Well I guess I’m flip-flopping a slight bit. I’ve been viewing the market as range-bound for several weeks but last week I was focused on channels that had a slight downward bias. The indices have since pushed above those channels (in unimpressive fashion) but have not taken out the June highs. Until they can...
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Well, I’m back again. Obviously I’m still in the process of rebuilding the site after this latest crash. I’m still not sure what’s causing these issues so this may happen again. My latest guess is that it has something to do with comments. So, although I hate to do it, I’m going to disable...
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So the oversold market has finally produced a bounce that could last all the way through a trading session. That’s very good news for the bulls after yesterday’s less than inspiring action. The indices were able to chew through some key levels today, like 1040 on the S&P 500. All of a sudden, with...
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Sellers took advantage of this morning’s gap up in an overbought market. The price action was quite bearish, as the market opened at the highs of the day and closed near the lows. But volume contracted and price ended the day in the tight ranges of the previous three sessions. While...
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Last week’s oversold rally seems to have petered out today with the indices testing some resistance levels. A look at the price changes of the indices today shows a market little changed but a look beneath the surface shows a potential downside reversal is upon us. While looking through my scans tonight...
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I don’t have much to add to my last update. There was a little more technical damage done today as the selling from Friday carried over into today’s session. The biggest change I see is that the Russell 2000 has joined the larger cap indices by slipping below its 200-day moving average....
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The bulls have to be concerned with the action on Friday. The S&P 500 failed another test of its 200-day moving average and made a new 4-month closing low — and of course volume increased. It appeared that the market would be able to shake off its gap down open but that...
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This was one of those days that makes me glad I look for confirmation of direction before I make trades. I had a few short candidates from last night but I would only have entered them if they traded below yesterday’s lows. The pre-opening futures told me that those trades weren’t likely...
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The close today had to be disappointing to the bulls. The indices sold off late in the day and gave back a good portion of last Thursday’s gains. The S&P 500 led the way down today thanks to the poor performance by BP (-15%) and other oil related stocks.The Nasdaq...
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I think we got the close today that we would have had yesterday if not for the rumors about China dumping their Euro debt. Today’s pop lifted all of the indices above their resistance levels of the previous five sessions. Another positive development is the Nasdaq joining the Russell 2000 above its...
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