Summary: Indexes rose higher on Thursday, led by retail after several companies rose their guidance for the near. That came on top of easing concerns over an over-aggressive Fed.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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Thursday, May 26,...
Although big indices like S&P500 and Nasdaq, favouring large cap companies, have still got potential to update historic highs - what is small caps index Russell 2000 telling us?
It has already dropped by 30%, is there more downside and is it indicating that real US economy already in trouble?
Technical Analysis (Elliott Waves):
Looking at weekly...
In this update we review the recent price action in the Russell2000 futures contract and identify the next high probability trading opportunities and price objectives to target
This is a log chart of $RUT where it has been respecting the 200 week MA for three straight weeks. It also happens to be in the middle of a huge parallel channel dating back to the GFC bottom.
Summary: Snap Inc. sent an ominous signal to the market by reducing guidance, causing tech and growth stocks to sell off heavily in the morning before recovering some of the losses.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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Tuesday, May 24,...
Summary: Stocks rallied on Monday thanks to a stronger Euro after the European Central Bank said rate hikes would come later this year.
Notes
I've been traveling for the past two weeks and have not been able to write the Daily Market Update. I'm back at home and will continue covering the markets as often as I can.
Ideas always welcome in the comments....
After my last post of a bearish harami, the markets rallied to the upside, retracing back to the neckling support of the Head and Shoulders pattern formed on the SPX. While it seemed to have potential for a multiday rally, that was quickly erased by the dismal retail data on Wednesday and back to bear mode by the markets on inflation and growth concerns. For some...
I'm not that big on candlestick patterns, but a Bearish Harami is essentially a failed continuation of a prior bullish session(s) or rally.
SPX posted a bullish close on the 12th and the 13th, but failed to follow through with a third session on Monday. Instead you saw a choppy session where the bulls and bears tugged a bit intraday, but the SPX lost steam at...
IXIC US Composite Nasdaq Corrects 50% from swing of 2020! Over?
#IXIC #NASDAQ #US30 #RUT #SPX500
NASDAQ:IXIC corrects 50% from the swing of 2020 bottoms.
Is it over? Economic fundamentals claim it has not bottomed out yet.
Most of the IT stocks gave the way for this correction. #TSLA #AMZN #FB #NFLX and so on to name.
Is it time for investment? Yes, for a...
Summary: The market continued to correct as the US Dollar strengthened and Treasury yields rose on Friday. Defensive sectors in the S&P 500 gained while other sectors sank.
Notes
A brief update today due to holidays and travel. I will be traveling for the next week as well but will try to keep the Daily Market Update going.
Ideas always welcome in the...
The Russell is tossed around by dip-buyers and sellers of strength. In this video I take a look at an important bullish divergence and a trade idea that can be profitable regardless of market direction if it is managed well.
Summary: The Wednesday rally did not last and in a whiplash move markets sold off on Thursday, with some of the worst single-day losses since 2020.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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Thursday, May 5, 2022
Facts: -4.99%, Volume...
Summary: Jerome Powell gave unexpected but specific guidance on not only today's interest rate hikes, but also the next two. In addition, the specifics around reducing the balance sheet helped squash the fear that the Fed would move too fast.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in...
So i thought i'd take a look at a bit longer term monthly chart on the SPX.
As you can see here, for the past 10 years or so, after having broken above the '07 top resistence level at around 1550
SPX has had a 2-3 year stretch of three runs, followed by respite and or corrections.
And at each of these times, you can also see that the 50MA served very well as a...
The Small Caps had a hugh surge of a run during the October '20- January '21 time period. Just the same, now it's got little to no support on the way back down. I don't see any meaningful support until the 1700's area.
Summary: There was less choppiness in a lighter volume trading day as investors way for the Fed interest rate decision on Wednesday.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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Tuesday, May 3, 2022
Facts: +0.22%, Volume lower, Closing Range:...
