GDX continues to strengthen off a 6-week rising trendline, signaling further upside. Bulls break through 20.23 (April 16, 2015 range high) to extend gains towards 21.48 (February 27, 2015 high) near the 200 day moving average. Clearing the latter would accelerate the rally to open 23.22 (January 21, 2015 YTD high). The 19.31 support area (April 22, 2015 low) near...
SPY reached a new year-to-date high at 212.48 on Monday (April 27, 2015) before pulling back sharply to form a bearish reversal candle pattern. That reinforces the tough resistance zone near 212.24 (February 25, 2015 high), cautioning for further weakness near term to test the 208.90 support (April 22, 2015 low) and possibly 207.01 (April 17, 2015 higher low)...
CAT broke through the 85.81 range high (February 18, 2015) to complete a 3-month double bottom at 78.81/78.25 before consolidating. The bullish indicators suggest there is scope for further upside. A swing low above the 83.09/81.54 support zone remains favored ahead of further strength through 87.50 (April 23, 2015 high) to open 89.28 (January 8, 21015 lower...
SPX grinds higher, posting a new record high at 2120.92 on Friday (April 24, 2015), up 218% from its March 6, 2009 low at 666.79. The 6-year and 2 month rising wedge support (from March 2009 low) continues to underpin the uptrend. While the 2048.38 support (April 1, 2015 low) near the rising wedge trendline holds dips, there is scope for further strength towards...
The S&P 500 Index grinds higher, posting a new record high at 2120.92 on Friday (April 24, 2015), up 218% from its March 6, 2009 low at 666.79. The 74-month rising wedge support (from the March 2009 low) continues to underpin the uptrend. While the 2048.38 support (April 1, 2015 low) near the rising wedge trendline holds dips, there is scope for further strength...
AMZN accelerates the 6-1/2 year uptrend (since November 2008 low) through 408.06 (January 22, 2014 high) to new highs. Further gains open a long-term Fibonacci target at 470.69 (0.5x(408.06-34.68) from 284.00) then the 500.00 psychological level. Sustained strength above there would open the following Fibonacci extensions at 514.75 (0.618x(408.06-34.68) from...
AAPL completed a 7-week triangle base over 121.63 (March 12, 2015 low) on breaking through the 129.24 (March 19, 2015 high), triggering further bullish momentum towards the 133.60 record high (February 24, 2015). Clearance above there would extend the broad uptrend to target the Fibonacci projection at 139.18 (0.618x (105.20-133.60) from 121.63). The immediate...
TBT rallied off 40.57 (March 30, 2015 low) to test 17-month falling trendline. Bullish indicators suggest a breakout is favored ahead of further strength towards 47.54 (March 2, 2015 high). Clearance above the latter would confirm basing and trigger further gains towards 53.63 (November 13, 2014 range high). However, a breakdown below 40.57 would signal false...
TSLA rallied off 203.50 (April 17, 2015 higher low), following a 7-1/2 month falling trendline break as shown on the daily chart, to return above the 200 day moving average, posting new 2-1/2 month highs. Bullish MACD suggests there is scope for further upside towards the 225.48 resistance level (February 5, 2015 lower high). Clearing there would accelerate the...
IWM has been trending higher within a 6-week rising wedge (March 10, 2015 low and March 23, 2015 high) as shown on the daily chart. The latest rebound from the 123.82 low (April 17, 2015) looks to test the 127.13 record high (April 15, 2015). Clearance above there would extend the broad uptrend towards the Fibonacci projection at 128.03 (119.83-126.32 from...
QQQ rebounded off 105.55 (April 17, 2015 low) to test the 108.38 range high (April 13, 2015) just beneath 7-week triangle resistance (March 2, 2015 high and March 26, 2015 low). The daily MACD remains bullish, suggesting scope for further upside. If bulls manage to overcome 108.38/108.41 (April 21, 2015 high) and the triangle upper bounds, that would signal a...
XLF has been consolidating within a 6-month symmetrical triangle pattern (from October 15, 2014 low and December 29, 2014 high). The key support lies at 23.78 (March 26, 2015 low), near the triangle lower bounds and the 200 day moving average currently at 23.64. While the 23.78/23.64 support area holds dips, if bulls manage to reclaim 24.54 decisively (April 16,...
IYT has been consolidating within a 5- month falling channel as shown on the weekly chart. While the 155.68 weekly low (April 20, 2015) holds dips, strength back above 157.93 (April 20, 2015 weekly high) would signal a 5-week range break on the upside and trigger further gains towards 165.69 (March 16, 2015 weekly high) near the channel upper bounds. A sustained...
XLY has been consolidating within a 6-week range between the 77.13 YTD peak (March 23, 2015) and 74.23/24 (March 11/26, lows). While the 74.99 support (April 17, 2015 low) holds dips, further gains above 76.14 (10 day moving average) would open the 76.83 resistance (April 13, 2015) ahead of 77.13. However, a break below 74.99 would prolong the consolidation and...
GOOGL has been range bound since posting the 615.04 record high (February 24, 2014), forming a 14-month falling channel as shown on the weekly chart. 529.00 serves as the immediate support (April 13, 2015 low) which may hold dips. Back above 553.27 (April 13, 2015 weekly high) is needed to suggest basing and extend strength towards 583.20 (March 2, 2015 high)...
XHB has been consolidating within a 2-month range between March’s 35.01 low and the 37.31 YTD peak (March 31, 2015). While the 35.01 range support holds dips, back above the 36.59 resistance (April 16, 2015 high) would suggest basing and offer scope for further bullish momentum towards 37.31. Clearance above the latter is needed to complete the 2-month long...
XLB has been holding a 6-month rising trendline (from October 13, 2014 low). If bulls manage to reclaim 50.38 (April 13, 2015 range high), that would suggest there is scope for further bullish momentum towards 51.01 (November 17, 2014 range peak) ahead of 52.22 (February 23, 2015 YTD high). The 49.38/48.59 support zone (which houses the the rising trendline) needs...
XLE formed a 5-month base over 71.70 on breaking above the 82.43 range ceiling (February 16, 2015), triggering further bullish momentum towards the next resistance levels including 85.97 (March 10, 2014 higher low) then 89.22 (November 17, 2014 lower high). The immediate support levels are 80.30 (21 week moving average) and 79.21 (April 13, 2015, near 200 week...