Today the sp500 closed above the key 61.8% retracement level that under normal bearish circumstances would be seen as a stopping point and reversal point for further bear market action. There is still the 78.6% retracement level that is slightly higher from current levels (about 1334), but so far the sp500 seems to be in … Read more
Today the sp500 blasted through 1313 mentioned yesterday and closed under it. Now we see that the sp500 is right at bottom channel support and suggests that the market moves into ‘bounce mode’ during the next 2 to 3 trading days. I suspect that this bounce will not immediately materialize into new 52 week highs … Read more
The sp500 today took some more measureable ‘hits’ than we are used to seeing. There may be a case to be made however that the lows are in once again and that today’s decline was yet another case of ‘bear bait’. The NYSE summation index ticked down today but is not anywhere near a solid … Read more
The Nasdaq Composite would still remain in a bullish stance if it can hold 2757 support both today and on the last trading day of the week tomorrow 2/10/2011. The Nasdaq appears to be currently doing a classic Wyckoff Retest of the break out area. The market has continued to play with peoples minds in … Read more
The sp500 continues to trend higher since the September 2010 low but I noticed today a somewhat interesting symmetry from this important low. The handle formation of the large cup and handle pattern on the sp500 has served as somewhat of a pivot point and possibly mid point of the two current rallies. The first … Read more
The sp500 today continues to be in up trend mode after having broken through 1300. The sp500 is also still trading within a 5 month trading channel and continues to trade near the middle of the range of the channel instead of at the peak upper boundary or bottom lower boundary. The current trading channel … Read more
The 8.6 year global cycle model of Marty Armstrong nailed almost perfectly the exact top in the IYR real estate index in February 2007. The exact date was February 25th, 2007. I find it quite fascinating that his 8.6 year cycle model nailed the exact turn in the real estate market and yet it appears … Read more
The sp500 did not waste any time getting up and through 1303 today so far. How we close today is still an open question but the strength is undeniable. This market continues to trade with unstoppable confidence. It is tempting to short these types of markets but it is not advised. BestOnlineTrades since September 2010 … Read more
The sp500 is already trading at 1300 again. BestOnlineTrades.com a few days ago suggested that after the 1/28/2011 decline the market would snap back sharply and then would come the moment of truth. The market has snapped back very sharply exactly as we have suggested and very similar to the manner in which the market … Read more
Today the sp500 finished creating its January Monthly price candlestick. The January candlestick finished with an up close and without having created any bottoming tail. A medium to smallish size topping tail was created on the January candlestick by the end of the month. The market was able to evade the creating of a bearish … Read more