I think it is fair to say that today is the kind of day that accomplished nothing more than creating doubt for both the bulls and the bears. Not much was lost today, but not much was gained either. On the other hand, those that are biased more towards the long side might say that … Read more
This is another version of the long term DJIA chart since 1900’s. I have revised the 70 year channel line into two lines. One of them assumes a higher connecting trend and the other assumes a lower connecting trend. When combined with the horizontal resistance range of the year 2000 onward era it does seem … Read more
Here is a quick chart zoomed in a little bit of the 70 year channel line in the DJIA and the 3 year 2007 channel line. The problem comes in with how precise the 70 year channel line should be drawn and which precise highs and lows should be connected. That decision can result in … Read more
Despite today’s seemingly weak, boring and lack luster action, I thought it was extremely fascinating. You will understand what I am referring to once I post the chart of the sp500 below. The day started out with a somewhat muted reaction to the jobs report. I knew that today was a critical day because any … Read more
Today was the most important day in the market since the historic April 2010 top was put in. It was an extremely important day today. My weekend post entitled an extremely important chart of the sp500 was correct in that I was pointing out a very very important juncture we were in at the market … Read more
This long term monthly candlestick chart of the Sp500 is quite important. It shows that we are a very important battle line now in this long running debate between new bull market or bear market continuation point. That is exactly where we stand right now according to the chart below. We stand at a point … Read more
The NDX 100 appears to be coming close to completion of the large head and shoulders bottom formation identified in previous months here at BestOnlineTrades.com. The current September monthly candlestick on the NDX 100 looks very strong. In fact it is the strongest monthly candlestick going back several years. It is still unclear to me … Read more
I am about half way through reading the book Reminiscences of a Stock Operator by Edwin Lefver which details in story form the trading skill and observations of Jesse Livermore. It is a truly fascinating read. What impresses me the most so far in this book is Livermore’s ability to trade with high confidence at … Read more
The market reaction off of the up trend line in force since March 2009 has so far been touched 3 separate times. The more times a trend line is touched the more it tends to validate that trend line. Key also is the observation how the market reacts off of an uptrend line. The way … Read more
Today we saw big price destruction in the sp500 which gave back a good portion of the hard earned gains of last Friday’s reversal. I was looking for a confirmation of last Friday’s bullish reversal today but clearly we did not get anything close to a confirmation today. Instead we got a deep retracement that … Read more