Today is the type of day in the market that almost needs no explanation because of the somewhat obvious signal being sent. Today was a clear sign of strength in the market and the closing candlestick was almost a marubozu candlestick which shows clear strength and a persistent close. Today’s action seems to seal the … Read more
The market is having a hard time letting go of its bearish tendencies. Once again I have to say that I am pleased that the BOT short signal is still intact. The market does not appear ready to break north of 1201 on the sp500 any time soon. It did appear like it would after … Read more
It is starting to look like the recent correction we have seen in the sp500 is coming to an end. The stage appears to be set for some type of Christmas 2010 rally that takes the sp500 to possible new 52 week highs. The reversal today was quite significant and occurred at the bottom of … Read more
I am glad that I kept the BOT Short Signal live as of my previous posting. This appears to be the correct decision now. The SPY ETF and the sp500 appear to be staging a very weak day after Thanksgiving attempt to move higher. It is not working. I don’t know if this market was … Read more
I am switching back to a Long Signal only if the Sp500 gets and stays above 1201. The 1201 level on the sp500 is important enough that if breached to the upside could lead to that cup and handle pattern I have been talking about for some time now. It is looking like the market … Read more
In yesterday’s post on the sp500 it seemed as though we had a clear intraday reversal at hand and an easy chance at higher prices. I did mention in yesterday’s post that, “A down market tomorrow that retraces and closes more than 50% into today’s reversal hammer would potentially eliminate today’s move as a clear … Read more
The sp500 today once again rewarded the bullish crowd. Today is the kind of day that should tell one if he/she is short the market, that it is not the correct path of least resistance. The sp500 today ‘dipped its toes into the water today’ to see if it was warm enough for swimming. The … Read more
Here is a close up of the weekly reversal doji hammer on the sp500. This weekly candlestick seems to support the case that we get a reversal higher next week. To confirm this weekly candle we need a close higher than 1207.43 by the end of next week. This reversal doji is of the long … Read more
Today looks simply like the pause that refreshes after yesterday’s barn burner upside move in the sp500. Sometimes the best signals the market gives us come from tape action that does NOT occur as opposed to what actually happens during the day. What did not happen today was a significant ‘give back’ of yesterday’s substantial … Read more
Today the sp500 showed a serious sign of strength and rejection of the 1170 level. I talked about this level in yesterday’s post as being important in terms of support and possible handle support of a very large cup and handle pattern. Today created a bullish triple P in the MACD histogram which would be … Read more