This rally is looking a little long in the tooth. I am not ready to "call a top" but there is evidence of weakness in the small cap stocks. I do not like when small caps lag in a rally and we have IWM (Candle chart) and the QQQ (red line) lagging in a major way. If they turn over, do not underestimate their ability ...
Usually a cup with handle formation is a continuation pattern..
Usually it does not retrace more than 1/2 of it's previous advance..
The practical takeaways
If we get a breakout of the handle with strong volume, this is a buy signal
Until this breakout, expect the daily moves of gold to be sloppy and choppy
We are seeing TLT trade near the top of a custom range. We wrote an indicator to add 2x Weekly Average True Range and we have found that channeling securities like to live in this area. We are looking for TLT to move a little lower, especially with RSI peaking around 65.
You can get more details on our market ...
The price of oil continues to be fun to trade and watch. We like to short oil when it rallies to the 8 EMA but we are watching closely as we have been oversold for quite some time and we expect that to revert at some point.
To get a little more analysis, check out our market snapshot!
The Enhancing ...
The S&P 500 is having a tough time getting a bid. We go almost a whole year with no upside and then we get sold off.
These levels look pretty solid but we continue to look for some downside. If today is any indication, we gapped up and held on tight into the close.
It is worth noting the S&P 500 is oversold at ...
Strangely enough, while the US equity markets have been in a little turmoil, traders are seeing a bottom form on Biotech shares. The interesting thing is that Biotech has been getting hammered so, why stop now?
We are monitoring the 1.272 Fibonacci level on XBI for signs of a turnaround.
We wrote about XBI, ...
Micron and Intel are showing some nice signs of support. The Chipmakers are beaten up over belief by some analysts that adoption of new chip technology will be slow. If the Semiconductors are strong, it could be a great sign for the market.
We wrote about Micron, Intel, and Biotech in today's market ...
Intel has very strong price action amidst a market in correction. We like the current levels that Intel is living at and it could be a great change to nibble at the stock.
We wrote about Intel, Micron, and Biotech's in today's market snapshot!
Have a great trading week!
The Enhancing Capital Team
Today at 2:30 many oil futures traders will be making moves to cover short positions that expire today. This may lead to an uptick in oil prices but do not be confused by this soft bottom action. While it looks to be rallying at a bottom, this may just be elusive as the supply picture is still overwhelmingly a ...
While the overall trend may be a little shaky, Apple is sitting at a serious support level at 113.16.
We cover this in a little more detail on our website! Let us know what you think!
The Enhancing Capital Team
Oil is testing prior lows from March 2015. While we may get a temporary reprieve from the selloff (see RSI sending oversold condition for a long time), the ultimate picture for oil continues to be one of oversupply. We have Fibonacci price targets set for 36.44 and 29.33.
We see 36.44 being a very realistic ...
With speculation over interest rates, TLT is hitting a ceiling for a second time.
The .382 Fib line (in yellow) is prominent and the presence of the 200-day moving average (black moving average) make up a double resistance level.
For a little more analysis and news check out our website! ttp://ht.ly/QISg0 ...
The SPY broke a serious trendline and we are seeing some very good reasons to be short term bearish.
Failed at Big resistance 213.34
Trend line break
Support at the 201.99 level
Plenty of turmoil in other markets
Let's see how these markets react to a small correction amid chaos in China and uncertainty in ...
After tailing off for 2015, United is not facing a major trendline as well as a key Fibonacci ratio. If United breaks out, look for it to break out from this regression channel. If we break the trend, we have plenty of support below.
We see a bullish continuation triangle developing on the Transport index. To see our full analysis of the situation please check out our website below!