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Pre-market update:

  • Asian markets traded 0.4% higher. 
  • European markets are trading 0.3% lower.
  • US futures are trading 0.1% lower ahead of the market open. 


Economic reports due out (all times are eastern):
MBA Purchase Applications (7), PMI Manufacturing Index Flash (9:45), New Home Sales (10), EIA Petroleum Status Report (10)

Technical Outlook (SPX):

  • SPX extended its longest winning streak of the year to six straight days. 
  • Key resistance at 1873 was broken yesterday which bodes well for the bulls going forward. 
  • Resistance at 1883 came in and created some selling in to the close that erased about 40% of its gains at the close. 
  • The probability of a relief point or possibly a pullback dramatically increases. Rallies that extend beyond six days becomes very difficult to sustain without one. 
  • Volume on SPY continues to be lacking. 
  • Continue to watch whether the bulls give up 1873 on any kind of pullback in the coming days. 
  • After forming a lower-low two weeks ago, SPX has now formed a higher high by breaking above 1873. 
  • Despite this, SPX remains range-bound over the last two weeks. 
  • VIX all the way down to 13.19. 
  • Inverse head and shoulders that was possibly being developed has been compromised on the SPX 30 minute charte. 
  • The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

Read more...

Pre-market update:

  • Asian markets traded 0.6% lower. 
  • European markets are trading 1.0% higher.
  • US futures are trading 0.1% lower ahead of the market open. 


Economic reports due out (all times are eastern):
ICSC-Goldman Store Sales (7:45), Redbook (8:55), FHFA House Price Index (9), Richmond Fed Manufacturing Index (10)

Technical Outlook (SPX):

  • Fifth straight day in the green for the S&P 500 - the longest winning streak so far in 2014. 
  • Price action takes us right up to the 1873 mark which has acted as major resistance of late. 
  • Volume has been incredibly light of late, which calls into question whether buyers are running on fumes at this point in the rally. 
  • On SPY, volume was half of what it was last Wednesday. 
  • 55 point rally over the past 5 days of trading without any kind of pullback. SPX is quickly entering overbought territory. 
  • Dating back to the 7th of April, SPX shows a possible inverse head and shoulders pattern forming, in which it is currently starting on the right shoulder. 
  • VIX is all the way down to 13.25. It was trading above 17 last week. 
  • Two months of reversals have taken place at the 1873 price level. 
  • SPX needs to break and close above 1873 for this bounce to be taken seriously. 
  • Also, a break of 1873 would represent a new higher-higher, and break the downtrend of the past two weeks. 
  • It is very possible that much of this rally has been a result shorts being squeezed out of their positions. 
  • The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

Read more...

Pre-market update:

  • Asian markets traded 1.9% higher. 
  • European markets are trading 0.5% lower.
  • US futures are trading 0.1% higher ahead of the market open. 


Economic reports due out (all times are eastern):
Chicago Fed National Activity Index (8:30), Leading Indicators (10)

Technical Outlook (SPX):

  • Four-day bounce underway - typically bounces, even legitimate ones, see at least a small bit of profit taking after rallying as many days. 
  • 1873 is going to be very key going forward. Two months of reversals have taken place at this price level. 
  • SPX needs to break and close above 1873 for this bounce to be taken seriously. 
  • Also, a break of 1873 would represent a new higher-higher, and break the downtrend of the past two weeks. 
  • Volume on SPY continues to come in weak on the days where the market is up. 
  • It is very possible that much of this rally has been a result shorts being squeezed out of their positions. 
  • Perhaps 30-minute SPX charts is forming an inverse head and shoulders pattern
  • The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & 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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