Technical Outlook:

  • SPX finished just barely in the red (while SPY finished just barely in the green) yesterday, and consolidating nicely at its 6-day highs. 
  • The head and shoulders pattern that the bears had eagerly been waiting to have confirm, has been nullified. leaving for the hamptons
  • All eyes are on the 1:15pm Janet Yellen speech. There is a strong possibility that, considering the forum, she will not even discuss interest rates. 
  • SPY volume was extremely weak - the weakest of the year. Considering today is the day before a long 3-day weekend, I expect the volume to be even less. 
  • Can SPX break through 2111 - the SPX April highs? If so, it sets the stage for a test of the all-time highs. Something that hasn't been done in one year and one day (5/26/15).
  • The strength of all the moving averages are currently beneath price action. 
  • Sideways price action on SPX since the first hour of trading on Wednesday on the 30 minute chart. I would not be surprised to see more of the same today. 
  • The strongest, most bullish week of price action, if today doesn't fall apart, since March. 
  • VIX is dropping down towards key, rising support which, since July 2014 has been where every rally has gone on and died at. Careful about getting too long as the VIX tests that level. 
  • Crude managed to break above $50/barrel yesterday, but could not hold it into the close. 
  • Almost comical, you now have a massive inverse head and shoulders pattern that is forming over the past seven months. A move around ~2103 would confirm the pattern. 
  • It appears to me that the market isn't seeing a lot of retail participants to the degree it had seen in past years. 
  • The longer-term head and shoulders pattern on the weekly chart going back two years would be nullified on a move back above 2116. 
  • There is a lot at play here and a lot of potential to change the scope and shape of the market should this market continue rallying higher. 
  • 2040-2138 price range on SPX continues to show just how difficult this price range is for trading, and over the last two years the price action has spent its time trading in it. 
  • I believe at this point, profits have to be taken aggressively, and avoid the tendency to let the profits run - the market is in a very choppy range that has mired stock price for the past two years. Unless it breaks out of it and onto new all-time highs, then taking profits aggressively is absolutely important. 

My Trades:

Read more...

Technical Outlook:

  • Strong follow through yesterday as stocks have now rallied 65 points since last Thursday. That is impressive and considering how tight the price range previously was - it's a monster move. market rally money money money
  • Three weeks of losses that concluded in mid-May is now completely wiped out in just three trading sessions this week. That goes to show how hard and how fast a market can move and how you have to be willing to be flexible with your trading bias. 
  • In essence, don't get married to the long side or short side. 
  • Head and shoulders pattern that had been in the works for over two weeks, was completely cancelled out yesterday. No surprise - the bears have become extremely good at blowing it at key moments. 
  • Almost comical, you now have a massive inverse head and shoulders pattern that is forming over the past seven months. A move around ~2103 would confirm the pattern. 
  • SPY volume fell off some yesterday and was below recent average levels. 
  • It appears to me that the market isn't seeing a lot of retail participants to the degree it had seen in past years. 
  • 30 minute chart looks over-stretched a bit. The pattern of late for it has been to Rally, Rest, Rally, Rest, Rally, Rest. 
  • VIX continues to melt away shedding another 3.6% to close at 13.90. The lower 13's is where the indicator has consistently bounced hard at going back a couple of years. 
  • USO broke the 50-day mvoing average yesterday and is now prime to see crude open above $50/barrel. 
  • April highs of 2111 should be the next target for market bulls. Closing highs are 2102. 
  • The longer-term head and shoulders pattern on the weekly chart going back two years would be nullified on a move back above 2116. 
  • There is a lot at play here and a lot of potential to change the scope and shape of the market should this market continue rallying higher. 
  • 2040-2138 price range on SPX continues to show just how difficult this price range is for trading, and over the last two years the price action has spent its time trading in it. 
  • The up/down/up/down price action over the previous eight trading sessions ended yesterday with a second consecutive day of stocks rallying. 
  • The 50-week and 100-week moving average have crossed two weeks ago to the downside. Last time this happened was 2001 before the tech correction and again in June 2008 before the mortgage crisis saw its major correction. 
  • I believe at this point, profits have to be taken aggressively, and avoid the tendency to let the profits run - the market is in a very choppy range that has mired stock price for the past two years. Unless it breaks out of it and onto new all-time highs, then taking profits aggressively is absolutely important. 
  • Historically the May through October time frame is much weaker than the rest of the year.

My Trades:

Read more...

Technical Outlook:

  • great gatsby stock marketMassive, and very unexpected rally yesterday. The 5, 10, 20, and 50-day moving averages were smashed as if they didn't even exist. 
  • The biggest issue at hand here is that the bulls could violate and nullify the head and shoulders pattern by having price break above the right shoulder at 2084. 
  • The longer-term head and shoulders pattern on the weekly chart going back two years would be nullified on a move back above 2116. 
  • There is a lot at play here and a lot of potential to change the scope and shape of the market should this market continue rallying higher. 
  • With the choppiness this market has experienced over the last two years, there are a lot of conflicting patterns that have emerged. As crazy as it sounds, SPX going back to November of last year, has formed an inverse head and shoulders, though it is a very sloppy one. 
  • Volume rebounded on SPY yesterday as it it jumped back to average levels after previously hitting yearly lows yesterday. 
  • Downward channel on the 30 minute chart and also seen on the daily chart was broken yesterday. As a result a higher-high was established. 
  • Favorable inventory report on oil suggests that oil could break $50 today, particularly if the 10:30 petroleum report is favorable. 
  • 2040-2138 price range on SPX continues to show just how difficult this price range is for trading, and over the last two years the price action has spent its time trading in it. 
  • VIX continues to struggle with a break over 16.40. It is a massive resistance level that is still a problem to any sustained downward momentum. 
  • It goes without saying that the two day price range that stocks were stuck in on the 5 minute chart between 2048 and 2055 was smashed at the open yesterday. 
  • Follow through is absolutely key today for the bulls. So much lately has resulted in next day reversals. A close higher today, would challenge that notion as SPX has closed down/up/down/up for eight straight sessions. 
  • The 50-week and 100-week moving average have crossed two weeks ago to the downside. Last time this happened was 2001 before the tech correction and again in June 2008 before the mortgage crisis saw its major correction. 
  • I believe at this point, profits have to be taken aggressively, and avoid the tendency to let the profits run - the market is in a very choppy range that has mired stock price for the past two years. Unless it breaks out of it and onto new all-time highs, then taking profits aggressively is absolutely important. 
  • Historically the May through October time frame is much weaker than the rest of the year.

My Trades:

Read more...

More Articles...

Page 1 of 447

<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>


press bottom

                       

Get Ryan's Morning Newsletter with all of the essential market data and analysis for your trading day for Free!

twitterfacebookbuttonsyoutube buttoninstagram buttonemailrss feed

small-ryan-malloryRyan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>

enter-the-shareplanner-splash-zone-trading room

part-time trader 300x250

Badges Large NEW - Copy