Russell 2000 (IWM)

Technical Outlook: SPX followed up with Friday’s afternoon recovery with a bounce to the upside yesterday that saw price reclaim the 20-day moving average and stall out at the 5-day moving average.  Technically, very little improvement. On the 30-min chart of SPX, the rally simply took price straight into the neckline resistance of the head

Technical Outlook: Another day of selling, but half the day’s losses were erased by the dip buyers in the final hour of trading.  This continues to be the norm as the dip buyers aren’t in fear of the current sell conditions that we have seen of late.  SPY volume on Friday was through the

Let’s just say that the Russell index does not like to put forward a good challenge to the 50-week moving average and this week has been no different. After testing the 50-week moving average last week for the first time since early December of last year, the Russell index tested it this week too. And

Technical Outlook: SPX had a major sell-off yesterday that saw the index drop back below the 5 and 10-day moving averages. More importantly the 20-day moving average was breached yesterday with close below the MA.  SPX close to trading below the lows from last week. It would be a first for the index in the

Technical Outlook: Extremely dovish and extremely unexpected FOMC Statement yesterday that cut the yearly outlook of 4 additional rate hikes down to 2 additional rate hikes.  As a result, Yellen, by cutting the number of rates for the year, essentially gave the market the equivalent of two rate cuts yesterday.  Be careful today, because a

Technical Outlook: Pre-market strength following dovish actions taken by Draghi and the ECB has the market looking to breakout of the 30 minute bull flag pattern on SPX.  SPX looking to get back above the 2000 price level.  Declining resistance at 2020 off of the December highs and a test of the 200-day moving average

Market and stock analysis including $SPX $SPY $QQQ $IWM $COMPQ $STT $FB $AMZN $NFLX $GOOGL $USO Enjoy!

Ahead of Janet Yellen’s testimony in front of Congress tomorrow morning, I have questions I want you to ask yourself: 1. What are the chances that Yellen’s remarks will have wording in it that will create a selling frenzy for equities tomorrow?  – Answer: Odds are not favorable. A lot of damage has been done,

Technical Outlook: Huge move on Friday following the negative interest rate announcement by the Bank of Japan, creating a 46 point move on SPX and a massive short squeeze as a result.  I still consider this bounce at this point to be a dead cat bounce with a ceiling of around 1990-2000. If this

Technical Outlook: SPX bounced back from Monday’s decline creating a 3-day period of choppiness for the market as it is trying to digest recent gains. With futures pointing downward, there is the possibility of continued choppiness today.  FOMC Statement comes out today and will spur on additional volatility. I expect that FOMC will play this