensely difficult day. Let’s see if we can discern order from the day’s seeming chaos and view the DIA (Dow Jones) 5-minute chart for insight. DIA (Dow Jones ETF) 5-min chart: Just like Monday, Tuesday’s action…