November is shaping up to be quite a key month for the sp500 index. We are moving into a juncture of determination on whether we continue to drift/correct in downward bear market fashion, or bust out north in new bullish fashion. The monthly MACD has been in a bearish crossover mode for several months. This … Read more
Well I was clearly wrong about anticipating some type of drop in the market from the supposed rising wedge formation. This market wants to go up and possibly on a longer term basis. So to keep things simple lets just say that I am staying on a BOT long signal above 1250 on the sp500. … Read more
There exists several possible hanging man candlesticks on several indices as of the close today. The nasdaq composite in particular has a very potentially bearish looking hanging man candlestick. It also has a red real body. Hanging man candlesticks are points in the market that offer potential turning points however they are not bearish until … Read more
The current juncture in the market really does look like a great shorting opportunity to me right now. Perhaps one of the best ones since the August 2011 plunge. We have the sp500 moving upward in a rising wedge fashion and now we are getting a tease under the wedge. The market is likely still … Read more
The tape action in the short term is looking very bullish to me. I made a case a some time ago that there could still be a strong bullish case for the markets. This continues to appear to be the case and now appears to be the favored scenario. It could very well be that … Read more
I really wonder if tomorrow we will see a limit down day to end the quarter on the sp500. Perhaps it is wishful thinking, perhaps not, but this market appears to be on weak foundations and I suspect these endless end of day rallies are orchestrated by the big players so that they can unload … Read more
The sp500 is looking quite bullish as we go into the end of month and end of quarter window dressing time frame. It is looking like ‘they’ will squeeze this market right up into the end of quarter. Depending on how high they squeeze it, we could see some dramatic improvement on the longer term … Read more
The market sold off hard today but is still above the August 9, 2011 swing low. I suspect that tomorrow we may get a a modest bounce or an inside trading day but then maybe weakness again near the end of the day. At this time I do not believe the August 9, 2011 swing … Read more
Today’s action was the clincher. The charts up until 2:15pm today were lined up for a big drop and that is exactly what happened irrespective of the Fed nonsense. I understand trader’s fear of the Fed and not to fight the Fed, but the charts today were so nicely lined up for a drop, and … Read more
Since this mini – bear has started in late July the stochastic short term trading indicator has issued three very reliable sell signals and led to major downside price action in the sp500. The stochastic has been good so far as a sell signal after it has traded ABOVE the 80 percentile line and then … Read more