ORCL is sporting a perfect double top and and confirming the pattern today as well as breaking below the 50-day moving average. There is also a gap in the $38's that remains unfilled and continued weakness in this market would likely lead to that gap being filled.
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Last week marked the first time in eleven weeks where the market closed below the previous week's lows. It doesn't sound like a big achievement on the surface but when you look at it closely, it represents a shift to the status quo and one that may carry over into this week. While the market
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Some people pay attention to the New York Times, or USA Today. Others prefer Barron’s or the eerily, far-to-dependable, Dennis Gartman. But these are all contrarian indicators. Instead I present to you the one publication that explicitly said when to start shorting the market and it made not qualms about it.Â
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Technical Outlook: Despite an early sell-off, SPX managed to (surprise) buy the dip and rally the market higher to close out the day. FOMC Statement was released yesterday and there was no mention of a possible rate hike in June, leading investors to believe that it is not a live meeting, thereby rallying the market.Â
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Learn to consistently profit in your trading by signing up for a Free 7-Day Trial to the SharePlanner Splash Zone! With your membership, you will get each and every trade that I make with real-time text and email alerts (international too) as well as access to my chat-room that I trade in each day. Click Here to