Resistance

You'd have to be living in a cave to not realize that Amazon (AMZN) has been part of a most impressive rally. But following a three day pullback, the Amazon share price today sits right on a key long-term support level.  Check out the Amazon stock chart below and you'll see exactly what I am talking

Technical Analysis: Quiet day yesterday for the stock market as the S&P 500 (SPX) pulled back a meager 5 points.  Volume on SPDRs S&P 500 (SPY) was dropped significantly from the previous day’s reading and was well below recent averages. You can expect even lighter volume today and tomorrow as more traders leave for the Christmas holiday.  Price action

Watch these big banks!  Namely: JP Morgan (JPM), Citigroup (C), Bank of America (BAC) and the notorious Goldman Sachs (GS).  All of them are breaking out as I am typing this and they look like they could be solid runners for the entire week.  Rarely do you find them or any group of stocks of

Goldman Sachs (GS) is approaching resistance at the $161-162 area. If it can break through that and the 200-day moving average I would put a price target of $170-175 on the stock.  It may not reach the 200-day moving average today as it is outside of its R3 pivot level already, but if it can

Technical Outlook: SPX managed to rally above the 2111 resistance but was unable to close above said level into the close, which as you know, is what is most important.  An intraday move above resistance holds very little meaning if SPX can’t hold it into the close and that is what we got yesterday.  SPY

While the S&P 500 price action is my primary guide for gauging market sentiment, it does help to keep a close eye on the Nasdaq and Russell and to a lesser extent, the Dow Jones Industrial Average.  When I look at the Nasdaq, unlike the other indices, you have an index that is having an

Bulls still hanging on today, they are doing everything they can to hold on to the 2042 intraday level that is an obvious short-term support level on the 5 and 30 minute charts.  But the bigger theme here is the declining trend-line off of the November highs that the bulls have repeatedly unable to break

Technical Outlook: Big day for the market on Friday, breaking through the 200-day moving average and the declining trend-line off of the December highs.  Volume was still below average and below the levels seen on Thursday for SPY.  This week is the FOMC Meeting that comes out at 2pm on Wednesday, which will no doubt

This rally has come out of nowhere, and it is doing it completely overbought prior to today. The run-up into two key resistance points that conjoined at one specific price point, creates the potential for the market to fail here and not have anything left in the tank that would allow for it to break