The SPDR S&P 500 ETF has still not after 6 full trading days managed to break above or test the 113.20 swing high which was on 212 million shares back on 6/21/2010. Today the volume on the SPDR S&P 500 ETF was only 118 million shares. We basically have traded sideways in a rectangle formation … Read more
One of the problems with rising wedges is that they can sometimes fail just like any other technical analysis pattern. I have been thinking about the rising wedge I just discussed in the post previous to this one and it occurred to me that rising wedges are probably more reliable after they form from a … Read more
A comment poster recently asked me if I felt PCLN Priceline.com Incorporated was a good short candidate or whether Apple Inc had a better setup. Before I even begin I should say that my first thought from a trading strategy standpoint was that it is probably not a good idea to short either of these … Read more
This market is bouncing up and down so much lately that I am starting wonder what is the longest time period that I will maintain a consistent market stance, either bullish or bearish. I have been talking bullish lately on the intermediate term time frames, but looking at the near term daily chart today has … Read more
The SPDR S&P 500 ETF may have a shot at making it back up to the April 2010 highs if it can climb above key resistance late this week or early next week. Key resistance on the SPDR S&P 500 ETF is 113.20 The pattern in the SPY since mid June is taking the shape … Read more
A comment poster (RiceToaster) asked me whether Bruker Corporation BRKR has any more potential upside to it. I looked at the chart and thought it was worthwhile to do a write up on it. The long term monthly chart is very interesting because to a large degree it looks very similar to the Nasdaq or … Read more
It really does look again today from today’s stock market action that the future tape into the end of this year is going to be quite bullish. The XLF looks like it is projecting a move to near the April 2010 highs. The broad market should at some point get to a challenge of the … Read more
Here is another quick look at the 2010 and 1987 stock market crash comparison charts again. This time I have also plotted the DEMA smoothed MACD on both time frames which tends to give 1 to 5 day earlier sell signals as compared to the regular MACD. Right now the DEMA smoothed MACD is inches … Read more
It looks like the 1112 level on a closing basis is the maximum allowable upside move we can see in the sp500 that would still keep the bearish case alive. According to the chart plotted below there are really only 3 days left for a resolution from this recent congestion area. So this means at … Read more
The market action today was definitely not very bear inspiring. I have to be honest and say it was actually quite bullish looking on a short term basis. We had the opening gap down near the July 1, 2010 up trendline and then a reversal to close higher on the day. This was somewhat similar … Read more