The short term technical analysis of the sp500 suggests that any trading and closing prices at or higher than 1293 will be a problem for the bearish case in the near term. Today the sp500 engulfed yesterday’s small reversal hammer candlestick and sets up a short term bullish tone. In addition there is a bullish … Read more
Today the sp500 broke with strong conviction the previous low set on 5/18/2012. This was a decisive bearish close very close to the lows of the day and in my mind shows clearly that we are in a continuation downtrend for the next several weeks. There are a few issues however. The downside volume in … Read more
I have been studying the sp500 structure and the current apparent rising bear flag we have seen form over the past week or two. As much as I would like to focus 100% on the technical analysis setups in the stock market and individual stocks, the reality is that sometimes there exists important forward looking … Read more
The sp500 is still looking very weak and now the bounce scenario seems on very shaky ground. The FXE Euro ETF also violated very important pattern completion points on the downside today and because of that could open the door to much lower FXE targets. The UUP US Dollar Index was strong again today and … Read more
The NUGT ETF is a wild leveraged ETF that can present some outstanding trading opportunities for the careful and precise trader. Careful is the word to emphasize here as this is a triple long ETF. Swings of 10 to 50 percent are not that uncommon at all. It is also a good ETF to keep … Read more
Believe it or not but LEAP is a Nasdaq 100 index stock. It would not seem so from the low price. Perhaps it is due to be kicked out of the NDX 100 index eventually. Nevertheless LEAP has recently shown a short term bullish gartley pattern with 5.03 to 5.10 as the ideal. The stock … Read more
I mentioned briefly in my previous post on the FXE ETF Euro that we have not really seen bottoming patterns show themselves in the major USA indices. However I did just notice that the SMH semiconductor ETF (symbol SMH) is showing a bullish completed crab pattern. It shows that the SMH is in a potential … Read more
There is a strong probability that the EURO (FXE ETF) bottomed last Friday May 25, 2012. Best Online Trades has identified a key piece of evidence that shows the Euro probably bottomed last Friday based on a quite large Gartley buy pattern. This looks like an extraordinary potential trade setup. In addition to the large … Read more
The sp500 and the SPY ETF have really been struggling to gain positive ground that would help bolster the case of a renewed short term uptrend. Basically the SPY has been doing almost nothing as of the recent several trading days. The large reversal hammer that was created 2 days ago so far has not … Read more
It looks like Crude Oil Futures may be pretty close to low (probably as of today) at the current juncture and could be setting up for a snap back reaction topside rally to end the last week of May. Energy stocks have gotten clobbered recently on the recent down swoon in prices. In fact from … Read more