This has not been a good week for the bulls. They have fully lost control of the market. When I pulled up the SharePlanner Reversal Indicator, I fully expected it to show a bearish reversal in the works, but it is still riding strong to the upside. Of course, it [...]
Bulls are off to a solid start for 2018 with a solid rally. Not a major rally, but considering the sell-off that concluded 2017, there was some pause among traders as to whether the selling would carry over into the new year. […]
Technical Outlook: Yes, for an 8th straight day, the S&P 500 (SPX) sold off. The expectation of a bounce is strong here, and quite surprising we haven’t even seen any significant attempts at it yet. Last time SPX was down 8 straight days was in 2008. The most troubling aspect of this [...]
Technical Outlook: The whipsaw price action in S&P 500 (SPX) continued yesterday with a hard bounce following two days of selling. The price action is sporadic and unpredictable at this juncture. Very topsy-turvy – Last Thursday you had a bullish break above recent consolidation. Following Monday’s price action, you had a [...]
I am not a fan of adding long positions in this current market environment. Especially after yesterday when the bulls gave up all of their gains following what is now a dead-cat bounce. The market looks to me to be setting up for further downside. You have the FOMC Statement [...]
Technical Outlook: One of the bigger trading ranges of late yesterday on the S&P 500 (SPX). Most significant was the fact that SPX didn’t give up all of its early gains as we have seen in recent days. Support continues to exist at the 10-day and 20-day moving averages and [...]
So far the month of June has been extremely tricky for traders. Overall it is down and in 13 trading sessions, 7 of them are negative. But at the same time, this market marched right up to within 1% of new all-time highs just a week ago. But as we [...]
The one question I would have you ask yourself, and I’ll leave my commentary at this… “Would you buy an individual stock after it ran 15% simply because it is starting to finally break through a major resistance level?” I wouldn’t either, and that is what traders are faced with [...]
Technical Outlook: Thursday marked the third straight day of selling for the S&P 500 (albeit barely), but the day’s results saw a hard bounce off of the morning lows. Potential higher-low established on Thursday for the current trend off of the 2/11 lows. Last week marked the first time in [...]
