Technical Outlook:

  • S&P 500 (SPX) rallied back into the range high resistance yesterday, and potentially nullifying the pullback opportunity the market was looking going into the week. stock market range trading
  • SPDRs S&P 500 (SPY) volume dropped off yesterday from the previous day's above average reading. Now it is in line with what what we have seen over the past week. 
  • On the 30 minute chart of SPX, there is a clear downtrend in place that has yet to be broken with lower-highs and lower-lows. 
  • USD/JPY continues its rally via BoJ intervention. Up another 0.5% this morning. 
  • The 5-day, 10-day and 20-day moving averages are all separated by less than a 3 point margin. The price range is tight, and is the tightest that this market has seen over a 30 day period since 1965 (that would be 51 years!).
  • Stocks are continuing to lose momentum under the surface despite the market within points of its all-time highs. This can be most clearly seen by looking at the percentage of stocks trading above their 40-day moving average. Since July 18th, that number has dropped from 80% down to 59%. 
  • The market consolidated in a similar manner this time last year before ultimately leading to a large sell-off. 
  • CBOE Market Volatility Index (VIX) had one of its regular meltdowns, opening up higher but quickly giving up its gains and finishing 5.2% lower at 12.94. 
  • The market is showing a decoupling from oil as the rise and fall of the commodity in June, July and now August has not impacted the market substantially. 
  • Three support levels to watch going forward on SPX is 2168, 2155, and 2147. The breaks are only valid if the price can close below those support levels. 
  • Dow Jones Industrial Average (DJIA) has a double top that confirms on a move below 18247. 

My Trades:

Read more...

Technical Outlook:

  • S&P 500 (SPX) saw a massive reversal on Friday following an attempt at establishing new all-time trading highs. Despite the breadth and extent of the sell-off, the bears managed to rally SPX back close to break even on the day.spx finding direction range bound 
  • SPX is down 3 straight days, but still has yet to manage to even pullback 1% in total during that time. 
  • Third straight day of trading for SPX below the 20-day moving average, with the 5-day now crossing below the 20-day MA for the first time since July 5th. 
  • SPX could create a lower-low if the bulls can drive price below the August 2nd lows at 2147. 
  • There was a 77% increase in the SPDRs S&P 500 (SPY) volume on Friday from the day before and the highest volume reading since July 8th. 
  • Sharp reversal on Friday, increases the possibility of a rate hike this year, and the possibility of even two more (though I find the latter very, very unlikely). Odds for a September rate hike increased as well, though that scenario also seems very unlikely. 
  • Three support levels to watch going forward on SPX is 2168, 2155, and 2147. The breaks are only valid if the price can close below those support levels. 
  • The dip buyers are still alive in the last hour of trading and even more so when the market is showing notable weakness going into the close. 
  • CBOE Market Volatility Index (VIX) showing signs of finally emerging out of its base of the past month. Despite sell-off at the highs, the rally into the close managed to keep the VIX from only rising 0.15% on the day. 
  • 30 minute price action of SPX maintains a nice double top pattern over the past two weeks of trading as well as a nice series of lower-highs and lower-lows over the past week. 
  • Oil still struggling to find buyers over the past week, is at risk again to test the August lows again in the coming weeks. 
  • Dow Jones Industrial Average (DJIA) has a double top that confirms on a move below 18247. 
  • At this point, and with the election ahead, I'd expect the market to keep rallying higher. I don't expect there to be a rate hike between now and the election. To do so would impact the market and thereby the election. I don't think the Fed wants that, particularly since Trump has indicated that he would replace Yellen. 

My Trades:

Read more...

Technical Outlook:

  • S&P 500 (SPX) continued its selling yesterday for the fourth time in the last 5 trading sessions. janet yellen stock market control pump scheme trading
  • Currently SPX is down for the month, albeit less than one point. If this holds, it will snap a the market's streak of five months trading higher. 
  • Watch 2168 today on SPX. If that price level breaks, you'll likely see a move towards the lower 2150 to challenge the current higher-low. 
  • SPDRs S&P 500 (SPY) volume fell off a slight bit yesterday - overall the volume reading was just below recent averages. 
  • The 20-day moving average remains broken. On the daily bands, SPX is now trading in the lower region. 
  • Today's price action will be headlined by Janet Yellen's speech in Jackson Hole at 10am eastern. Expect a greater amount of volatility than what we have seen of late to ensue. 
  • CBOE Market Volatility Index (VIX) is trying to come out of its most recent base, but will need to see some follow through in order to keep the market bulls from driving it lower again. 
  • T2108 (% of stocks trading above their 40-day moving average) shows stocks are weakening much quick under the surface than what the market indices suggest. 
  • Only 60% of stocks are trading above their 40-day moving average. 
  • Oil showing some signs of trying to stabilize its price with a bull flag trying to now form on the United States Oil Fund (USO)
  • 30 minute chart of SPX shows that a double top pattern is still very well alive and close to confirming. 
  • SPX attempting to sell off for a second consecutive week, which is something that hasn't been seen since the 3 week Brexit sell-off (also counting the two weeks that led up to it).
  • Dow Jones Industrial Average (DJIA) is starting to give more legitimacy to the double top possibilities with yesterday's sell-off. 
  • Overall, August is the worst performing month for the Dow and S&P 500. 
  • At this point, and with the election ahead, I'd expect the market to keep rallying higher. I don't expect there to be a rate hike between now and the election. To do so would impact the market and thereby the election. I don't think the Fed wants that, particularly since Trump has indicated that he would replace Yellen. 

My Trades:

Read more...

More Articles...

Page 1 of 468

<< 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