The Fourth is Strong with this Market For a moment there, just a moment, it looked like the market was going to lose its marbles and actually experience a legitimate sell-off yesterday. But nope, it didn’t and now you have “May the Fourth” playing Jedi mind tricks on the Wall Street [...]
This stock market can’t break out of the range bound price action The price action has become very dull among the indices. In fact, this is the tightest 6-day trading range in the last 23 years. For many of you, that is before you ever started trading. Needless to say, [...]
S&P 500 remains stuck in a 5-day sideways trading range While the S&P 500 (SPX) can’t get out of this 5-day range it has been stuck in, the Nasdaq is still rocking higher. There is very little reason to not be riding the stocks in this index as your primary [...]
Breakout of Consolidation a Must SPX had that opportunity on Friday to really close out the month strong and breakout of that consolidation pattern that is more evident on the intraday charts than it is on the daily chart. Instead the market gave traders a gap and crap the entire [...]
There’s not a lot of reason to be short on this market… well that depends on the day of the week of course, because on Friday of last week and Monday of this week, things were starting to look grim. Since the debate, the market has been extremely bullish. And [...]
This shouldn’t be any surprise for traders following the Apple (AAPL) product launch of the iPhone 7 and whatever those wireless earbuds are that has Apple groupies all excited. Since Steve Jobs’ death, every time we have one of these “new product” unveilings, the stock sells off unapologetically. Why? Because [...]
Technical Outlook: Friday marked the end of a very dull trading week for the S&P 500 (SPX) which only traded in a 25 point range and saw a weekly change of only 0.18 points. SPX continues to find support at the 20-day moving average and refusing to close below it. SPDRs S&P [...]
Technical Outlook: Yesterday marked the second biggest sell-off on the S&P 500 (SPX) since the Brexit sell-off, shedding 12 points. Volume on SPDRs S&P 500 (SPY) was slightly higher than the prior day's volume but still extremely weak and well below recent averages. Second straight day where dip buyers have not come in [...]
Technical Outlook: A horrible jobs report, the worst since September 2010, led to a hard sell-off initially for stocks, but keeping with tradition, saw about 70% of the day’s losses recovered by the close. Despite news that would suggest an economic slowdown is underway, stocks simply cannot pullback and hold [...]
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 [...]
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 [...]
