S+P 500 Daily Chart shows a clear Breakdown of Circular Top Pattern last week. Circular Top patterns, are inherently dangerous in nature, and are almost uniformally always broken with volume, and conviction, as pattern pressure finally bursts , and rolls over to the downside in resolution. Any rallies back towards 2800,,supported by shorter term bullish RSI...
China' has reported tonight that worldwide export's plunged over 20%, in the last month. The ECB, European Central Bank yesterday sounded alarm bells and pledged to make low interest loans available throghout their banking system. It's ironic, perhaps just a little,that the 20 % drop in world stock market's in late 2018 is just now .showing up in economic...
S+P 500 has given a Confirmed Short Term Sell Signal, on the break of 2767 on the Open this morning. I have been writing about the importance of material support at 2767 in the current pattern. Sell Signal Confimed in both the 30 and 60 Minute Time Frame by Price, MACD RSI, and Breadth Deterioration,as shown in theChaikin Money Flow Indicator which had showed ...
S+P 500 is retracing back towards this weeks low of 2767.66 30 Minute RSI thus far, is confirming the decline. Pay close attention to MACD + RSI for bearish confirmation in all time frames. Any bullish divergences should be noted/ observed. A decisive Daily Close below 2767.00 for the balance of the week,.. (including this Friday,when monthly jobs report is...
Shanghai Index of Chinese Stocks SHCOMP has been the 'dog wagging the tail," as it's strong advance, from it's late 2018 lows has certainly provided the impetus for the sharp rebound in the US stock market as well in 2019. A possible trade agreement between the United States, and China, later this month, with the potential lifting of economic sanctions has...
S+P 500 Daily "Close Only" Chart, reveals a that any CLOSE below 2767, on 3/4/19, could set up a potential "thin air drop" in the S+P 500 next week. Angle of ascent is so steep, over 70 degrees, that the Daily" Close Only" Uptrend Line, continues to force price higher, by the day, to keep it's very steep ascending uptrend line intact. The" Close Only" Uptrend...
Isn't is remarkable that the bulls were falling all over themselves to get back int the market on this morning's open And I mean they were all out there. Big and proud of themselves. I saw so many writers this past weekend on tradingview com who simply were LONG, you know that GREEN designation that's posted with the article's just following trend as blindly as...
Earlier today, I posed the question, What would you do if the Dow opened down 1000 points ? I have received a lot of feedback on that post, both public and private. So I thought I would turn the spotlight back and answer the same question myself. I trade the S+P 500, for the most part, so I've included a visual of the 60 minute chart here. So.... In A Dream, I...
I am simply probing for a response to a hypothetical question, however remote you may think the possibility is. What would you do,if the Dow were to OPEN for trading on the NYSE DOWN 1000 points, right back to 25000 Major Support ? Would you immediately Buy the 1000 point dip, stand aside and just watch,.. or sell at the first opportunity ? My charts are...
The relenless price advance in the S+P 500 in 2019 makes betting against a further rise in price very difficult. However, fortunes have been lost in the name of greed and complacency and my gut tells me this time, things shall be no different. Because of the extended,very overbought condition of the market it seems possible that the market is possibly preparing...
30 Minute Chart on the S+P 500 shows that a breakout rally today back to and above 2800 is counter -trend, meaning it's price snapping back towards the previously violated support line, inside ther triangle cutting across the middle of the pattern , which is not technically supported by 30 Min RSI as well. ( Shown ) However, the bulls, having held the S+P this...
S+P 2800 is major price big money resistance, a point that I have made here time and again. As price was rising above 2800 this week, big money sellers were taking advantage of the gift that the market was giving them to sell heavily, and exit the market. I have included Volume Distribution, or Selling Presure, as shown on the 15 minute chart of the S+P...
Bank of America has done the UNTHINKABLE and has killed off the Merrill Lynch name, the brokerage firm known for its multi decades long savvy investment guidance, and picturesqe marketing of the bull on Wall Street. Merrill Lynch was the first brokerage house I ever had an account with. So yes, this is personal to me. Bank of America's desire to have a seemless...
Home Depot's earnings out this morning,missed analyst estimates, with the company warning on 2019 slowing earnings guidance. I had been short term bullish on HD previouslyin its most recent run towards 200, However with this warning today, and the stocks reaction to the news in pre market trading I have changed my opinion to bearish. Also note that RSI was not...
According to an article in the New York Times published 2/25/19,the stock market is off to it's fastest start since 1987. But despite the sharp advance in price this year, big money is selling heavily into the new year rally. The article states that mutual funds, pension funds, non profit, private equity, and endowment funds are large selllers in the market,with...
Feb.25,2019 rally in the S+P 500 above 2800 Major Resistance has now formed a very Bearish Head and Shoulders Reversal Pattern ,on the Daily Chart, the structure of which, could be now blatently obvious to all market participants. Today's high at 2813.49 has the initial possibility of completing the pattern,building since Aug.2018 Bulls suddenly now face the...
Boeing's stock is once again a powerful component, driving the upside retracement in the Dow in 2019. BA recent throwover upside breakout past the 410 price area, gives the stock a realistic upside target of 450, which could propel the Dow to all time highs this year. Yet, looking a little closer, a Meagaphone pattern is also in play in BA on the Daily...
I'm reminded of the Gil Scott Heron album "Winter in America" as chaos in our society continues to manifest itself in ways that show striking parralels to previous societal boom/bust cycles where a simple lack of humility and shame, seem to be running rampant everywhere amongst us. It is impossible to ignore. Class warfare between the rich and poor, is now...