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Pre-market update:

  • Asian markets traded 2.7% higher.
  • European markets are trading 1.1% lower.
  • US futures are trading 0.3% lower ahead of the market open. 


Economic reports due out (all times are eastern):
None

Technical Outlook (SPX):

  • Strong follow through on Friday following Thursday's bounce action. 
  • Today's open is being weighed down by weakness in Europe in addition to IBM reporting a significant earnings miss. 
  • Volume remained strong on SPX during the bounce. 
  • Bulls, must fade the gap down if they are to keep this market from starting the next leg down. 
  • SPX has been rallying nicely with a series of higher-highs and higher-lows on the 30 minute chart. To keep this going it will need to hold 1877 this morning. 
  • If the rally continue there is plenty resistance hovering around 1910-1920 area. '
  • RUT was surprisingly down on Friday despite SPX being up over 1% - a major concern for traders throughout the day. 
  • VIX dropped 12.7% down to 22. 
  • The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 


My Trades:

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Pre-market update:

  • Asian markets traded 0.8% lower.
  • European markets are trading 1.6% lower.
  • US futures are trading 1.3 lower ahead of the market open. 


Economic reports due out (all times are eastern):
Housing Starts (8:30), Consumer Sentiment (9:55)

Technical Outlook (SPX):

  • Huge pop in the futures overnight suggests this market is ready to start the dead cat bounce. 
  • Russell had already started forecasting the beginning of this bounce by finishing green in each of the last 3 days. 
  • SPX tried to push the market lower, but the selling had become exasperated and the shorts were forced to cover. 
  • Look for more shorts to be forced to cover their positions today as the market rallies. 
  • Also watch resistance today at around 1907 on SPX.
  • At some point the bears will look to use this rally to add to new short positions. Could happen today, but more likely after a few days of rallying. 
  • Two straight days of either a large hammer or doji on SPX daily chart. 
  • SPX 30 minute chart is showing the first signs of a higher-high being formed along with its downtrend being broken. 
  • VIX dropped 4% down to 25.20.
  • Volume remains well above average. 
  • The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 


My Trades:

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Pre-market update:

  • Asian markets traded 1.9% lower.
  • European markets are trading 2.2% lower.
  • US futures are trading 1.3 lower ahead of the market open. 


Economic reports due out (all times are eastern):
Jobless Claims (8:30), Industrial Production (9:15) Philadelphia Fed Survey (10), Housing Market Index (10), EIA Natural Gas Report (10:30), EIA Petroleum Status Report (11)

Technical Outlook (SPX):

  • Huge hammer yesterday, probably one of the biggest ones I have ever seen. Its lows will market key support for the market today. 
  • Ebola and European financial fears continue to fan the bearish flames of this market. 
  • Earnings are hammering company's stock prices - case in point Netflix (NFLX). 
  • SPX still hasn't managed to provide the bounce that would seem likely at the current levels. Nonetheless, no bounce has materialized whatsoever. 
  • Futures are setting up for a significant gap lower. 
  • Volume continues to rapidly increase each day - well above the average for all the indices. Yesterday's was the highest that we've seen in a very, very long-time. 
  • SPX 30-minute chart still unable to create a higher-high in this market. 
  • VIX index climbed, at one point over 30 yesterday only to settle in at 26.25. 
  • Despite the market movements, T2108 (% stocks trading above 40-day moving average) remained unchanged yet again. 
  • The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 


My Trades:

Read more...

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ryan1Ryan (@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 with a wife of seven years as well as one lively son. More >>

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