For the very short term outlook there may exist a modified version of the bullish harami cross candlestick pattern in the sp500. This occurs when one sees a long body down candle and then a doji on the next day that is fully engulfed within the previous day’s candlestick body. We did not exactly achieve … Read more
I may have been a bit too quick with the trigger finger today switching back to long signal on the sp500. I will switch back to short signal if the sp500 gets a decisive close under 1194. Today we had a reversal after early gains. It was not an extreme reversal or a super bearish … Read more
In other words it is not easy to get this market to decline more than 1 or 2%. Only a couple days after I issued a BOT Short signal the decline so far is a very meager one that is really slow on the tape. To get this market to decline more than 1 or … Read more
The market is looking a bit exhausted at this point. I issued a BOT Short Signal in my previous post because there seems to be enough evidence building up that says we should at a minimum do a gap fill of several days ago and maybe some more downside after that to work off the … Read more
Today was a clear sign of strength in the sp500. Today we printed a marubozu candlestick on the daily chart which is a clear sign of who is in control of the tape. There was almost zero bottoming tail and almost zero topping tail on today’s candlestick. Signs of strength are great, but they still … Read more
The sp500 today continues to power higher on seemingly endless amounts of good news. A buy signal was confirmed based on the MACD histogram today as we closed above yesterday’s high. Volume ticked up today as well on the SPY ETF. It appears now as though the sp500 is on a mission for 1219.80 which … Read more
I am switching to a BOT Long Signal now on the sp500 at a level of 1194. It is still 2 hours before the close but this is looking like we are going to get a close above the recent range I alluded to yesterday. I also indicated that the most important indicator we need … Read more
The sp500 has once again printed today another indecision candlestick, a long legged doji. We now have quite a large cluster of these indecision doji’s and other candlesticks that so far are only really saying that we have reached a pause in the up trend that began in early September 2010. At this point I … Read more
At Mid Day the sp500 is trading flat showing nothing dramatic or shocking. It appears that this will continue to be the case by the end of day today. Sometimes I have written posts half way through the market trading day and then by end of day the exact opposite occurs to what I was … Read more
The sp500 today did not confirm yesterday’s potentially bearish hanging man candlestick (sigh). Instead the bear forces which almost seem non existent as of late were not even able to print a lower low compared to yesterday’s low. There is now only one trading day left in October 2010 or 6.5 hours of trading which … Read more