As I've been discussing with Premium Members over the past week or so, the S&P 500 is starting to get into a position for a nice move higher, potentially as high as 1440. On the chart below let's notice a few key parts. First, the 50% retracement of the December lows to the February […]
As mentioned late yesterday here (http://steadytrader.wpengine.com/why-sp-500-1300-is-important-until-it-fails/), the SPX 1300 level has decent significance…until it fails that is. For now just note the nice bounce off 1300 (yes i discussed this in the morning line-up newsletter yesterday and said we'd buy a test of 1300ish) and how that level also coincided with previous resistance as well […]
Pre-Market Notes – March 29th With the SPX right at (but above) the 50 dma, yesterday was a bit of a lazy session. Investors need some rest here to digest the wild swings from the past two weeks. At the same time it is quarter end (3 trading sessions left) this week so I would think the swings […]
Isn't there just something about this chart that makes you want to short it? maybe that's exactly why we should't
Look at the XLF (blue line) leading the SPY up and away today so far.
It goes without saying, yesterday's market action was ugly. The clearest signal of further risk aversion in my mind came with the fake breakout higher on Tuesday, the last day of May. In hindsight it is now clear month-end games were in high gear last week, and until Tuesday of this week. The blatant disrespect […]
The most recent stock market rally that started on May 25th continued in full force yesterday, Tuesday May 31st. While end of month forces may have been at work, it speaks positive nontheless. The major U.S. equity indices closed at the highs of the day and as such overcame a good amount of technical resistance […]