Market Today

Technical Outlook: Two straight days of consolidation at the rally highs.  Weakness this morning across the board in the indices as a result of a failure for oil producing countries to agree upon a freeze in production.  As a result, USO is looking at a potential double top in the short-term as it starts to

Technical Outlook: Three day rally this week continues to maintain a strong course higher that will likely test 2100 either today or next week.  Since the initial break, volume has dropped each of the last two days and was dramatically weaker yesterday and well below recent averages.  Personally, I wouldn’t be surprised to see the

Technical Outlook: Strong open yesterday that was erased gradually as the day wore on resulting in a lower close.  SPX dropped below the 20-day moving average again.  Declining trend-line off of last July's highs remains a continuous level of support for the market. Possibility that the price action over the last two weeks has formed

Technical Outlook: SPX gave up all of its intraday gains yesterday after a strong gap up.  Nonetheless, it managed to close slightly higher an in the process hold on to its 20-day moving average.  An interesting development on the daily chart of SPX is the downside cross of the 5-day and 10-day moving averages.  Four

Technical Outlook: SPX had a heavy sell-off yesterday and took price action below the 20-day moving average (just barely) at the close for the first time since the market rally started on February twelfth.  SPY this morning is looking at a significant gap up to reverse yesterday’s losses, adding to the narrative of an

Technical Outlook: SPX was breaking below last week’s lows until the petroleum report came out and provided a massive boost to stocks, rallying 23 points off of their lows.  In doing so, SPX quickly reclaimed its 5-day and 10-day moving averages.  SPY looking at a gap down this morning, and with it, the inevitable

Technical Outlook: Biggest sell-off yesterday since March 8th, as price in one swoop dropped below the 5-day and 10-day moving averages.  Two key price levels to watch today – 1) The Friday lows from last week. 2) The lows from March 24th. Particularly, if the latter should break, it would put in a lower-low into

Technical Outlook: SPX pulled back yesterday to the 5-day moving average and bounced ever so slightly in the final 30 minutes of trading.  Today the market is looking at a significant sell-off to start the day.  It is important to remind yourself of what happened on Friday when the market sold off and the subsequent

Technical Outlook: The bullish strength of this market since mid-February was on full display Friday when the market gapped down significantly and pushed 16 points lower, bottomed within the first 30 minutes of trading and then rallied 29 points off of those lows throughout the remainder of the day.  To put it mildly, gap downs

Technical Outlook: One of the most volatile quarters ever ended on a quiet note yesterday pulling back ever so slightly.  Today’s morning weakness is looking at a respectable gap down. These gaps downs how been difficult for the bears to do anything with, often times leading to eventual, same-day, market rallies.  Last April had a