As of noon today, the S&P and Dow Jones returned to test their rising daily trend channel (or possible rising wedge formation) and is finding temporary support at these levels currently. Let’s look quickly and see what might be in store. DIA Daily Chart: Could a similar pattern be forming as what formed during March…
Let’s take a look at the possible trading opportunities that presented themselves in the SPY (S&P 500 ETF) intraday chart today with the interesting price action. SPY 5-minute chart: You would have thought the bears would have mauled the stock market indexes when you woke up to read the headline “Inflation jumps the most in…
Today was quite the interesting and surprising day in the major US Indexes. Why? They flip-flopped more than a politician campaigning. Let’s reveal the intraday action and see if there’s anything we can learn from today’s action. DIA – Dow Jones 5-min chart: There really is so much to say about today’s action. Let’s start…
Friday’s action almost turned out to be another trend day down, but a recovery into the close prevented this development. Let’s look at some of the idealized trades we could have taken during the day, to learn more about these patterns should they develop soon in the future. The DIA – 5-minute: The day began…
After forming two seim-dojis in a row (indicating relative indecision), the market unveiled a pure trend day today, allowing quick and steady profits for those who were ready to trade it for all it was worth. How might you have traded today’s trend day? Let’s look. The odds were slightly higher that a trend day…
The US Markets remain trapped beneath their 200 day moving average but above their rising 20 period average. A breakout is likely, but in which direction will it occur? Let’s look at the SPY (S&P 500 ETF): The 200 period average is declining while the 20 is rising, and price is in a strong uptrending…
Today’s US Stock Market Indexes surprised us with a semi-trend day. The day began with a perfect gap-fade and then gave us a ‘double-distribution’ trend day. Let’s look at it! In the DIA 5-minute chart, we see the day start with an opening gap that was filled and then the market trended in the direction…
I was quite impressed by the strength of the bears in swiping the US Indexes lower on Wednesday, giving the bulls only a marginal chance for any sort of retracement. I recommend saving today’s charts for the files under “strange price action” for future review. Let’s look first at the DIA: Price made its intraday…
Wow! What an interesting day it was for active traders. Yet another gap was filled and a sort of unexpected trend day emerged. Let’s look! Dow Jones ETF (DIA) 5-minutes Today opened with a sharp intraday gap down, which spent the first 10 minutes continuing downward. I prefer to wait for 3 bars (15 minutes)…