USO Setup To Bounce Higher
The United States Oil Fund etf (USO) found good support at the 200 day moving average (red line) reinforced by several bullish candles and now sits at minor resistance at $40. A push above that would lead us to initiate a Bucket 2 trade with target near the 50 dma (yellow line).
Oil Services (OIH) Setup For More Weakness
I will elaborate more on this later today. But for now please note he weak chart patterns in Oil Services (OIH) etf. A daily break below $144.50 could quickly lead to a price target near $137, which is at the 200 dma (red line)
Semiconductors (SMH) Reaching Another Cliff
The semiconductors staged a nice rally over the past few weeks and one that negated out previously bearish pattern discussed here: http://steadytrader.wpengine.com/semiconductors-are-messing-with-a-bearish-pattern/ To be fair however, the Philadelphia Semiconductor Index (SOX) still remains lagging the S&P 500 and is now falling out of a rising bear flag: The SMH now again looks precarious as it's sliding […]
Euro Stoxx 50 Chart In Danger
We pointed this out earlier this week but here it is again. Note the red uptrend line in place since May 2010…it is not in danger of being breached. Throw in seasonal weakness tendencies and a miriad of other headwinds and this doesn't bode well for risk.
Tuesday Mid-Day Market Thoughts
It's quite simple, markets are confused and it's showing in the currently very choppy trading action. We are finding ourselves doing less and less as choppy indecisive markets lead to lower account sizes. Sector-wise the only one with any bids is Energy today while Financials are getting pounded again. Funny-money stock Netflix (NFLX) is pushing […]
Silver Looking More Constructive Again
We're playing this very carefully, but Silver did now construct a fairly solid bottom. As of this morning it is moving up to the $35.80 mark again, which has served as resistance on a daily closing basis for the past nine trading days. A move above that level could lead to higher levels. Gold is […]
Saks (SKS) Important Technical Juncture
We highlighted Saks (SKS) earlier this month here http://steadytrader.wpengine.com/chart-of-the-day-saks-sks/ The narrowing trading range has so far resolved to the downside but for us still too early for a trade given the critical juncture of the overall market and especially the technical development in SKS itself. On the chart below note how SKS fell out of the […]
Tight Trading Range…Breakout Soon
This morning the S&P Futures gapped down 13 points at the open and have traded in a 7 handle range since. Clearly bulls and bears are fighting it out here and something will give one way or another soon. As of this writing all sectors are trading down for the day and Energy, Industrials, […]
J.C.Penney (JCP) Short Candidate
JCP dropped just over 6% last week if measured from the close of the day ahead of earnigns to the close on Friday. On the day of the earnings however JCP left an ugly outside day if we're ever seen one, followed by follow-through on Friday. Various other retailers also acted up last week, Aeropostale […]
Early Monday Morning Market Looksy
Ain't no shame in this game…and risk assets are tumbling early this morning in Europe. The dollar is a beast and ramping higher. Looking at a chart of the Euro Stoxx 50, note the support area at the 200 day moving average (blue line) that got violated to the downside today. Also note the next […]