The sp500 today is getting hit very hard especially within the context of the previous multi month ‘trickle up’ tape action. It remains to be seen how the market closes today but this is clearly a sign of weakness and supply coming into the market. At 2:11pm the volume on the SPY ETF is close … Read more
I really hate to do it, but the market is unwilling to pull back for now, and I need to switch to a BOT long signal tomorrow. As Jesse Livermoore said, “a stock is never too high to buy and never too low to short”. I have been on the neutral signal for some time … Read more
The sp500 is trading higher at mid day today and so far has not revealed any willingness to follow through on last Friday’s candlestick reversal hammer. The reversal hammer was not the most ideal in that it did not have a very long tail and was also within a trading range as opposed to being … Read more
My take as of today’s close in the sp500 is that there is more downside to come in this market. Today we saw a shooting star doji reversal after yesterday’s high volume downside move. We also see that the NYSE summation index is now more firmly in the sell zone and appears to be gaining … Read more
The sp500 today formed a reversal hammer and also created a daily MACD sell signal. The RSI moved into the support zone indicated in yesterday’s post during today’s intra day action and the market bounced off this support area to finish almost unchanged. The daily MACD sell signals have not led to anything meaningful on … Read more
The sp500 today did a more meaningful decline than what we are used to seeing. We have gotten used to the sp500 going up in a straight line with zero down days, so today was definitely something different to behold. Today’s decline seems consistent with the sp500 getting close enough to the all important 1300 … Read more
A comment poster recently asked me to take a look at ARMH stock for some clues as to whether it was in a good buy zone. I indicated that ARMH was probably overextended and not at a good risk reward entry point. Sure enough a few days later the stock shot up from 21 to … Read more
The sp500 continues to trade with astonishing strength in terms of price resilience, but not in terms of volume. Price continues to act strong and we still have not created any bottoming tail on the monthly, quarterly or yearly price candlestick chart of the sp500. The fact that the market is unwilling to create any … Read more
The sp500 today reversed a good portion of the losses today and at first appearance appears to have saved itself from any potential downside damage next week. However the daily MACD is at a bearish crossover point and there exists a triple bearish divergence between the MACD histogram and the sp500 of the past few … Read more
The XLF ETF has been showing a good amount of strength recently but has still so far been lagging behind the sp500 in terms of exceeding the April 2010 highs. The XLF returning to the April 2010 highs could be a good guidepost for the next ‘more involved’ stock market correction. If and when the … Read more