The sp500 today showed a strong performance and was able to hold a good portion of the day’s gains. Today’s move higher in the sp500 and the Dow Transports seems to vindicate the idea that the previous multi week sideways trading was simply a consolidation that served to work off over bought levels. The Dow … Read more
The sp500 is trading in a somewhat narrow trading channel and appears to be bound for the top of the channel before any new extended correction takes hold. There is an important resistance band near 1290 that may also contribute to slowing price momentum. A successful 3rd touch of the bottom portion of the up … Read more
The sp500 today continues to trickle higher on some of the lightest volume levels of the entire year. The MACD histogram is showing a bullish triple P setup which would be confirmed with a close above today’s price high. The RSI is close the 70 level and could mean a move above it into the … Read more
There is still no short signal according to my work. We appear to be in a sideways market that is simply consolidating the upwards burst in price action that occurred in early December 2010. This upwards burst in price action represented the completion of the handle portion of the much larger cup and handle formation … Read more
Today on two occasions I started to write a post about how it seemed a BOT Short signal was appropriate. But then in each case I deleted the post and decided not to submit it. I was writing the second post right near the close of market but then was not able to send it … Read more
The sp500 continues to trickle higher into new ground. I do not think that we can call today a shooting star reversal in the sp500 because the topping tail was very small on the candlestick today. In addition, by the end of the day no retracement was done into the previous days candlestick. Still, it … Read more
The sp500 today barely made much ground but still held recent levels which in my opinion should be treated as a bullish sign, especially after the shooting star reversal of 2 days ago. The long side continues to look like the right side to me and I do not expect to change my opinion for … Read more
Earlier in the day today I started to write a posting here at BestOnlineTrades.com about how I was going to switch to a BOT Short Signal. But then it occurred to me that I had responded to a comment poster yesterday (JR) and wrote: If we do not see that then the other possibility is … Read more
There are some signs of a possible short term downside reversal in the market today but we do not have confirmation yet. We also have possible signs of a weekly trend change developing but again, no real confirmation yet. The NYSE Composite index put in a potentially bearish daily shooting star reversal candlestick today. We … Read more
The market’s reaction today to the jobs report was pretty much a non event. The lack of heavy reaction to the downside is quite telling and the strength continues to be notable. The market appears to be on ‘auto pilot’ into the end of the year. It almost seems too easy to presume that the … Read more