The CRB Index of Major Commodities TRJEFFCRB ,
is breaking down once again, in a potential Head and Shoulder's Reversal Pattern
down to extremely important major support.
As seen here on the Monthly CRB Chart,
commodity prices as measured by the CRB Index are down a whopping 50 %,..,since 2011 !
With most market observer's looking to the plunge in interest...
Plus Therapeautic's PSTV has been granted Phase 1 Approval from the FDA
for their proposed lung cancer drug "Doce Plus",
and has also been invited to seek a new "drug application" from the FDA in Phase 2 Trials.
What was the market's reaction to this news ?
PSTV rose over $10 on Friday to Close at 14.44
up 272 % in one single trading day,
on massive volume...
As drawn and shown here,
the S+P 500 has ending the week inside a paradyme downward sloping triangle
with price found neatly in the now tightening coil part of the apex triangle
To say that the ultimate resolution of the pattern
could go either way,is perhaps as "genuine""as I can be right now.
There may be those who will correctly "guess" the outcome
Shake Shack, one of the absolute strongest stocks
in the stock market continues this week on it's explosive breakout
move towards $100.00 a share.
I recommended this stock last weekend to you,
when it was $89.00
It should be disclosed that I own this stock
and follow it on a 1 minute chart throughout the trading day.
I can tell you is that this stock is under...
The Double Bottom Low at S+P 2825 today,
appears to have successfully retested the important support low at 2822,
that I wrote to you about last time, and thus opens the possibility of a rally back up towards 2900.
With the VIX above 20, volatility is such that retest moves
that might take days, are being accomplished instead in hours, and minutes.
As a simple Contrary Indicator,
the Put/Call Ratio reveals trader sentiment,
and can be used as a confirming contrary indicator,
to buttress market future direction
Right now the number of puts being bought for either speculation or hedging is rising,
heading back up towards the Dec 2018 and April 2019 put peaks,
which corresponded in major price bottoms in the...
The downside risk at the moment concerns the S+P 500
Weekly Chart, and the possibility of an extremely bearish Weekly Reversal.
That technical bearish event occurs if price closes this week
below last weeks low at 2822 after trading above it's high this week at 2943
The stock market will be fixated on 2822 Support by Friday, if not sooner.
Long's should use...
Trader's are often put out to pasture making just one simple mistake.
They hold position overnight.
Yesterday's melt up in the S+P 500 to 2940 Resistance,
has been immediately followed with a "melt down" the following morning.
The in the know types are justifying this mornings sharp market selloff,
by pointing the the "Inverted Yield Curve " overnight,...
News that the US was holding back initiation of new tariffs against China
hit the market unexpectedly this morning like a thunderbolt to the ground.
The S+P 500 immediately rallied 60 points literally straight up in a matter of minutes on the news
putting it once again back above 2900.
This move is technically significant,and bodes well for the bulls if they can...
Monday's sharp decline once again below 2900, although not dramatic,
reestablished the weekly parallel resistance line cutting across the S+P 500 chart.
It is an important resistance line so I''ve taken the liberty
to draw it here, across the Weekly Chart
so you can clearly see what I am referring to.
Once price reenters a price area below the previous bullish...
The Monthly TNX Chart, the 10 Year US Treasury Bond shown here,
reveals long term interest rates may be close to bottoming,
despite the hysteria going on in the marketplace,
that somehow rates are headed to zero here in the US
Stochastic Monthly Indicator on TNX
is now as deeply oversold as you will see on the chart for the last 7 years,
and looks ready to...
Shake Shack, a New York hamburger and french fry establishment,
with lines constantly out the door and even down the street for lunch/dinner
blew out earnings expectations this past week
and the stock experienced a major upside breakout to new all time highs.
When a stock is outperforming the market like SHAK did this past week,
and breaking out to all time highs...
If you have been reading my posts this week you may recall
l that I have written that the S+P 500 had broken down below very important
Trend Line Weekly Support at 2900 on Monday this week,
and gave a sell signal in turn.
Yesterday's sharp price rally in the S+P brought price back above 2900 Support,
and with that a short term buy signal.
However, as I have...
S+P 500 Daily Chart shows a Bullish Island Reversal
playing out with today 'striking advance back above 2900.
One thing though that any trader must realize
is that what appears to be strikingly bullish day,
could turn out to be just a strikingly bearish conclusion the next.
There is always a much larger picture going on,and playing out
that maybe in direct...
S+P 500 has with today's sharp rally gotten back above
e the major Weekly Bullish Trend Line connecting the Dec.2018 Bottom
at 2350 with the reaction Low in June at 2728
Make no mistake. This is real.
That is why today's sharp rally back above 2900
has brought back into the market new money commitment, and vigorous short covering.
Put plain and simple.
I spent much of this trading day
watching a Bullish RSI play out in the 30 Minute time frame in S+P Chart.
For illustration purposes, I am showing you my favorite simple
short term trading indicator "Know Sure Thing Indicator" in the 15 Min Time frame
Look at how today's sharp down open in the S+P to 2825 low
shows the "Know Sure Thing Indicator" bullishly, at...
Watch 2900 !
This weeks dramatic breakaway gap to the downside
in the S+P 500 becomes much more significant
if you change your focus
to the Weekly Chart.
It is there,..that you find that the Weekly Uptrend Line Supporting
the entire 2019 advance , has been violated by Monday's selloff.
From the bottom on Dec.26,2018 at 2343.96
Connecting the Primary Recent...
Studying both the Daily/ Monthly Charts S+P 500,
INITIAL RESISTANCE is found at 2864.33 , the 7/1/19 Close
Shown here, with a Red Trend Line Resistance Demarcation Line,
running across the chart, this price area defines the quadrant
that shocked and forced into silence bulls will attempt to scale.
Traders should watch 2864.33 closely.
Any rally breaching...