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Technical Outlook (SPX):

  • Another near-problematic trading session for the bulls that saw the bulls close below the 5-day moving average for the first time since 2/9/15. The 10-day moving average was tested and held strong - to perfection actually. 
  • For now, the uptrend of SPX is not jeopardizing, but the bulls need to pull it together here real soon, or the bears may become reinspired. Currently SPX is down 3 of the last 4 trading session and 5 out of the last 7. 
  • SPX 30 minute chart was saved in the final hour from confirming a near head and shoulders pattern. The pattern has not yet been nullified and is still in play for today. 
  • 2102 on the 30 minute chart would confirm the H&S pattern. 
  • Vix finished 0.5% higher to close at 13.91. 
  • Oil is continuing the trend lower and could be a problem for the SPX in terms of advancing higher. 
  • SPX very close to the upper band but has yet to formally test it - today it is at 2128. 
  • Volume remains very light of late. 
  • The current trend-line for the SPX shows that the trend itself is maturing and not giving us the big pops that we saw early on in the rally. 
  • SPX is continuing with the theme of slight weakness at the market open, followed by selling thereafter, and a bottom in the first hour of trading that results in a rally off the lows. 
  • Oil broke to the downside and out of the recent range. Be careful about any long positions connected to oil. 
  • A pullback on SPX would not be able to drop below 2065 level without threatening key price support and the integrity of the current uptrend. 
  • Russell breakout out perfectly above the box range it has been in for over a year now. 
  • Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade - as are the oil stocks. 
  • 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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Technical Outlook (SPX):

  • Despite some intraday struggles, SPX managed yet again to hold on to the 5-day moving average. 
  • SPX very close to the upper band but has yet to formally test it - today it is at 2127. 
  • Volume remains very light of late. 
  • VIX rose 1.1% to 13.84. 
  • T2108 (% of stocks trading above the 40-day moving average) continues to come in flat at 64.9%, which is a relatively low number considering we are trading at or near all-time highs. 
  • SPX 30-min chart shows price stuck in another range. Uptrend still in tact though. 
  • The current trend-line for the SPX shows that the trend itself is maturing and now giving us the big pops that we saw early on n the rally. 
  • SPX is continuing with the theme of slight weakness at the market open, followed by selling thereafter, and a bottom in the first hour of trading that results in a rally off the lows. 
  • Oil broke to the downside and out of the recent range. Be careful about any long positions connected to oil. 
  • T2108 (% of stocks trading above the 40-day MA) shows that the recent consolidation may see an upside break which would be healthy for the market. 
  • A pullback on SPX would not be able to drop below 2065 level without threatening key price support and the integrity of the current uptrend. 
  • Russell breakout out perfectly above the box range it has been in for over a year now. 
  • Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade - as are the oil stocks. 
  • 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...

Technical Outlook (SPX):

  • SPX drifted higher yesterday, and saw early morning weakness get quickly bought up. 
  • Following Friday's breakout, we have a nice series of higher highs and higher lows on the 30 minute chart of SPX.
  • Nasdaq has pushed higher for 10 straight days - a rarity by any measure, with the negative reaction to the HPQ earnings, there is the possibility we see a pullback today. 
  • 5 day moving average remains a strong level of rising support going forward. 
  • Channel resistance overhead at 2126 on SPX. 
  • SPY volume remains relatively weak of late. 
  • SPX is continuing with the theme of slight weakness at the market open, followed by selling thereafter, and a bottom in the first hour of trading that results in a rally off the lows. 
  • VIX saw significant selling down 6% to 13.69 - the lowest such reading of last December. We've seen difficulty with the market to progress much further once the 11-12 range is hit. 
  • Oil broke to the downside and out of the recent range. Be careful about any long positions connected to oil. 
  • T2108 (% of stocks trading above the 40-day MA) shows that the recent consolidation may see an upside break which would be healthy for the market. 
  • A pullback on SPX would not be able to drop below 2065 level without threatening key price support and the integrity of the current uptrend. 
  • Russell breakout out perfectly above the box range it has been in for over a year now. 
  • Oil remains extremely volatile and becoming more so each and every day. Very difficult to trade - as are the oil stocks. 
  • 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. More >>

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