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Technical Outlook:

  • SPX broke above key resistance yesterday at 2111 and in the process established new all-time intraday highs. 
  • However, a wave a profit taking in the last 45 minutes of trading saw more than 1/2 of the day's profits get wiped out. Nonetheless, yesterday marked a big move for SPX and finally getting out of its range. 
  • Nasdaq established new all-time highs for the first time in 15 years. 
  • VIX dropped 1% and below key support to 12.48. 
  • Next task for bulls is to establish new all-time closing highs. 
  • T2108 (% of stocks trading above the 40-day moving average) still is range bound as it hovers in the low 60's. 
  • Volume on SPY yesterday was strong. 
  • Price pattern on SPY over the last three months is a bit of a inverse head and shoulders pattern
  • SPX 30 minute chart shows a breakout above key resistance unfolding. 
  • 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:

  • Excellent day yesterday for bulls as it appeared in the early going that price would end up resuming the move down to rising support down, until the dip-buyers came in and pushed it back to its recent highs. 
  • However, 2111 remains a formidable level of resistance and needs to get taken out today. 
  • 5 & 10 day moving averages have converged nicely together and offering a level of support below yesterday's opening price. 
  • SPY downtrend off of the February highs has been broken, and is consolidating nicely below $211.00. Break above this price, and the bulls should gain a strong hold on this market. 
  • Price pattern on SPY over the last three months is a bit of a inverse head and shoulders pattern
  • Volume was strong than the previous day for SPY but still below average. 
  • VIX right back at long-term support closing down 4.1% at 12.71. 
  • SPX 30 minute chart shows a clear picture of price struggling to break through descending resistance at 2111.
  • 2080 needs to hold on SPX following the uptrend off of the uptrend from the 10/16/14 opening price. 
  • With Monday's move the SPX chart has managed to break back above resistance (dotted line below). However, there is now a secondary resistance level that formed with Friday's rejection by connecting the candle shadow tops. Resistance for this is at 2111. 
  • Bullish kicker candle patterns were formed across the board for SPY, DIA, QQQ, and IWM, during the Friday sell-off and Monday rally. 
  • 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:

  • Yesterday's rally was a strong response to the sell-off on Friday as it regained every one of the moving averages it lost, including the 5, 10, 20, and 50-day MA. 
  • Follow through today is important for the bulls, because by continuing the rally if makes it as if Friday never happened. 
  • With yesterday's move the SPX chart has managed to break back above resistance (dotted line below). However, there is now a secondary resistance level that formed with Friday's rejection by connecting the candle shadow tops. Resistance for this is at 2111. 
  • If today's rally holds, then it becomes almost like the sell-off on Friday never happened. Except for the fact that it hunted out the stops of bulls across the board. 
  • Bullish kicker candle patterns were formed across the board for SPY, DIA, QQQ, and IWM. 
  • SPX 30 minute chart shows very little at this point except for the choppiness between 2075 and 2111 of late. 
  • Number one objective for the bears today will be to wipe out yesterday's gains and get price back below the Friday's lows. 
  • SPY volume was respectable - no issues there. Not like Friday's, but solid nonetheless. 
  • VIX dropped 4.3% down to 13.3. 
  • 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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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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