S&P 500 Inverted Head & Shoulders Pattern
I think it's worth pointing out the inverted head & shoulders pattern (bullish) that developed in the S&P500 over the past 1.5 months. With a neckline around 1340, if this pattern plays out texbook it would mean the SPX could rally all the way to around $1430ish. Just a thought for now though, I am […]
Monday Morning Market Thoughts
Last week's market action was weak, as displayed by bearish engulfing candlesticks on the weekly charts of major U.S. indices. The Russell 2000 is despite choppy action very close to again making lower lows since the beginning of May and the SPX and NDX look very much the same. This morning I am […]
S&P 500 Indecision Marked With 3 Dojis
Note the three doji candles the past three days. If you're not familiar with candlesticks, a doji essentially shows investor indecision. The question becomes whether these three indecison days in retrospected ended up being consolidation days or whether they will have meant that investors were getting nervous about the potential government shut-down and earnings season […]
Perspectives After A Tough Day In The Markets
To see the entire article become a Premium Subscriber here: http://steadytrader.wpengine.com/members-area/ Yesterday’s battle left much blood on the streets and it is exactly because of days like yesterday that we a) trade/invest in multiple time-frames and b) are open to entirely change our outlook each and every day if need be. Less flexible, stubborn…heck I’ll […]
Head & Shoulders Developing on S&P 500 Chart?
Near-Term S&P 500 Levels That I Am Watching
Support Levels: 1329, 1325, 1320 Resistance Levels: 1336 – 1338, 1345
Friday Morning Market Thoughts
Boom! Nonfarm payrolls 54k vs 169k concensus expectations. The futures shaved off a quick 15 points on the back of this and are hovering around the $1295 mark. Yesterday's trade was marked by consolidation, which was to be expected after Wednesday's brutal beating. As laid out in the morning market video today, we don't see […]