Today the sp500 and all other market indices completely evaded the potential bearish weekly gravestone candlestick that was in force as of yesterday. The weekly trend continues to be confirmed higher and should remains so for the rest of September and possibly much of October as well. Today was a very clear signal that this … Read more
The futures are up very strong this morning. If we close near the highs today or show a consistently strong day with no late day sell off then I am going to have to conclude that the three day correction we just had was only a classsic Wyckoff retest of new support. If that is … Read more
As of today the weekly sp500 candlestick is displaying as a gravestone doji. This weekly candle has the potential to imply very bearish follow through action assuming we get a weekly close next week under this weeks low to confirm it. If the market manages to get a very strong rally tomorrow then it could … Read more
The sp500 Futures are down significantly this morning. It is looking like we will get a close under 1120 today, or at the very least some type of weak close. I have to switch to BOT short signal right now as of the open today. Momentum appears to have shifted from up to down and … Read more
I have got a bit of a dilemma on my hands. I have been preaching to the choir in recent days and weeks about how bullish the market looks and how it is going back up to the April 2010 highs etc etc. But after looking at the KBW Bank Index (BKX) and the Russell … Read more
With the fed decision out of the way, the market is only showing very limited weakness and it appears the squeeze that began yesterday is in continuation mode today. The persistence of the current rally brings on the temptation to think that it is unsustainable. But keep in mind that yesterday was a sign of … Read more
The SPY got a confirmed bullish break above the 113 resistance level. The volume on the SPY was the robust but by no means record volume. I would have liked to have seen a 320 million share day on the SPY ETF instead of 217 million. Still the SPY ETF did show a very strong … Read more
So far 2 hours before the close of session it looks like the sp500 and the SPY ETF wants to choose the bullish option. In my previous post I made the point that despite the potential for topping as of 9/17/2010, the market was not showing us a real confirmation of anything yet. Dojis and … Read more
The tape has been very slow the last several days. The sp500 finished the week Friday by printing a near perfect doji candlestick right at the top of the all important resistance range. Doji’s tend to be more reliable at pinpointing tops as opposed to bottoms. The doji we printed 9/17/2010 in the sp500 is … Read more
I have been trying to come up with some reasons why the market (sp500) could be at some type of turning point here and head down. The 60 minute chart on the sp500 shows a possible small head and shoulders top over the last 4 days, but there has been no break down through the … Read more