Yesterday’s reversal hammer candlestick on the sp500 had a high price of 1320.71. Today’s close was 1320.68. So technically speaking the reversal hammer candlestick of yesterday was not confirmed today. However I will say that after hours the SPY ETF is already higher so it may be safe to presume that the reversal hammer candlestick … Read more
I did a cup and handle scan on several thousand stocks today and a biotech stock came up in in the scan and then at the same time I happened to remember a previous biotech I was following occasionally last year and amazingly it showed a structure that looks just as good as the one … Read more
and the Stock Market took the one less travelled by… Let’s forget about Greece, Facebook and the other hype going on in the newswires. Its time to look at the facts of what the market has accomplished so far on the downside. The reality is whether you are a bear or a bull on this … Read more
I really thought the recent sp500 bounce from important Fibonacci levels would last a bit longer and travel a bit higher. But today’s reversal at end of day creating a shooting star reversal candlestick has put a lot of doubt into this expectation. The reversal today at end of day in the form of a … Read more
I wrote before that it looked likely the market would go down into May 21, 2012. So far we have in somewhat slow orderly fashion despite the fact it has been an almost record string of straight down days. The issue going into a low is whether the low is a washout sell off day … Read more
During the height of stock market volatility it can become very difficult to keep a clear mind and separate the hype from reality. The hype comes in from the TV networks and the pundits who provide business fundamental news. The problem with this type of information is that it is difficult to consume because it … Read more
The gold price is in potentially serious trouble longer term. I called the bull market in gold way back in 2003 after it was still getting its ‘sea legs’. Since then we have seen the gold price skyrocket for a very long time. During the entire bull market run up I have continually contemplated the … Read more
The updated yearly sp500 candlestick chart is showing that the 2012 price candlestick is morphing into a reversal candlestick and may morph even further into bearish form as the year progresses. The way the candlestick looks now (not even at the mid year point) suggests that there is a rejection of the new bull market … Read more
The sp500 and the SPY ETF is setting up for a huge drop during the next 4 trading days into May 21, 2012. It is starting to look like May 21, 2012 is going to be a climax sell off zone for the US markets. The market as represented by the sp500 and SPY ETF … Read more
The slow grind down. This is what is occurring in the market right now as represented by the sp500. A few of my recent postings have been done during market hours and describe a bit of the confusion and frustration with the market to ‘get it done’. When I say ‘get it done’ I am … Read more